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  • SBI Used Car Loan is Rated as "Excellent!" by 1282 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 5.0/5 "Blown Away!"
      I have applied for the card loan with the STATE BANK OF INDIA where the process is very good and simple to get the loan as well as the loan amount is sufficient from this bank added on that the rate of interest is nominal when compared to the others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I am not sure about the SBI customer care. I have gone through all the details with the dealer. I have got the loan within 10 days. I have received the car loan of Rs. 4 lakhs and they have provided the interest rate of 8.99% and I'm okay with it. I am paying the EMI of Rs. 14000 per month and i have chosen the tenure period for 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • SBI Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had with them where the loan amount whcih they had given has been sufficient and the loan has been arranged by the car dealer. The interest rate with them has been nominal when compared with the market rate and there has not been any charges which has been made by them.
      Was this review helpful? 3
      , pune
      Reviewed on Nov 14, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience i had with this loan has been good and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been nominal and there has not been any additional charges whcih they had been making as well.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 13, 2018
    • SBI Car Loan
      "Should stick on their commitment"
      0.5 2.5/5 "Just OK"
      I closed SBI car loan, the interest rate is high. What they told and what I got is entirely different. I got 16% of interest for 5 years of car loan. The disbursement process is not good they taken some to disburse the amount to the showroom. I am not happy service from SBI. They should provide proper commitment.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 10, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had in getting my car loan from State Bank of India. The loan amount which they had provided has been sufficient and there has not been any additional charges and the processing fee has been nominal. The interest rate with them has also been affordable as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 09, 2018
    • SBI Car Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have purchased Chevrolet car through State Bank of India. It s still ongoing and the total period is 7 years, I have completed 3.5 years. Premium of Rs.8175 will be auto debited. I approached SBI and they processed the loan within 30 days, am fully satisfied with interest rate 8.75%, They have provided 75% funding to buy a car.
      Was this review helpful? 6
      , new delhi
      Reviewed on Nov 03, 2018
    • SBI Car Loan
      "Need improvement on process"
      0.5 3.0/5 "Satisfactory"
      I took car from TATA company, they have suggested SBI bank for the loan. The loan process became delay, they took almost ten days to approve my loan. They need to work on the process however the documentation process was easy without any hassles.
      Was this review helpful? 4
      , lucknow
      Reviewed on Nov 01, 2018
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had in getting my Car loan with them and the process has been simple. The loan amount whcih they had provided has been sufficient and the interest rate with them has been nominal when compared with the market rates.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 31, 2018
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan is with State Bank of India. The process to get the loan is fine and there are no hassles in the process. The documents was a on time process. The rate of interest and processing charges is normal. Overall it has been a good experience.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 27, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a good experience i had with this car loan and the loan amount which they had provided me has been sufficient and satisfactory. The interest rate with them has been nominal when compared with the market rate and there has not been any sort additional charges.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 25, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan almost three to four months back and the experience in getting this loan has been good. The loan amount has been satisfactory and the interest rate also had been nominal when compared with the market rate. There has not been any hassle faced with the banking services of them so far.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Oct 23, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan had been good and the loan amount has also been good as well. The interest rate also had been good with them when compared with the market rate. There has not been any charges which they had made during the loan process.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Oct 19, 2018
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the car loan from last 1year with the STATE BANK OF INDIA. The process is good also it is quick process added on that the service is good also the loan amount is good. The rate of interest is lesser comparatively, loan has to be paid but there are no pre closer charges here.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 18, 2018
    • SBI Car Loan
      "BEST BANKING FOR CAR LOAN"
      0.5 4.5/5 "Excellent!"
      I am using the car loan from STATE BANK OF INDIA last 4 and above years. The process is quick to get the loan also the loan amount is sufficient and the rate of interest is reasonable with this bank. The duration for repaying this car loan is for 5 years.
      Was this review helpful? 6
      , kolkata
      Reviewed on Oct 15, 2018
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the STATE BANK OF INDIA where i have got the sufficient amount of loan sanctioned. the process of getting the loan is very quick and easy method. It is a good loan to use added on that it is a user friendly.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 15, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my experience was good, the rate of interest was nominal when compared to other banks. Customer service was good and they followed up on time. The loan amount was for Rs 5.5 lakhs and this was taken for a tenure period of 5 years.
      Was this review helpful? 9
      , new delhi
      Reviewed on Oct 11, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was good with SBI for car loan, the loan amount was for Rs 3.5 lacs with nominal interest rate when compared to others. It was a new car and loan was approved based on the on road price. The tenure period for this loan was for 3 years.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 11, 2018
    • SBI Car Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      My experience with SBI for car loan was good, the rate of interest was little high when compared to other banks. It was a new car and the loan amount was for Rs 4.5 lacs. They charged Rs 3000 as penalty without my notice for RC issue. The tenure period for this loan is 7 years.
      Was this review helpful? 3
      , visakhapatnam
      Reviewed on Oct 11, 2018
    • SBI Car Loan
      "Good Financial service "
      0.5 4.0/5 "Great!"
      I have taken car loan for the state bank of India . They have provided good rate of interest based on the market price where there is nominal processing fee . Making the payment through Ecs process. They have instantly approved Overall am satisfied with the service and response .
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Oct 09, 2018
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