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  • SBI Used Car Loan

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  • 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
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan directly through SBI. The car model was 2019 and the name of this car was Volkswagen Vento .The rate of interest and the processing fee was very high and there was no processing fee .I have got all the details about the loan process very clearly and paying the premium on EMI basis .I have closed this loan successfully without any discrepancy.
      Was this review helpful? 2
      , kochi
      Reviewed on Feb 10, 2020
    • SBI
      SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I haven taken car loan from SBI. Everything was done on time and car was delivered on time .The rate of interest was bit high and the car model was MARUTI Suzuki Baleno .The loan amount got sanctioned on time .The loan process was clearly shared by the agent .I am satisfied with the service so far.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 12, 2020
    • SBI Car Loan
      "Documentation process can be improved"
      0.5 5.0/5 "Blown Away!"
      I went to SBI branch directly to apply the car loan and I have done all the paper work as well. I can make the part payment through online because of this reason i have selected this bank. I don't find any issue so far and the overall process got completed in a single day. I took the loan 2 to 3 years before and the loan is still going on.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 08, 2020
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The interest rate is low, no part payment or fore closure charges. It is very flexible so I have taken a loan from SBI. Bank offered me with 13L, complete price of the car, but i have opted only for 10L with the rate of interest 9.1%. It took only 3 days to process the loan.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 08, 2020
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through SBI directly .The car model was Maruti Suzuki Wagnor .Still this loan is active and there was no difficulties faced so far .The rate of interest and the processing fee was nominal.I have submitted the documents on proper time and the service was satisfied .
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 20, 2019
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through State Bank oF India .The car model was Maruti Wagnor.The loan amount was sanctioned on time without any hassle .The rate of interest and the processing fee was nominal .The agent gave a clear picture about the loan process .There was no drawbacks faced while submitting the documents .
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 17, 2019
    • SBI Car Loan
      "Very Good Loan Service"
      0.5 4.5/5 "Excellent!"
      For SBI car loan, they have charged me a interest rate of 9% which can be reduced hence i'm not happy with the loan. SBI is better and good for its loan service. I had applied the loan amount of Rs. 10 lakhs and for the other car loan its 2.5 lakhs. They have not taken more time to sanctioned my loan because they have disbursed the loan in 2 to 3 days.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Nov 25, 2019
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through SBI .The car model is Hyundai Accent and got the loan amount on exact time frame .Each and every details about the loan process was clearly shared by the agent .The rate of interest was very less and got the loan amount on time without any delay. Still this loan is active and not yet faced any issues until I got the loan.
      Was this review helpful? 3
      , jaipur
      Reviewed on Nov 23, 2019
    • SBI Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan 4 months back. I have bought the loan amount of Rs. 10 lakhs and they have sanctioned the loan immediately and the documentation process was simple and good. Within 1 day, they have processed the loan. They have provided me a interest rate of 8% and i have chosen the duration of 120 months.
      Was this review helpful? 13
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Low Interest rates"
      0.5 5.0/5 "Blown Away!"
      Bought my car loan from State bank of India its because of less interest rate when i compared with others. I got the loan amount of Rs. 3 lakhs and i haven't paid any down payment. I have paid the EMI amount of Rs. 10000 per month. I have selected the tenure period of 3 years.
      Was this review helpful? 9
      , new delhi
      Reviewed on Nov 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have state Bank Of India car loan,the rate of interest was very nominal .I have got the loan amount sanctioned on time without any delay .Each and every details was clearly shared by the agent .I have submitted the required documents and i am comfortable with the service.
      Was this review helpful? 5
      , chennai
      Reviewed on Nov 09, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI on 11 months before which was suggested by my friend who he is an agent. EMI paying for 11,600 rupees. They have given for 7 lakhs and 13 thousands tenure of 7 years. Within one week loan got sanctioned. The car model is TATA Nexon.
      Was this review helpful? 15
      , goalpara
      Reviewed on Oct 28, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      From SBI taken a car loan on 2 months before, through showroom suggested for this loan. With interest of 9.5% nominal. They have given for 5 lakhs tenure period of 7 years. IDV of 5.5 lakhs with some discounts given for 5 lakhs. For a processing fee of 2 thousands.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Oct 23, 2019
    • SBI Car Loan
      "Average Loan"
      0.5 4.0/5 "Great!"
      3 years back, i have taken the car loan from State bank of India. I called the customer care service of SBI, but they don't have a access to check the auto loan details when i ask the outstanding balance and asked me to check in the net banking or need to visit the branch.
      Was this review helpful? 13
      , bangalore
      Reviewed on Oct 20, 2019
    • SBI Car Loan
      "It's good"
      0.5 4.0/5 "Great!"
      I have a car loan with SBI because am having a salary account which is easy to get approved. The interest rate is as per market rate and there is no much difference compared to others. They did not charge me any processing fee. I opted for 7years but I have cleared my dues on 4years without any foreclosure charges.
      Was this review helpful? 9
      , new delhi
      Reviewed on Oct 18, 2019
    • SBI Car Loan
      "Cheap and best"
      0.5 5.0/5 "Blown Away!"
      SBI has provided me a cheap and best loan service so i bought the car loan with them. They sanctioned the loan in 3 days. The interest rates are 8.9% which is a nominal one. SBI car loan was closed 2 years before. I have fore-closure the loan for that they have not taken any charges.
      Was this review helpful? 16
      , agra
      Reviewed on Oct 11, 2019
    • SBI Car Loan
      "Floating interest rates"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from SBI its because of the floating interest rates. They have sanctioned the loan in 4 to 5 days. I took the loan 7 years back hence i have no idea about the processing fee and down payment. The interest rate was convenient for me. I have received the NOC letter as well once i closed the loan.
      Was this review helpful? 17
      , bangalore
      Reviewed on Oct 08, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      From SBI I have taken a car loan on 5 months before which was processed through showroom. I have provided some required documents and they have sanctioned a loan within 2 days. The amount was sufficient for the tenure period of 5 years. The rate of interest and processing fee are nominal. The car model is Mahindra CUV300 it is around 12 lakhs.
      Was this review helpful? 13
      , itanagar
      Reviewed on Oct 04, 2019
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The services and rate of interest is good with State Bank of India interms of car loan. I have purchased Grand i10 in 2015, the loan process was very simple. They have provided me 80% funding and made down payment of 1L. The loan duration is 7years for 7L.
      Was this review helpful? 15
      , visakhapatnam
      Reviewed on Sep 28, 2019
    • SBI Car Loan
      "SBI Loan service is good"
      0.5 4.0/5 "Great!"
      My car loan was taken from SBI because the interest rate is less and the processing fee was nominal. They have not deducted any hidden charges. I applied the loan amount of Rs. 4.5 lakhs and they have sanctioned the loan in 2 days. I have been paying the EMI amount of Rs. 7500 for the tenure period of 7 years.
      Was this review helpful? 12
      , chennai
      Reviewed on Sep 25, 2019
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