If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • SBI Used Car Loan is Rated as "Excellent!" by 1124 Users

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    SBI Used Car Loan

    Introduction to SBI used car loans

    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.

    SBI Used Car Loan Reviews

    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have directly taken a car loan service from state bank of India the payments where generally through online I use to pay 16k as my premium amount for my nexa car the staffs of state bank of India was also very good it was a good experience with state bank of India for my car loan service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 23, 2017
    • SBI Car Loan
      "Car loan with SBI"
      0.5 4.0/5 "Great!"
      I have taken a car loan from State bank of India. The approved loan amount was 9 lakhs. The monthly EMI is 14000 and the tenure is for 7 years. The rate of interest was 8.7%. The process and the documentation with the bank done well. Its approchable.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • SBI Car Loan
      "Very poor service"
      0.5 1.0/5 "Really Bad"
      I got the Car loan with State bank of India and I have sold it to other person but that person failed to pay the loan. I have paid the loan for few months , but still they have seized the vehicle without giving any information. SBI has sold my vehicle to someone. They never gave any information in regards to my car loan service and the transparency is not seen in the SBI car loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • SBI Car Loan
      "Car loan with SBI"
      0.5 4.0/5 "Great!"
      I have taken a car loan with State bank of India. The approved loan amount was 3.6 lakhs. The EMI is 6000 rupees for a month and a tenure for 7 years. The rate of interest is 9 percentage. The bank directly paid the amount to the dealer through NEFT.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 21, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from State Bank of India. The process was excellent and they have also offered me a good deal on the rate of interest and processing charges. I have taken a Maruti Suzuki Alto vxi. I have taken this car because of the decent mileage and it is also perfect for my family. The part payment options are also convenient.
      Was this review helpful? 0
      , panchkula
      Reviewed on Nov 21, 2017
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was overall a good car loan experience with SBI, the process was very smooth and everything was done in time. Documents were collected door step and my loan amount was approved within 2 days. The loan amount was for Rs 5.9 lakhs with the rate of interest of 8.95% which is nominal. Customer service was good, they followed up on time and they responded well. The best part i found is, there are no pre closure charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with SBI was very good, i have taken loan for Rs 2.75 lakhs with the rate of interest of 9.15% which is less when compared to other banks. The process was very smooth and the loan amount was approved within 4 days. Customer service was good and they responded on time, there was a bit delay in verification but its fine. There is no processing and there is no penalty on pre closure and part payment.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 18, 2017
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      STATE BANK OF INDIA customer service was very good. I received the amount for the Car Loan that I applied for .The bank offered me a full approval on the loan amount i asked for . The amount got Disbursed in week of time . The rate of interest was 9.25% equal to the other banks and the processing fee was 0 . The bank provided me Pre closure option and there were no extra charges which is applicable for the foreclosure.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have directly taken a car loan service from SBI the service was good the customer service was fine and the interest rate they offered me was good compare to others in the market it was totally a wonderful experience with SBI for my car loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • SBI Car Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have taken a car loan with State Bank Of India for an amount of 10Lakhs. The experience has been good with them. The rate of interest for the loan is nominal and also there is no charges applied for part payments of the loan. They have good benefits.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan service directly from the showroom and the documents part was easy I have submitted directly in the showroom and I paying about 4594 monthly directly and the interest rate they offered me was fine compare to others it was a good experience with SBI for my car loan service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 17, 2017
    • SBI Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with state bank of India.The loan amount have received is 5.9 lakhs,rate of interest is 8.25% low as compared to others,tenure is for seven years.The amount got credited within 2 days.No processing fees.The EMI amount is 8135 on a monthly basis.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 16, 2017
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI 2.5 years back. They provided me 3L rupees. I pay premium of Rs.6400 approximately every month through ECS. The total duration is 5 years. I am happy with the interest rate. There are no pre closure charges and they provide a part payment option. The customer service and response is good. Lot of documents needs to be submitted but it is okay.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 15, 2017
    • SBI Car Loan
      "I got the car loan with ease"
      0.5 5.0/5 "Blown Away!"
      I was a NRI, I hold my salary account with SBI, other banks were asking for too many documents to process my car loan. However SBI was not in need of many documents. Process was very swift with the said bank and I just had to produce my standard documents. The rate offered by SBI was much lower than others therefore I would like to rate them as 4. Lastly, I am very much happy with the repayment options too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2017
    • SBI Car Loan
      "Excellent process and benefit"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from State Bank of India and the process was excellent. I only had to visit the bank only once. I got the rate of interest of around 8.4% to 8.5% and the processing charges was zero. The foreclosure has no charges as well and there is a part payment feature.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 10, 2017
    • SBI Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      SBI gave me 8.35% of interest for the car loan, I finalized Wagon R car worth Rs. 10 lakhs. I took the loan amount of Rs. 3 lakhs with SBI for the tenure of three years. SBI done documents process on time, they disbursed the amount within certain period to the dealer.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 09, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had applied for the car loan from SBI, my loan application was approved and the requested amount was sanctioned and issued. The loan amount was for 3.5 lakhs with the rate of interest of 8.8% which is less when compared to other banks. The customer service was good and they followed up on time. Documents are collected on time and the loan amount was approved within 3-4 days. Overall it was a good loan experience.
      Was this review helpful? 0
      , roorkee
      Reviewed on Nov 09, 2017
    • SBI Car Loan
      "Smooth process"
      0.5 4.0/5 "Great!"
      I have taken a car loan with State Bank Of India and i would say that it has been a smooth process with them. I had a good experience with them as i received from service and response from them during that time and had no problems during the procedures. It was also completed on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 08, 2017
    • SBI Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I got best deal in my car loan concern with Sbi. They have disbursed my car loan amount within 4 days of time. Even they were slow in their process I got best interest rate in the market. I am satisfied with the loan amount. This loan has the tenure of 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 07, 2017
    • SBI Car Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      I had applied for the car loan from SBI, my loan application was approved and the requested amount was disbursed. The loan amount was for 5 lakhs with good rate of interest. The customer service part was good and they were helpful. I applied for car loan through the showroom. Overall it was a good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 07, 2017
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