SBI Car Loan Rate, Eligibility Calculator, Apply Online
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
|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|
|Interest Calculation||Monthly reducing balance||Monthly reducing balance|
|Age (years)||Between 21 years and 65 years||Between 21 years and 65 years|
Eligibility Condition for SBI Car Loan
|SBI New Car Loan Scheme||SBI Used Car Loan Scheme|
|Minimum Net Annual Income (Rs. lakh)|
|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
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.