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 is Rated as "Excellent!" by 1072 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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      SBI Car Loan they are providing lowest interest rate, everything is good, it is quick service, customer friendly and documentation and charges was nominal i have compared with other bank, i am fully satisfied with SBI, in just short times i got approval the person came took the document he called and informed about loan sanctioned.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 19, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The communication was good with State bank of India in regards to my car loan application. They just took 2 days to disburse my car loan amount. The customer support was prompt with state bank of India. The rate f interest is nominal and I can say low when compared with others banks rather it is best interest rate looking to others banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      Within 2 days of time the SBI has disbursed my car loan . The customer support is good with State bank of Interest. The rate of interest is nominal with sbi when compared with others. The required loan mount has been disbursed and I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from State Bank of India and the bank has not charged me a processing fee. There is no insurance charges as well. Like wise the bank has offered me a 100% of loan amount and the interest rate is also normal for me. It was a excellent process too.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Perfectly fine"
      0.5 4.5/5 "Excellent!"
      I have got the car loan with the State bank of India and the interest rate is around 8.35%, also the customer service is good one for me with them. The loan amount got disbursed within two to three days of time. Everything is perfectly fine for me with them.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      The car loan process was smooth with State Bank of India . The customer support is good with State Bank of India. The required loan amount has been disbursed and I am satisfied with it . The rate of interest is quite competitive with State bank of India car loans.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      The service from STATE BANK OF INDIA for my car loan service was good during the documentation part they have collected all my documents from my door step which has been very much helpful for me also the interest rate they offered is also fine ,service of STATE BANK OF INDIA for my car loan service is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 16, 2017
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I feel the process of SBI is not much fast compare to the other private banks in the market ,documentation part was easy they took only 1 hour to process my documents they have collected all the needed documents at my door step and some I have submitted in their branch I can say the service of SBI is excellent.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • SBI Car Loan
      "not good not bad"
      0.5 3.0/5 "Satisfactory"
      My first car loan was taken with SBI 9 years back. The loan amount was 9 lakhs and the rate of interest was 9 % which was bit high than other banks. The loan process was not easy and Its tedious here . There is no proper response and they have delayed the process also. They have not provided door step service for collecting documents so my overall experience was not good not bad
      Was this review helpful? 0
      , karimnagar
      Reviewed on Oct 15, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      After closing my car loan application with HDFC Bank I applied for the car loan with State Bank of India. State Bank of India was very quick in collecting my documents and processing my car loan and also State Bank of India offered me the loan with 8% as rate of interest which is much lesser and no processing fees at all.
      Was this review helpful? 0
      , hubli
      Reviewed on Oct 14, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a car loan with State Bank of India after I closed my car loan application with HDFC Bank. My car loan application with State Bank of India got approved with a much lesser rate of interest which is 8.75% and there was no processing fees and 100% on road price loan amount received from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • SBI Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the service of SBI for my car loan service I feel the process is very fast with them from the date I applied each and formalities have been processed on time and even the rate of interest was fine I can say the overall service is excellent from SBI for my car loan service.
      Was this review helpful? 0
      , madurai
      Reviewed on Oct 11, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      From the date I apply for my loan till the process it was very a fast and good service from SBI ,already I have taken a loan from SBI so there was no need of documents for the loan process . Even the rate of interest they offer was fine which was 8.4%. I can say the overall service provided by SBI is excellent.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I took Rs. 5 Lakhs as a car loan with State Bank of India, and felt the process was very good and efficient. The approved the process within few day, once the agent visited my house the rest of the process were all smooth as ice. They called me up and informed about the documents that I need to submit and all I did was that.
      Was this review helpful? 0
      , agra
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Good account to use"
      0.5 4.0/5 "Great!"
      The banking service is average with SBI. I am banking with SBI fro more than 7years. I use the net banking which is easy to use and customer friendly. The customer service is average with State bank. I am satisfied banking with State Bank of India.
      Was this review helpful? 0
      , jammu
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was very good from SBI. The service charges and the processing fee was very low with Sbi car loan process. The customer service gave proper response in regards to my car loan. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have received the car loan within a week time from SBI. The rate of interest is low with SBI car loans when compared with other banks. The customer service is good with State Bank of India . I am satisfied with the loan amount. I would say I got good service from SBI in concern to my car loan.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 09, 2017
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI. The loan amount was 6.5 lakhs and the rate of interest was 8.75% before and 9.25% which was satisfactory. They have sanctioned the loan with the committed time and the customer service was up to the mark. My overall experience was good
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 06, 2017
    • SBI Car Loan
      "Best Bank in India"
      0.5 5.0/5 "Blown Away!"
      Skoda Rapid on road price around Rs.10 lakhs , SBI sanctioned 90% of car loan but I took the amount of Rs. 6 lakhs, Remaining amount I paid as a down payment. SBI gave me good interest rate as per the market competitive they have processed my car loan.
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 05, 2017
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      Customer service is was real good from the state bank of India for the car loan I took for HONDA EON . It was a faster approval loan I got . Its been 2 years now the bank gave me a rate of interest of 9.75% and they did not even charge any kind of processing fee . All in all I am real happy with it .
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 04, 2017
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