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  • SBI Used Car Loan is Rated as "Excellent!" by 1191 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
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 4 lakhs with rate of interest of 9.1% which is nominal rate when compared to other banks. I pay an EMI of Rs 8229 and my loan was approved based on the on-road price. The tenure of this loan is 5 years and there are no charges on preclosure of the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 09, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with SBI was good, the process was smooth and i received my loan amount within the given time. The loan amount was for Rs 5.05 lakhs with nominal interest rate. My loan amount was based on the on-road price. Customer service was fine and the tenure of this loan is 7 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 31, 2018
    • SBI Car Loan
      "Car loan emi late charges"
      0.5 1.0/5 "Really Bad"
      SBI is the worst bank i have ever seen.They can't even do one emi deduction properly. Eventhough i have amount in my non sbi account they won't deduct the amount on time later they will charge late payment fee. SBI is the worst bank with worst service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 26, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Around 3 years ago, I have got the car loan from the STATE BANK OF INDIA. The customer support service is good with the SBI. The rate of interest and the charges were quite low with the STATE BANK OF INDIA car loan services when compared with other banks.
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had got the car loan from the STATE BANK OF INDIA and I have fore closed it. The customer support service is good with the STATE BANK OF INDIA and they give good response to the customers. They have sanctioned my car loan within 2 to 3 hours of time.
      Was this review helpful? 0
      , nagpur
      Reviewed on Mar 23, 2018
    • SBI Car Loan
      "Smooth process"
      0.5 4.0/5 "Great!"
      My car loan is with State bank of India. The customer services and response is good and the process is also smooth. The rate of interest and processing charges is normal and I closed the loan as well. The after loan services were also good and smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 19, 2018
    • SBI Car Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      My car loan is with State Bank of India. I never had any issues and I received the loan on time as well. The services and response is good and I also also closed the loan. It was a good experience and hassle free and the interest rate and charges were normal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 18, 2018
    • SBI Car Loan
      "Below average service"
      0.5 2.0/5 "Expected more"
      STATE BANK OF INDIA was kept on deducting the car loan EMI even the tenure got closed and after I have raised the complaint they have refunded my money. The process dont have any transparency with the STATE BANK OF INDIA . I have the got the car loan from STATE BANK OF INDIA with the tenure of 7years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 15, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a Car loan with SBI and my loan experience was very good. The loan amount was for Rs 3 lakhs with nominal rate of interest when compared to other banks. The process was smooth and i received my loan amount on time. Customer service was good, they followed up on time and the tenure of this loan is 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 14, 2018
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      MY car loan was taken with SBI 1.5 years back. The loan amount was 10 lakhs and the Interest rate was 10-11% which is bit high than other banks. The EMI period was 7 years. The loan process was very smooth and good . The processing fee was nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 02, 2018
    • SBI Car Loan
      "Good Experience"
      0.5 4.5/5 "Excellent!"
      SBI gave me the best interest on the car loan, I purchased the Swift Dezire. They have disbursed the loan within a week. I took the loan amount of Rs. 6 lakhs for the tenure of five years. The interest rate was good, and there was less processing fee.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with State bank of India,the loan amount is 2.12 lakhs,the rate of interest is low 9.5% as compared to others.Th tenure is 5 years.EMI amount is registered for an auto debit payments.They had processed the loan within 2-3 days of time.I have no additional charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2018
    • SBI Car Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      I have taken the car loan with the State bank of India and the customer service is good one. I would like to say that the response is very good one and the loan amount got disbursed within two days of time. I am happy with the State bank of India.
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 27, 2018
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      STATE BANK OF INDIA has approved my car loan around a year ago. The customer support service is good with the STATE BANK OF INDIA and they have disbursed the loan amount within 15days of time. The rate of interest and the charges are low with the STATE BANK OF INDIA car loan service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 27, 2018
    • SBI Car Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I have taken maruti suzuki car on the basis of this Loan. They gave me the loan immediately. It was taken a while back and they gave me an interest rate of 10%, which was at that time below the market standards. The overall experience with it has been pretty good.
      Was this review helpful? 0
      , goa
      Reviewed on Feb 22, 2018
    • SBI Car Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      The document process is more than any private bank at SBI for the car loan. But the interest rate is very low and I have the pre payment options where I can repay the loan back any time without any lock in period which is not there with the other banks. Axis Bank and HDFC Bank had a six month lock in period and also had charges to close the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 20, 2018
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      Around 3 years ago, I have got the car loan from the STATE BANK OF INDIA . the customer support service is good with the STATE BANK OF INDIA and they gave me better response in regard to my car loan application. They have taken around 3 weeks time to disburse my loan amount.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 15, 2018
    • SBI Car Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I do have the car loan with the State bank of India. The rate of interest was around 8%. Customer service was good one for me with them. I would like to say that the processing charges were nominal one for me with the State bank of India. I have not faced much issues with them
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • SBI Car Loan
      "Faster approval"
      0.5 5.0/5 "Blown Away!"
      I took auto mobile loan with State Bank of India before 1.5 years. I have done pre payments and it was a 3 year loan. They processed the loan immediately and very faster. The rate of interest and charges are best with SBI. The documents are collected by the executive.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 12, 2018
    • SBI Car Loan
      "Very Good Experience"
      0.5 5.0/5 "Blown Away!"
      I took car loan from SBI, then I foreclosed it, but bank gave me the good interest around 8.65% for the Suzuki Baleno car. The process was completed on time, and they were not charged any extra fee for the foreclosure it was good. I am very fine with SBI loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2018
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