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 Reviews

    • SBI Car Loan
      "Good feedback"
      0.5 5.0/5 "Blown Away!"
      My feedback for SBI is very good as I had taken a car loan from them. The processing is very fast and it is very easy to approach them. SBI took around 2 days of time to process the loan. Interest rate offered by SBI was 10% approximately and the processing fee charged was 8k.
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      , hyderabad
      Reviewed on Sep 19, 2017
    • SBI Car Loan
      "Best product and services customer"
      0.5 5.0/5 "Blown Away!"
      SBI as a nationalized bank offers more beneficial loans with good policies indulged in it with out any charge .The rate of interest is also okay when compared to others in the market and also we could see it as a good competitor .The customer services are also good where everything now a days made online .
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      , chennai
      Reviewed on Sep 18, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      My perception of SBI, was not that good but. They have responded well on my car loan application they gave polite service. SBI interest rate and fee is low, compared to other competitor. My loan amount was Rs.4.5 lakhs for the tenure of seven years and the rate of interest they have offered me is 8.75%
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      , pune
      Reviewed on Sep 18, 2017
    • SBI Car Loan
      "Happy Service from SBI"
      0.5 5.0/5 "Blown Away!"
      I found SBI is good, their customer service is very nice helped on the car loan and also they gave me 12% of interest it is satisfactory. I took amount Rs.6 lakhs to purchase ford car, SBI gave me the tenure of five year. I am completely fine with their service.
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      , guwahati
      Reviewed on Sep 15, 2017
    • SBI Car Loan
      "Fair enough"
      0.5 5.0/5 "Blown Away!"
      I have closed the car loan with the State bank of India and the interest rate is around 12%. I would like to say that the customer service is fair enough one and they have provided around 80% of the cost of car as loan to me .
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      , jodhpur
      Reviewed on Sep 14, 2017
    • SBI Car Loan
      "Rate of interest should be disclosed to the customer"
      0.5 4.0/5 "Great!"
      Rate of interest was little high in SBI for the car loan but my loan tenure was not changed according to the EMI. Right now SBI offered me the interest rate around 9.45% it has the tenure for five years, for the amount of Rs. 5 lakhs, I would like to suggest them to give proper update about the interest.
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      , kolkata
      Reviewed on Sep 13, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, State bank of India has exceeded my expectations with the service rendered by them, they have offered me the car loan and the interest rate was minimal. Loan amount got disbursed within short time and the services were good with them. Response is also a good one with them and I can say its up to my expectation. The loan amount I have opted is 7 laksh with tenured for 5 years of time
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      , mohali
      Reviewed on Sep 13, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      SBI is the best place for the lowest interest rate. I had taken the car loan, for which, they provided the lowest interest rate, and I am sure that I cannot get this rate from any other bank. Furthermore, they had completed the process in short. Actually the bank has done everything in a good manner because I am very good customer to the bank and the loan I had taken the loan during the year 2015 for 7 laksh with rate of interest of 10.60% and it is for 5 years tenure but I have cleared the loan and I have sold the car.
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      , mohali
      Reviewed on Sep 13, 2017
    • SBI Car Loan
      "Smooth Process"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with State bank of India is really good and I had received prompt service from the bank as my wife is working over there. Everything went good with the loan and I got this loan on time. Also the bank provided more benefits and the entire service is good.
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      , new delhi
      Reviewed on Sep 07, 2017
    • SBI Car Loan
      "Perfect service"
      0.5 4.0/5 "Great!"
      The State bank has disbursed my car loan within 3 days of time. The show room executives has taken care of my whole Car loan process. The rate of interest is lower than others. The processing fee and the charges are very low when compared with others. The requested loan amount has been disbursed.
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      , pune
      Reviewed on Sep 06, 2017
    • SBI Car Loan
      "Fair Service"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken the car loan from State bank of India. I got this loan with the interest rate of 10 - 11%. A good thing is that the bank approved and disbursed the loan on the given time. There was no delay at any stage. Also I did not face any issues with the bank.
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      , pune
      Reviewed on Sep 05, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      A year ago I got a car loan experience with State bank of India. There customer support executives has disbursed my loan in the promised time period. The requested loan amount has been disbursed and I am satisfied with the loan amount. The rate of interest is low when compared with other banks.
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      , pune
      Reviewed on Sep 05, 2017
    • SBI Car Loan
      "Approachable car loan with SBI"
      0.5 4.0/5 "Great!"
      I took car loan from STATE BANK OF INDIA. Actually I only paid 25000 as my down payment rest of the amount was paid by the bank. It might be almost 95% of payment done by the bank. The loan amount approved was 5.17 lakhs with a tenure of 10 years. The EMI I was paying rs5472 which includes 12% rate of interest.
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      , pune
      Reviewed on Sep 05, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 3.0/5 "Satisfactory"
      It was an hassle free service with State bank in regards to my car loan . They have disbursed the loan amount within 7 days of time. The customer service gave good response in regards to my car loan application . The rate of interest is nominal with Sbi.
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      , ludhiana
      Reviewed on Sep 04, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Loan amount I have opted for 3 lakhs and the bank has given me full amount Documentation was less with State bank of India as well as within 2 days car loan got disbursed. Within short span of time. almost all formalities were completed and the communication was so good with their customer service team works good as well.
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      , surat
      Reviewed on Aug 31, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      My car loan got disbursed by SBI within 2 to 3 days of time. The customer service gave good response in terms of my car loan disbursement,. The rate of interest is high when compared with others. The required loan amount has been disbursed and I am happy with the loan amount.
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      , bhilai
      Reviewed on Aug 31, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The State bank of India executives helped to disbursed my loan amount within 7 days of time. The required loan amount has been disbursed , The rate of interest is nominal when compared with others. They gave quick response in in my loan amount disbursement.
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      , kolkata
      Reviewed on Aug 30, 2017
    • SBI Car Loan
      "Good to approach for loans"
      0.5 4.5/5 "Excellent!"
      Interest rate for the car loan is around 9.8%, at that time, SBI is the only bank with the interest rate of 9.8% for the car loan when other banks were quoting high interest rate. The entire loan process went good and the loan got sanctioned on time. Not even a single problem I had faced with SBI.
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      , bangalore
      Reviewed on Aug 28, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, State bank of India has exceeded my expectations with the service rendered by them, they have offered me the car loan and the interest rate was minimal. Loan amount got disbursed within three to four days of time and the services were good with them. Response is also a good one with them and I can say its up to my expectation.
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      , baloda bazar
      Reviewed on Aug 27, 2017
    • SBI Car Loan
      "Fast Response"
      0.5 4.0/5 "Great!"
      Interest rate is very nominal and the processing fee was waived off, moreover there is no foreclosure charges with SBI for my car loan. So I am happy with SBI also the loan got sanctioned on time. Actually to say, within a day it got sanctioned. All went good with SBI.
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      , lucknow
      Reviewed on Aug 26, 2017
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    SBI Used Car Loan is Rated as "Excellent!" by 1034 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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.

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