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 1136 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
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with State Bank of India.the loan amount is 4 lakhs,rate of interest is 9.65% nominal as compared to others.The tenure is for one year.I have deducted processing fees of Rs 6000.I have submitted documents,they have processed the loan within 2 weeks.EMI amount is debited from my salary account.
      Was this review helpful? 1
      , ernakulam
      Reviewed on Dec 11, 2017
    • SBI Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from SBI and it was overall a good loan experience with SBI. The loan amount was for Rs 5 lakhs with the rate of interest of 9.70% which is proper rate. The process was quite fast and my loan amount was approved within the given time. Customer service was good and they responded on time. There are no charges on foreclosure and part payment. It was overall a good service from SBI.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 5 lakhs with the low rate of interest when compared to other banks. The process was quite fast and my loan amount was approved within one day. Customer service was good and they responded on time. Overall it was a good service from SBI.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with State Bank of India.The loan amount is five lakhs.Rate of interest is 9% nominal as compared to other banks.They had processed the loan within 15 days but it was too long documentation process.The EMI is paid through an ECS.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 6 lakhs with the rate of interest which is nominal when compared to other private banks. The process was very smooth, it took 3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents and there was a good coordination. My loan amount was approved based on Ex-showroom price and there is no charges on foreclosure and part payment.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 06, 2017
    • SBI Car Loan
      "Recommedable"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from State bank of India. The approved loan amount was 3 lakhs. The monthly EMI is 8000 for a tenure of 5 years. But within 9 to 10 months i have closed the car loan with the full amount. The pre closure charges was 1700. Its recommendable to others.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 06, 2017
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken 2 years back . The loan amount was 5 lakhs and the interest rate was 9-10% which was avergae in the market .the loan process was very easy here and they have sanctioned the loan with in a day of time.Here no processing fee here so My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 05, 2017
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken 2 years back . The loan amount was 5 lakhs and the interest rate was 9-10% which was avergae in the market .the loan process was very easy here and they have sanctioned the loan with in a day of time.Here no processing fee here so My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 05, 2017
    • SBI Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have closed the car loan with the State bank of India and the rate of interest was lesser one. They have disbursed the loan amount within a week of time. Everything is fine one with the State bank of India and am really happy with them.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Dec 04, 2017
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      My car loan is running with SBI currently, they gave me 8.95% for new car loan. I purchased RENAULT brand car worth Rs. 4 .45 lakhs, I took the loan amount of Rs. 3 lakh, remaining I paid as a down payment. They gave me part payment, foreclosure, balance transfer option.
      Was this review helpful? 1
      , faridabad
      Reviewed on Dec 04, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy about the service of sbi car loan service as I already have my salary account with sbi the documents part was very easy and simple also there was a concession in the interest rate they quoted me it was a excellent service from sbi car loan service.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 01, 2017
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It was a good customer service from the STATE BANK OF INDIA as i took a car loan from the bank . the bank gave me 9.45% the rate of interest , floating and i got a full approval on the amount i ashed for .the money got disbursed within 2 working days to the dealer .there was no processing fee charged for the loan . i took the loan in 2015 and it is going on . over experience is good .
      Was this review helpful? 2
      , alwar
      Reviewed on Dec 01, 2017
    • SBI Car Loan
      "Unhappy with the bank"
      0.5 1.0/5 "Really Bad"
      Though I am doing one lakh of transactions at State Bank of India. I was disappointed when I visited the bank for a car loan. The branch manager has not responded well and it was not a good experience. So I went ahead with another bank for this loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 27, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with SBI was good, the loan amount was for Rs 7.4 lakhs with the rate of interest of 8.5% which is less when compared to other banks. The process was very smooth and the loan amount was approved within the stipulated time. Documents were submitted paper less. Customer service was good and they followed up on time. There are no charges on preclosure and part payment. My loan amount was approved based on the on-road price.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 27, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a immediate response from sbi for my car loan service ,I use to get regular update regarding my my loan process the documents part was easy. They offered me a interest rate of 8.56 which was comfortable for me it was a excellent experience with sbi car loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 25, 2017
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      It was a great experience taking a car loan with SBI, the loan amount was for for Rs 5.4 lakhs with the rate of interest of 8.85% which was the best rate in the market. The process was quite smooth ans easy, it took 4-5 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents. My car loan was approved based on the on road price.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • SBI Car Loan
      " Good Experience"
      0.5 3.0/5 "Satisfactory"
      SBI is the best option for the loan product, I took the car loan from them. They gave me the interest rate around 8.5%, they have fulfilled my need to purchase my dream car. Processing fee was also nominal, part payment and foreclosure option is available.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Nov 23, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have directly taken a car loan service from state bank of India the payments where generally through online I use to pay 16k as my premium amount for my nexa car the staffs of state bank of India was also very good it was a good experience with state bank of India for my car loan service.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 23, 2017
    • SBI Car Loan
      "Car loan with SBI"
      0.5 4.0/5 "Great!"
      I have taken a car loan from State bank of India. The approved loan amount was 9 lakhs. The monthly EMI is 14000 and the tenure is for 7 years. The rate of interest was 8.7%. The process and the documentation with the bank done well. Its approchable.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • SBI Car Loan
      "Very poor service"
      0.5 1.0/5 "Really Bad"
      I got the Car loan with State bank of India and I have sold it to other person but that person failed to pay the loan. I have paid the loan for few months , but still they have seized the vehicle without giving any information. SBI has sold my vehicle to someone. They never gave any information in regards to my car loan service and the transparency is not seen in the SBI car loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
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