If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • SBI Used Car Loan is Rated as "Excellent!" by 1429 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

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    SBI Used Car Loan

    State Bank of India is one of the largest lenders in the country and a Fortune-500 company. Established 200 years ago, this public sector bank is a leading provider of used car loans as well. SBI provide the best car loan scheme for you to purchase a secondhand car, provided it is not older than 5 years. Under SBI used car loans, you can take finance for purchase of pre-owned passenger cars, Multi Utility Vehicles (MUVs) and SUVs that aren’t older than five years. SBI offers easy repayment options and comparatively lower interest rates, thereby quickly establishing itself as a popular pre-owned car financier.

    Features & benefits of SBI used car loans

    SBI used car loans offer you:

    1. No Advance EMI
    2. Longest and easy repayment tenure (7 years)
    3. Lowest interest rates
    4. Lowest EMI
    5. Loan-to-value upto 85% of on-road price of car ( this includes insurance, registration and accessories worth Rs 25, 000)
    6. Interest calculated on Daily Reducing Balance basis
    7. Flexibility of paying EMI anytime during the month
    8. Low pre-payment penalty, only 2%
    9. Low processing fee not exceeding 0.51% of loan amount
    10. SBI Life cover optionally available to applicants

    Eligibility Criteria for SBI Used Car Loans

    To avail an SBI used car loan, you should be:

    1. An individual between 21-65 years of age.
    2. A permanent employee of State / Central Government, PSUs, private limited company or a reputed establishment, or
    3. A professional or self-employed individual who is an income tax assesse, or
    4. A person engaged in agricultural cultivation and allied activities.

    Salaried:

    1. The net annual income of applicant and/or co-borrower if any, together should be Rs. 3,00,000.
    2. Self-employed, professionals and Proprietary / Partnership firms: Net Profit or Gross Taxable income of Rs. 4,00,000 p.a. ( income of co-borrower can be clubbed together.)
    3. Agriculturist: Net Annual income of applicant and/or co-borrower together adds up to be Rs. 4,00,000.

    Loan Amount

    SBI allows a used car loan amount 2.5 times of net annual income of the applicant. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.

    Documentation Required for SBI Used Car Loans

    Used car loan applicants would need to submit the following documents along with the completed application form to SBI:

    1. Borrower’s bank statement copy for last 6 months.
    2. 2 passport size photographs of borrower(s).
    3. Signature identification from bankers of borrower(s).
    4. A copy of passport /voter’s ID card/PAN card.
    5. Proof of residence
    6. Copy of most-recent salary-slip showing all deductions
    7. I.T. Returns/Form 16: Two years for salaried employees and three years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
    8. Proof of official address for non-salaried individuals

    Margin

    A margin of 15% of the on the road price is required (which includes vehicle registration charges, insurance, one-time road tax and accessories).

    Repayment

    Customers can enjoy the longest repayment period in the industry with SBI used car loans--as long as 84 months. A longer tenure can mean lower EMIs for borrowers.

    Processing Fee

    SBI charges a flat processing fee at 0.51% of loan amount on used cars.

    SBI Used Car Loan Interest rates:

    SBI charges a percentage point of 0.45% over base rate for applicants who are men, and 0.40% over base rate for women applicants on its used car loans. Interest rates also vary for loans on used and certified cars and for terms above 3 years.

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    SBI Used Car Loan Reviews

    • SBI Car Loan
      "Happy loan experience"
      0.5 5.0/5 "Blown Away!"
      My SBI car loan experience was good, I took the loan amount of Rs. 3.20 lakhs for the duration of three years. I paid whole amount and I got the NOC Letter. The car process was very easy on time I purchased Maruthi swift dezire car from the showroom.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jun 11, 2019
    • SBI
      SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with State bank of India , the loan amount which they have given to me was sufficient, it was as per my requirement, the rate of interest they have charged me which was nominal, they have not charged me processing fee, the loan they have given on time, Still this loan is running.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 11, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken car loan STATE BANK OF INDIA . The process of getting loan was too fast i just got my loan in few days and i donâ??t have to worry about document . But i face so many issue while doing repayment . I am not able to pay EMI because of bank problem so it is affecting to my credit score .
      Was this review helpful? 2
      , mohali
      Reviewed on Jun 03, 2019
    • SBI Car Loan
      "Best in the market"
      0.5 5.0/5 "Blown Away!"
      SBI is providing best interest in the market compared to other bank for the car loan, When I bought swift I approached them. The documentation was easy within two days and I got the loan with attract interest for the duration of five years. I am really happy with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 03, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car Loan for the vehicle Maruti Alto through car showroom dealer since he refered State Bank Of India and got the loan through this bank.The rate of interest and the processing fee was nominal.The loan amount got on time and it was sufficient as well and i am not disclosing the loan amount .Everything was done by the showroom dealer i have not faced any difficulties whole process was cleared by the dealer.
      Was this review helpful? 3
      , chandigarh
      Reviewed on Jun 02, 2019
    • SBI Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The car loan has been taken with the STATE BANK OF INDIA is good also the loan amount given with this was 11-12L and i have done the down payment with this loan which was 1L. The documentation process was simple and easy to get the loan with this bank.
      Was this review helpful? 2
      , chennai
      Reviewed on May 31, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI , the process of getting loan was too fast i just got my loan in few days and i donâ??t have to worry about document . The tenure period is fine and they charge nominal rate of interest and about processing fee was also good . Overall it is good .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 30, 2019
    • SBI Car Loan
      "Need to reduce the interest rate"
      0.5 3.0/5 "Satisfactory"
      Just few days back, I have applied for car loan with State Bank of India. They are charging 9.4% interest rate and separately the processing fee is applicable. I took the loan for 7 years. SBI is forcing the customer to foreclose the existing loan. The loan process was happened in a short span of time.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 29, 2019
    • SBI Car Loan
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have taken the car loan with the STATE BANK OF INDIA they have provided with the lesser rate of interest when compared to the other banks and i am using its from last one years ad five months. the process was completely hassle free and easy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 28, 2019
    • SBI Car Loan
      "Need scope of improvement"
      0.5 3.0/5 "Satisfactory"
      Last car loan was with SBI for my maruthi auto car, they have sanctioned on road price of the vehicle. I took the loan amount of Rs. 2.5 lakhs. At the time loan process was difficult, they collected lots of papers and I visited so many times to the bank to get my loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 28, 2019
    • SBI Car Loan
      "Interest rate should be competative"
      0.5 4.0/5 "Great!"
      SBI is charging slightly higher for the car loan, I got the interest rate around 16% for the loan amount of Rs. 5 lakhs it has the total duration of 60 months. I purchased swift dezire at 2015, it would be nice if the bank reduce the rate of interest.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 28, 2019
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan since directly applied with State Bank Of India ,The loan amount was 4.3lakhs for the tenure of 7 years ,still active car model was Hyundai Accent ,the agent gave all the relevant information ,The rate of interest and processing fee was very nominal ,. The loan got on time less than1hour ,it was sufficient as well.
      Was this review helpful? 0
      , kanpur
      Reviewed on May 27, 2019
    • SBI Car Loan
      "Prompt Service"
      0.5 4.5/5 "Excellent!"
      In SBI, the car loan interest is lower, the bank have quoted me around 9% of interest for the loan amount of Rs. 4 lakhs. My loan has the duration of three years, still my loan is running with their end. They do have balance transfer and part payment option, the service is prompt on time car was delivered.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 25, 2019
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in SBI bank for more than one year. The loan amount was sufficient which was given from bank for the tenure of 5 years. The rate of interest is less when compare to other bank. The processing fee was applicable. The customer service is good.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 21, 2019
    • SBI Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have been holding my car loan with State bank of India 2 years back i have closed this loan, their service is too good, they have given me loan within 1 hour, and they have given me sufficient loan amount and the rate of interest they have charged me was nominal and the have charged me processing fee which was nominal, overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 14, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Car loan from State Bank Of India a long time back and the experience i had with them had been pretty much good. The loan amount has been sufficient and the interest rate with them had been nominal when compared with the market rate. The loan was cleared recently and there was no hidden charges taken by them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 14, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my Car Loan from State Bank Of India three years back and the experience was quite good. The process went seamless and the loan amount was sufficient. The interest rate with the loan was around 9.2% which was very nominal and the charges which they had made was also less. Their customer support team had also been helpful and they where responsive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 14, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have purchased a new car and got the required loan amount from State Bank of India. I did not face any hassle over the process. I have not considered the interest rate and the there was no processing fee. I have taken for 7 years and third year is ongoing. I just go to the branch and the services are good. They don't charge for preclosure.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 12, 2019
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I hold my car loan with State bank of India for long time,The loan amount which they have given me was good,like based on the vehicle price they have given me loan amount,the rate of interest they have charged me was nominal,,and they have not charged me processing fee,now i have successfully closed this loan.
      Was this review helpful? 1
      , chennai
      Reviewed on May 09, 2019
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with STATE BANK OF INDIA , the tenure period is fine . They offered sufficient loan amount to me . Customer support and their response is good ,i receive my loan within few days . They charge nominal rate of interest and the processing fee was also good .
      Was this review helpful? 1
      , new delhi
      Reviewed on May 08, 2019
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