Sbi Car Loan

SBI Car Loans are provided by State Bank of India to meet your finances of buying a new car. SBI Car Loans provides the best deals in the market with lowest charges on the car loans and also provides different schemes from which you can choose based on your needs. More details on SBI Car Loans are given in the content below.

Last modified:2019-06-19


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Information on SBI Car Loan

State Bank of India being the top nationalised bank in India reaches millions of customers with the best offers on loans. SBI provides Car Loans under Auto Loans category and SBI Car Loans are considered to be the best to opt among the top nationalised banks. Different schemes on SBI Car Loans, the Interest rates, eligibility, documents required and other details are given in this content. Few information related to SBI Car Loan are given in the below table.
 

Interest Rates

Men-9.30%

Women -9.25%

Loan tenure

1 to 7 years

Loan amount

Upto 20% on road price

Processing charges

0.51% of loan amount

Preclosure charges

Nil

What are the Different Schemes of SBI Car Loan? 

Basically every bank that provides car loan has different categories under which they provide car loans. These categories are mainly for the benefit of the customers. Customers can choose any of the car loan schemes according to their financial need. The different type of car loans/car loan schemes provided by SBI are
  • SBI New Car Loan Scheme
  • SBI Combo Loan Scheme
  • Certified Pre Owned Car Loan
  • SBI Loyalty Car Loan Scheme
  • NRI Car Loan

What are the SBI Car Loan Interest Rates?

SBI Car Loan Interest Rates differ for each type of car loan availed and also based on many other criteria fixed by the bank. SBI Car loan interest rates vary according to many factors. Interest rates differ for salaried people and self-employed. Check the interest rate for each type of Car loans.
Interest Rates for SBI New Car Loan Scheme
Category Income Max. Loan Amount
Salaried Annual Income - Applicant & Co-applicant -  Minimum of Rs. 2.5 Lakh 48 times of the net monthly income
Self-Employed Net profit or gross taxable income - Rs. 4 lakh p.a. 4 times of Net profit or gross taxable income
Agriculturist Annual Income - Applicant & Co-applicant -  Minimum of Rs. 4 Lakh 3 times of Net Annual Income
The interest rates for SBI New Car Loan Scheme and SBI Combo Loan Scheme are same.

Interest Rates for SBI Loyalty Car Loan Scheme

Minimum Income criteria should be Rs. 2 lakh per annum and the loan amount will be based on market value of the house property, income and On Road price of the vehicle.

Interest Rates for Certified Pre Owned Car Loan

Minimum Annual Income for applicant and/or co-applicant should be Rs. 2 lakh and Maximum Loan Amount will be 2.5 times of the net annual income.

What is SBI Car Loan Eligibility Criteria?

One who satisfy all the eligibility criteria, then SBI car loan will be sanctioned quickly. One can check their eligibility of getting car loan through SBI Website. The eligibility criteria is common for all the car loan schemes rendered by SBI.  In order to avail SBI Car Loan one should have the basic eligibility criteria as given below.
  • Individual between the age of 21 and 65 years

  • A permanent salaried employee or

  • A professional or self-employed or

  • Person engaged in Agriculture activities

  • Should be an Indian citizen

What are the Documents Required to Obtain SBI Car Loan?

SBI car loans can be obtained by providing the necessary information and documents. By providing proper documentation, your SBI car loan will be sanctioned immediately after verification. Recheck all the details while submitting at the bank. All the required documents for car loan is given in the below table.
Documents required for SBI New Car Loan Scheme
Salaried Self-Employed Agriculturist
Statement of bank account for last 6 months. Statement of bank account for last 6 months. Statement of bank account for last 6 months.
2 passport size photographs 2 passport size photographs 2 passport size photographs
Proof of Identity Proof of Identity Proof of Identity
Address Proof Address Proof Address Proof
Income Proof: Latest Salary Slip, Form 16 Income Proof: ITR for last 2 years  Direct agricultural activity (crop cultivation) - Documentary proof
I.T. Returns or Form 16 for the last 2 years. I.T. Returns or Form 16 for the last 2 years. Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture) - Documentary proof
  Audited Balance sheet, P&L statement for 2 years  

What are the Documents Required for SBI Certified Pre-Owned Car Loan?

Like applying for any kind of loan, for pre-owned car loan also requires certain documents. Documents to be submitted along with the application form for SBI Certified Pre-Owned Car Loan are given below:
  • Statement of Bank account of the borrower for last 6 months.
  • 2 passport size photographs of borrower(s).
  • Signature identification from bankers of borrower(s).
  • A copy of passport /voters ID card/PAN card.
  • Proof of residence.
  • Latest salary-slip showing all deductions
  • I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted
  • Proof of official address for non-salaried individuals

What is the Processing Charges for SBI Car Loan?

Processing fee is one important factor an applicant should check before applying for car loans as they amount to be an important charges attached with a car loan. Check all the charges related to car loan before choosing the bank and the scheme. This will help you to plan for the financial budget to be considered every month. The table below gives you processing charges for each loan type of SBI Car Loan Schemes.
Loan/Scheme Name Processing Fee
SBI New Car Loan For Loan Amount Up to Rs. 6 lakh - Rs. 1000/- + GST
For Loan Amount above Rs. 6 lakh - Rs. 1500/- + GST
SBI Combo Loan
SBI NRI Car Loan
SBI Loyalty Car Loan
SBI Assured Car Loan Nil
Certified Pre Owned Car Loan 0.50% of loan amount + GST
Min: Rs. 450.00 + GST
Max: Rs. 9100.00 + GST

What are the Features of SBI Car Loan?

SBI bank is one of most popular banks that provide different types of loans to their customers. Also it provides loans at lowest interest rates when compared to other banks and financial institutions. Unnecessary charges are eliminated in SBI loans. Other features of SBI car loans are listed below.
  • SBI Car loan tenure ranges from 3 to 7 years.
  • Loan tenure for most of the car loans ranges from 3 years to 7 years. The maximum loan tenure given by SBI Car Loan is up to 7 years, the longest loan term not given by any other bank.
  • SBI Car loan interest rates are negotiable based on your credit score, credit history and if you are already an account holder with the bank.
  • Only in extreme cases SBI asks for a guarantor.
  • SBI Car loans can be availed for small to medium sized cars, SUVs and MUVs. Car loans commonly come under Auto Loans.
  • Certified Pre Owned car loans are encourages an individual to go in for a pre-owned car.
  • Your SBI Car Loan application status can be checked in Online with just few information.
  • Good calculation on interest rates, EMI and other charges on car loan will save you a hand full of bucks.
  • There are separate interest rates and other charges for pre-owned car loans.

How to Calculate SBI Car Loan EMI?

One should calculate EMI amount before applying for Car loan to avoid financial deficits in the future. Planning about EMI amounts helps your to plan your monthly budget in advance. One can easily calculate SBI Car Loan EMI online. Follow the below given steps to calculate EMI.
  • Visit SBI website.
  • Choose the button “Calculate EMI”.
  • Enter the loan amount, loan duration and interest rates. 
  • Click “Calculate”.
  • The interest amount and EMI amounts are displayed on the screen.

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