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SBI Car Loan Rate, Eligibility Calculator, Apply Online

Last Updated 16th Aug 2017

SBI Car Loan Offer Aug 2017

Features and Eligibility SBI New Car Loan Scheme SBI Used Car Loan Scheme
Interest Rates 9.60% Floating
Check Best Offers
13.05% Floating
Maximum Loan Amount Eligibility 85.00% of on-road price 85.00% of on-road price
Maximum Loan Tenure (years) 7 years 7 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,640 Rs. 1,640
Processing Fee 0.51% Min Rs. 1020 Max Rs. 10200 0.51% Min Rs. 1020 Max Rs. 10200
Prepayment Charges Nil 2%
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 21 years and 65 years Between 21 years and 65 years
Apply Car Loan @ 9.25%*

Eligibility Condition for SBI Car Loan

SBI New Car Loan Scheme SBI Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
Salaried 3.0 3.0
Self employed professionals 4.0 4.0
Self employed businessmen 4.0 4.0
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

Frequently Asked Questions on SBI Car Loan

How much interest is charged by SBI on car loan?

SBI car loan interest rates today are 9.60% to 9.65%.

What is the lowest EMI per lakh on SBI car loan?

If you apply for a car loan from SBI, your lowest EMI per lakh will be Rs. 1,640.

What is the maximum tenure of SBI car loan?

You can repay your car loan from SBI in a flexible period of 7 years.

How much car loan I can borrow from SBI?

SBI offers you 85.00% of on-road price of car as loan.

How much processing fee is charged by SBI on car loan?

SBI charges a processing fee of of 0.51% of loan amount Min. Rs. 1,020 and Max. Rs.10,200 with applicable service tax.

Is age an eligibility factor to get car loan from SBI?

Yes, age is an important eligibility factor to get SBI car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on SBI car loan?

You can take car loan from SBI with Nil prepayment charges.

Can I add my spouse's income while applying for car loan from SBI?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

Sbi Car Loan Calculator

Lowest EMI
Car Loan Eligibility
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.