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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
      "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? 2
      , agra
      Reviewed on Oct 11, 2019
    • SBI
      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? 7
      , 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? 8
      , 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? 12
      , 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
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have purchased Eco4 car through State Bank of Indiaby doing a down payment of 75K and the total car value is 17L. The loan experience was good and it was completed before 2 years ago. The rate of interest is reasonable. The tenure period was 3 years.
      Was this review helpful? 18
      , faridabad
      Reviewed on Sep 17, 2019
    • SBI Car Loan
      "HYUNDAI"
      0.5 5.0/5 "Blown Away!"
      I am having a good experience with State Bank of India on car loan process. They have provided me only 75% funding to purchase the car but HDFC BANK is doing preapproved loan upto 90%. I got a good response and the service. The interest rate is very very good on that time. I have purchased a HYUNDAI VERNA.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Sep 14, 2019
    • SBI Car Loan
      "Documetation base approval"
      0.5 5.0/5 "Blown Away!"
      When i took the loan from SBI, the banking people were excellent. The employees are very friendly and giving confidence to the customer. Whenever i went to the branch, the manager is treating me as a important individual. The given interest rate is nominal. I got the loan amount of Rs. 3.75 lakhs. I have pre-closed the loan with zero charges.
      Was this review helpful? 12
      , hyderabad
      Reviewed on Sep 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI bank on last year. Through showroom I got an chance to taken a loan from SBI. The amount which was offered sufficient for the tenure period of 5 years. The rate of interest and processing fee are nominal. I bought a car model for swift.
      Was this review helpful? 16
      , secunderabad
      Reviewed on Aug 17, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with State Bank of India because they given for a nominal interest rate than other banks, which was applied directly to showroom. The process was smooth and received loan on time. I have bought for Maruthi 800 for the tenure period of 5 years. The amount paying for 6300 rupees.
      Was this review helpful? 10
      , visakhapatnam
      Reviewed on Aug 16, 2019
    • SBI Car Loan
      "Okay Okay"
      0.5 3.0/5 "Satisfactory"
      I have a car loan with State Bank of India because they gave me a lower interest rate than other banks. The customer service is average which they need to improve a lot. I bought Tiago and made down payment of 1.95L. The loan duration is 6 years..
      Was this review helpful? 7
      , new delhi
      Reviewed on Aug 13, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI bank on 6 months before which was applied directly through showroom. They have sanctioned the amount 6 lakhs for the tenure period of 5 years. The rate of interest and fee are nominal. So far no issue I faced for an EMI to pay. I bought a car for Hyundai i10.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Aug 12, 2019
    • SBI Car Loan
      "Hassle free and quick loan experience"
      0.5 5.0/5 "Blown Away!"
      I am running my car loan with SBI, it was a hassle free experience they have sanctioned the required amount of the on road price of the car. The interest is very nominal around 9%, there was no difficult faced even I didn't contact the customer care. In a week time car was delivered.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 11, 2019
    • SBI Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan through State Bank of India since the showroom dealer referred .I have got a clear picture about the loan process ,I am not going to disclose the car model and the loan amount .I have got the loan amount very quickly .I am totally satisfied with the service .
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2019
    • SBI Car Loan
      "Convenient Banking"
      0.5 4.0/5 "Great!"
      I am banking with SBI for long term when I went for the car loan I linked this account for ecs purpose on monthly basis. The customer support is very good even they have Yono app we can manage everything in one. There is no reward points for the debit card transaction.
      Was this review helpful? 2
      , burdwan
      Reviewed on Aug 09, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for State Bank Of India car loan which was applied through Online .I have got all the details about the loan process very clearly .The rate of interest and the processing fee was very high .I have applied for the loan amount of 2.4 lakhs for the tenure of 3 years .The car model was Nano Twist ,I am planing to close the loan since rate of interest was high .
      Was this review helpful? 0
      , kumbakonam
      Reviewed on Aug 08, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI bank on 6 years before which was applied directly to bank. They have sanctioned the amount 4 lakhs for the tenure period of 7 years. The rate of interest and fee are nominal. They use to do auto debit from salary account for an EMI. I bought a car for swift 4th model.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 07, 2019
    • SBI Car Loan
      "It's better"
      0.5 4.0/5 "Great!"
      My car loan is ongoing with State Bank of India and the process was easy. The interest rate is good and they have charged me a minimal processing fee. The loan has to repaid in 7 years. I have purchased Tiago Car and got 100% funding from the bank.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 07, 2019
    • SBI Car Loan
      "Initial loan process has to be smooth"
      0.5 3.0/5 "Satisfactory"
      I have a car loan with State Bank of India, they have very tedious process. Its is very difficult to get the loan from them. The interest rate is good and once I get the loan then the process was easy. I made some down payment and they have provided me 80% funding. The loan tenure is 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 06, 2019
    • SBI Car Loan
      "Need improvement on the customer's support"
      0.5 3.5/5 "Pretty good"
      Currently my car loan is running with SBI with the competitive rate, my loan amount was Rs. 4 lakhs for purchasing 2018 model, they took some processing fee it was minimal around 0.5%. The process was very smooth, I completed the documentation through showroom. It would be great if they improve their service.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 03, 2019
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