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SBI Car Loan Interest Rates Lowest Interest Rates, Eligibility, Documents Needed and More

Updated: Aug 30,2019 17:04 IST

Naveena

SBI Car Loan Interest Rates are considered as the best in the car loan sector which provides loan at affordable interest rates. SBI Car Loan Interest Rates are provided for both new cars and pre-owned cars. SBI Car Loan Interest Rates for 2018, other processing fees, etc are detailed in the article.

Information on SBI Car Loan Interest Rates 

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. SBI Car Loans are considered best because of the lowest interest rates provided and the longest tenure of the loan. More details on SBI Car Loan Interest Rates are to follow. SBI Car Loan Interest Rates differ for each type of car loan availed and also based on many other criteria fixed by the bank. 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.

What is the SBI Car Loan Interest Rates for SBI Loyalty Car Loan Scheme?

SBI Loyalty Car Loan Scheme is mostly provided for SBI home loan borrowers. 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. Some of the key details of SBI Loyalty Car Loan Scheme is listed below.
  • This loan is provided to people within the age group of 21 and 65 years.

  • Minimum income required for the applicant and/or co-applicant is Rs.2 lakhs.

  • All salaried, self-employed and agriculturists can apply for this loan.

  • There are no prepayment charges levied.

SBI Loyalty car loan interest rates are given in the below table.
 

 1 year MCLR

Men

9.70%p.a

Women

9.65%p.a

What is the SBI Car Loan 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. Some highlighted information related to SBI Car loan interest rates for certified pre-owned car loans are listed below.
  • For all certified pre-owned car loans, SBI sanctions 100% on-road price.

  • SBI charges 4% above 1 year MCLR which is 13.20%p.a.

  • All salaried people, self-employed and agriculturists who are within the age group of 21 and 65 years can apply for this car loan scheme.

Loan is provided for upto 7 years.

What is SBI Combo Car Loan Scheme?

SBI Combo Car Loan Scheme is specially planned for people who requires loan for both two wheeler and a four wheeler. This provides you affordability in applying for a loan and processing time is reduced when compared to the processing time taken for applying for two loans separately. Key details related to SBI Combo Car Loan Scheme are given below.
  • SBI provides loan at 85% on road price of two wheeler and four wheeler.

  • Bank charges 9.80%p.a from men and 9.75%p.a  from women.

  • Loan tenure is 7 years.

  • Applicants should earn regular income and must be atleast Rs.200000 along with the earnings of co-applicant.

  • Applicants should be atleast 21 years and within 65 years of age.

What is SBI NRI Car Loan Scheme?

SBI NRI Car Loan Scheme is specially framed for Non Residents of India. The primary applicant should be a NRI and should also have a Indian as a guarantor. Some of the key information related to SBI NRI Car Loan Scheme is given below.

  • Both applicant as well as the guarantor should be atleast 21 years of age and not more than 65 years.

  • The loan amount must be repaid before the primary applicant reaches 65 years of age.

  • NRI should possess a valid Indian passport.

  • Applicant should have a regular income.

  • He/she should possess foreign work permit.

  • Applicant should have an NRE/NRI account maintained with the bank for atleast 1 year with average balance of minimum Rs.50000 or seperate foreign currency amount of US $5000 or equivalent amount in any other foreign currency.

What are the Documents Required for SBI NRI Car Loan Scheme?

To apply for SBI NRI Car Loan Scheme, one should need the below listed documents. While submitting the documents, double check the information and submit the documents which have updated information. 

  • Loan application form

  • Hypothecation and Guarantee Agreements

  • Letter of arrangement

  • Power of Attorney

  • Declaration form

What are the Documents Required for SBI New Car Loan Scheme?

For purchasing new cars, one can opt SBI new car loan scheme. All cars including small cars as well as SUVs, SBI New Car Loan Scheme is a suitable choice. SBI charges 9.80% p.a for men and 9.75%p.a for women. Applicants and co-applicants together should earn an income of Rs.200000 to be eligible to apply for this car loan scheme. All salaried, self-employed and agriculturist people can apply for SBI New Car Loan scheme. One should submit the below given list of documents to apply for car loan. 

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?

To avail SBI certified pre-owned car loan, one need to submit all necessary documents with accurate information for easy and quick sanction of car loan. 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 Fees of 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. The table below gives you processing charges for each loan type
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 Eligibility Criteria to avail SBI Car Loan?

Applicants should qualify the below given eligibility criteria to obtain SBI Car loans. There are loan eligibility calculators available in the internet which helps you to find a approximate loan amount you will be eligible for. The calculated amount varies slightly when considering various other factors. Eligibility criteria of SBI Car Loans are listed below.

  • Applicants should be of age between 21 and 65 years.

  • Applicants should have a regular source of income.

  • Applicants can be salaried or self-employed.

  • For salaried applicants, the net income should be between 2 lakhs and 3 lakhs.

  • For self-employed applicants, the net income should be between 2 lakhs and 4 lakhs.

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