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SBI Car Loan

SBI Auto Loan- Loan for Car

Last Updated 07th Jul 2021

Features and Eligibility SBI New Car Loan Scheme SBI Used Car Loan Scheme
Rate of Interest 7.50% Floating 9.75% Floating
Loan Amount Eligibility 85% of on-road price 85% of on-road price
Lowest EMI per Lakh ₹ 1,534 ₹ 2,112
Apply for Car Loan @ 8.65%*

SBI Car Loan

Factors Affecting SBI Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in SBI depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However SBI offers 85% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. SBI interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. SBI has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - SBI offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low SBI Car loan interest rate.
  • Loan Tenure - SBI car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

SBI Car Loan Eligibility

Eligibility of car loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 67 years at the time of loan maturity.
  • Income: SBI car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. SBI asks for net annual income of minimum Rs. 999.99 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from SBI. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from SBI increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your SBI car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: SBI gives you a car loan depending upon your income. SBI gives you 85% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase SBI Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, SBI also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

SBI Car Loan EMI

Car Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by SBI is Rs. per lakh loan amount at lowest car loan interest rate of 7.50%. Car Loan EMI of SBI depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for SBI Car Loan

Car loan SBI documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan SBI documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan SBI

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of car loan after paying 1 EMI’s with Nil
  • Processing Fee - SBI asks for a processing fee of 0.20% of loan amount Min. Rs. 500 and Max. Rs. 10,000 with applicable service tax

SBI Car Loan Top up, Balance Transfer

  • SBI offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of SBI
  • You can avail additional top-up car loan from SBI, subject to your eligibility

FAQs

How much interest is charged by SBI on car loan?

SBI car loan interest rates today are 7.50% to 8.45%.

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. 1533.83.

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 can I borrow from SBI?

SBI offers you 85% of on-road price of the car as loan.

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

SBI charges a processing fee of 0.20% of loan amount Min. ₹ 500 and Max. ₹ 10,000 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 67 years old at loan maturity time.

Are there any prepayment charges on SBI car loan?

You can take a 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 a higher loan amount.

Compare Car Loan Interest Rates of SBI with other banks

SBI Car Loan in India

SBI Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 979-350-2211
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad Bihar 973-001-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhiwadi 973-001-2211
Bhopal 989-328-2211
Bhubaneswar Cuttack 977-745-2211
Bikaner 979-933-2211
Chandigarh 977-916-2211
Chennai 979-094-2211
Cochin 999-539-2211
Coimbatore 979-191-2211
Dehradun 976-020-2211
Delhi 995-880-2211
Durg 989-328-2211
Faridabad 995-880-2211
Gandhinagar 972-434-2211
Ghaziabad 995-880-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Hyderabad 995-919-2211
Indore 989-328-2211
Jabalpur 989-328-2211
Jaipur 979-933-2211
Jalandhar 977-916-2211
Jodhpur 979-933-2211
Kanpur 979-350-2211
Karnal 999-637-2211
Kolhapur 973-001-2211
Kolkata 974-842-2211
Kota 979-933-2211
Kozhikode 999-539-2211
Lucknow 979-350-2211
Ludhiana 977-916-2211
Madurai 979-191-2211
Meerut 976-020-2211
Mehsana 972-434-2211
Mohali Sas Nagar 977-916-2211
Mumbai 998-755-2211
Mussoorie 976-020-2211
Nagpur 973-001-2211
Nashik 973-001-2211
Noida 995-880-2211
Noida Extn 995-880-2211
Panipat 999-637-2211
Patna 995-595-2211
Pondicherry 979-191-2211
Pune 973-001-2211
Raipur 989-328-2211
Rajkot 972-434-2211
Ranchi 995-595-2211
Rohtak 999-637-2211
Roorkee 976-020-2211
Salem 979-191-2211
Shimla 980-509-2211
Sonipat 999-637-2211
Surat 972-434-2211
Trichy 979-191-2211
Udaipur 979-933-2211
Vadodara 972-434-2211
Varanasi 979-350-2211
Vijaywada 995-919-2211
Vizag 995-919-2211

SBI Car Loan Reviews 4.3/5  by 3 customers
MyLoanCare Service
4.3/5.0
Banks Service
4.3/5.0
Arnav, Ghaziabad
Reviewed on 07th Jan 2018
4 / 5 stars
SBI Car Loan Availed in Dec-18

I got fast processing on my application. All charges were normalRead more...

Adiraj Singh, Goa
Reviewed on 11th May 2017
5 / 5 stars
SBI Car Loan Availed in Apr-18

The customer care service was very helpful, my loan was disbursed within a month. Post sale service Read more...

Ashima Gandhi, Meerut
4 / 5 stars
SBI Car Loan Availed in Jul-17

Excellent and smooth loan servicingRead more...

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SBI Car Loan News - Jul 2021
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
  • 2021-03-21 : SBI recorded digital transactions as high as 67%
    State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
  • 2020-12-10 : SBI recasts only 4,000 retail loans
    SBI has recast loans of just around 4,000 retail customers so far under the limited window of the RBI, indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. The bank clarified that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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