SBI Car Loan Rate, Eligibility Calculator, Apply Online

SBI Car Loan Offer Mar 2017

Last Updated 29th Mar 2017
Features and Eligibility SBI New Car Loan Scheme SBI Used Car Loan Scheme
Interest Rates 9.60% Floating Check Special Offer 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 Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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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.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on SBI Car Loan

How much interest is charged by SBI on car loan?

SBI offers an interest of 9.60% to 9.65% on car loan.

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 maximum 7 years.

How much car loan I can borrow from SBI?

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

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

SBI charge a processing fee of 0.51% 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 News - Mar 2017
19th Dec 16 SBI offers on the spot car loan at 9.99 percent in Vishakhapattnam
SBI is offering spot sanctioning of car loan in the two day Express Auto Expo 2016 carnival. Customers can avail loan at an interest rate of 9.99 percent. Under the spot offer, SBI claims to complete all formalities and sanction the loan within a day.
*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.