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  • SBI Used Car Loan is Rated as "Excellent!" by 1175 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
      "Very good service"
      0.5 4.0/5 "Great!"
      Around 3 years ago, I have got the car loan from the STATE BANK OF INDIA . the customer support service is good with the STATE BANK OF INDIA and they gave me better response in regard to my car loan application. They have taken around 3 weeks time to disburse my loan amount.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 15, 2018
    • SBI Car Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I do have the car loan with the State bank of India. The rate of interest was around 8%. Customer service was good one for me with them. I would like to say that the processing charges were nominal one for me with the State bank of India. I have not faced much issues with them
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • SBI Car Loan
      "Faster approval"
      0.5 5.0/5 "Blown Away!"
      I took auto mobile loan with State Bank of India before 1.5 years. I have done pre payments and it was a 3 year loan. They processed the loan immediately and very faster. The rate of interest and charges are best with SBI. The documents are collected by the executive.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 12, 2018
    • SBI Car Loan
      "Very Good Experience"
      0.5 5.0/5 "Blown Away!"
      I took car loan from SBI, then I foreclosed it, but bank gave me the good interest around 8.65% for the Suzuki Baleno car. The process was completed on time, and they were not charged any extra fee for the foreclosure it was good. I am very fine with SBI loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2018
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The state bank of India has approved my car loan up to 90%, their executives are customer friendly and they have disbursed the loan amount within a week time. The customer support and the response part is excellent with the state bank of India.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 08, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan within 2 days of time from the STATE BANK OF INDIA, their executives came to my place to collect the documents on time. The verification process done on time and they have disbursed the loan amount within the promised time. The rate of interest and the charges are less than other banks. The overall service was transparent with the State bank of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The state bank of India took my car loan process personally and they have disbursed the loan amount within 3 to 4 days of time. The customer support is prompt with the state bank of India. The rate of interest and the charges are average with the state bank of India car loan services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • SBI Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was 9.20 % which was fine for me, The documents have been collected from my door step and the staffs are friendly. The customer support was good but the process was been little delay. It was a average service from Sbi car loan service.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Feb 06, 2018
    • SBI Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      I am having the car loan with the State bank of India and the rate of interest is very reasonable. The loan amount got disbursed within same day itself. I would like to say that the processing charges were good one with the State bank of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 06, 2018
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI for about 1 month. The loan amount was 6.9 lakhs and the Interest rate was 8.75% which is average In the market. The loan process was good and they have sanctioned the loan with the committed time. The processing fee was nominal . My overall experience was good and its recommendable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 06, 2018
    • SBI Car Loan
      "Wonderful"
      0.5 4.5/5 "Excellent!"
      I have closed the car loan with the State bank of India and the interest rate was around 8% to 8.5%. Customer service is good one for me with them and the response is somewhat okay. Processing charges were okay for me with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 02, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest 9 % which was comfortable for me with South Indian bank car loan department. The process is very fast with South Indian bank and the customer support was good with South Indian bank. The payments will be through ecs for my Xcent car. It was a excellent experience with South indian bank car loan team.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 02, 2018
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Taken a car loan with State Bank of India. I have received rs 9,00,000 against my car loan with the good rate of interest at 9.8%. Monthly loan premium is been charged rs 15,000. Also they gave me the best tenure plan of seven years. Very happy customer of State Bank of India.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 30, 2018
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with SBI and my loan experience was very good. The loan amount was for Rs 3 lakhs with the rate of interest which is nominal when compared to other banks. The process was smooth and i received my loan amount immediately. Customer service was good and they followed up on time. The tenure of this loan is 5 years.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 29, 2018
    • SBI Car Loan
      "Good service for car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from SBI bank. The rate of interest was 10% for the approved loan amount of 3 lakhs.The monthly EMI comes around 6480. The total tenure is for 5 years with no processing fees but i have pre closed the loan and there was no pre closure charges.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 24, 2018
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with SBI and my loan experience was very good. The loan amount was for Rs 6.50 lakhs with the rate of interest of 8-9% which is nominal when compared to all other banks. Customer service was good and they followed up on time. My loan amount was based on the ex-showroom price. There are no charges on pre closure and part payment. The tenure of this loan is 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 23, 2018
    • SBI Car Loan
      "Good deal and services"
      0.5 5.0/5 "Blown Away!"
      My car loan is with State Bank of India. I have taken the loan couple of years back. The process was easy and smooth. The documentation was also nominal. The rate of interest and processing charges are normal when compared to other banks. The after loan services are also good.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 23, 2018
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I am having the car loan with the State bank of India and the rate of interest was not aware by my end now. I would like to say that the customer service is fine one for me and the response is good too. I am really happy with the State bank of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 23, 2018
    • SBI Car Loan
      "Best service"
      0.5 4.0/5 "Great!"
      I have taken a Car loan with State bank of India.The loan amount is seven lakhs,rate of interest is nominal as compared to others.They had deducted minimum amount of processing fees.I pay my EMI through an ECS payment.The loan process is simple with SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 20, 2018
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI 2years back. The rate of interest was 8-9% which is lower than other banks and the loan amount was 5 lakhs . The pre closure is after 6 months .Here there is no processing fee . My overall experience was excellent and its recommendable
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 20, 2018
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