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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was a tremendous approach by state bank of India with respect to my car loan application. It is an very fast and quick response from SBI end. State bank of India has good transparency with their service, and everything was clear and keen in their service. They just took twelve hours to disburse my car loan. The rate of interest is very competitive with SBI as it was around 8.75%
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 23, 2017
    • SBI Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      To start off, I had taken my car loan from State Bank of India , I had to go over to the bank to submit my paper work. I also had to visit the branch often for any queries. The charges and interest rate is normal. There is no much of difference when compared to the other private banks too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      SBI is very good, when I approached for the car loan, I didn't feel its a nationalized bank. Because they are more professional and they done fast process on my car loan. They approved the loan on road price of the car, this is for a tenure of 7 years and this comes with a rate of interest of 9.25% .and the loan amount was 3.50 lakhs.
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      , kolkata
      Reviewed on Jun 20, 2017
    • SBI Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had taken car loan from State bank of India. It was taken about four years back. The interest rate is 9.25%. I had not faced any issues with SBI during the loan process. They provided very good response for my loan application and the vehicle got delivered at the right time.
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      , coimbatore
      Reviewed on Jun 19, 2017
    • SBI Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had a car loan experience with SBI. I bought the loan four year ago. They have disbursed my car loan within time. Which is very quick and fast. The rate of interest is 10.45% which is nominal with Sbi car loan department. I am happy with the loan amount they have provided. Overall it is a satisfied service with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2017
    • SBI Car Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      During the year of 2014, I had taken the car loan from SBI. The loan process was very good and the manager and staffs are very cooperative. They helped me a lot during the process and done with the loan process without any delay. Actually they sanctioned the loan in one day.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2017
    • SBI Car Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      SBI is very good, when I approached for the car loan, I didn't feel its a nationalized bank. Because they are more professional and they done fast process on my car loan. They approved the loan on road price of the car, this is for a tenure of 5 years and this comes with a rate of interest of 9.65% .
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      , chennai
      Reviewed on Jun 15, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got a good deal from State Bank of India for the car loan. I got a rate of interest of around 8.50% and the process was also smooth. They have responded well on my car loan application they gave polite service My loan amount was Rs.5 lakhs for the tenure of four years and the processing charges were around rs1150.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 15, 2017
    • SBI Car Loan
      "Excellent banking services"
      0.5 4.5/5 "Excellent!"
      I got a good deal from State Bank of India for the car loan. I got a rate of interest of around 8% and the process was also smooth. The person who was handling my file was very attentive and there are options of part payments and preclosure with no charges as I needed. The loan letter has not reached me yet, they are a bit slow on that, but I am not too worried about that.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 10, 2017
    • SBI Car Loan
      "Good. Can be quicker"
      0.5 4.0/5 "Great!"
      SBI is known as the father of all banks, but still I had to follow up with them for the car loan I had applied for. The main reason I wanted to take the loan is because they had a floating rate of interest, though it was a higher rate than OBC and the second reason was they had a part payment facility. So I can close my loan when I want too.
      Was this review helpful? 3
      , jaipur
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      State bank of India just took 2 days to disburse my car loan. I am happy about the loan amount. The rate of interest is nominal and it is doable with SBI. The customer service and the response part is good , I would say the service which was rendered by SBI is absolutely great.
      Was this review helpful? 2
      , thiruvananthapuram
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Best offer in the market"
      0.5 5.0/5 "Blown Away!"
      I got good interest rate and best offer from SBI, I approached SBI through my showroom dealer, then loan process was completed smoothly without any hassle. I purchased Renault Duster they gave on road price of 12.92 lakhs,with the interest rate of 8.75% and it is really great.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Excellent interest rate but can improve customer support"
      0.5 5.0/5 "Blown Away!"
      This is an overview about my SBI credit card, I got the car loan from State Bank of India for 8.25% interest rate and the process was very quick and simple with Sbi. The rate of interest is low, because I have maintained my credit score. The service offered by SBI is average, they need to work on the customer service in future. They have disbursed my loan with 3 to 4 days and I am satisfied with the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was very fast. The documentation was also easy and I got a good deal on the interest rate and processing charges. I got a rate of around 8% and change. Overall a satisfactory experience and no hassles faced till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Quick car loan"
      0.5 5.0/5 "Blown Away!"
      Everything is done by my show room, because it had a tie up with Sbi . The State bank is offering the car loan with the interest rate of 8.75% with diminishing interest rate. Within 24 hours they have disbursed my loan amount. I am happy about the loan amount and I got half of the vehicle amount using this loan . I am satisfied with the SBI car loan service.
      Was this review helpful? 0
      , erode
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Better than others"
      0.5 5.0/5 "Blown Away!"
      It is an overview about my SBI car loan. I got the car loan from State bank of India and the interest rate was around 8.75%. They had provided a loan of 4 lakh Rupees, which was expected by me. Documentation procedures were compelted via mail itself. It was definitely a smooth process .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      If you are looking out for car loan I would say you need to contact State bank as it is the best one to be approached. We can get the best interest rate to the market level. Interest rate would be very nominal when we compared with any other banks. The process should be done on time.
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      , coimbatore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      The process is on at State Bank if India for the car loan. It is a smooth sail and the documentation is also normal and the best is the interest rate. I got a rate of 8.25% and the processing charges was normal too. Good experience overall for the services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The process was very smooth and effective with respect to my car loan with State bank of India. Within 2 days of time SBI has disbursed my loan, I am happy with the loan amount with SBI. The rate of interest is high with SBI , they had offered me the car loan for 9.25% as an interest rate. Overall I am happy about the service and I can say it is the best service provided by SBI .
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Great service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has offered me the car loan with 8.75% interest rate. The SBI is doing a good job in concern to my car loan and the documentation was done through online itself and it was very effective and very easy process as well. I got the loan amount of 12lakhs, as the loan amount was high, they took around 4 days for disbursement. I am very much happy with the service offered by SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2017
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    SBI Used Car Loan is Rated as "Excellent!" by 978 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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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