SBI Car Loan Interest Rates 9.75% – Eligibility, Documents

SBI car loan interest rates 2016: Low EMI Rs.1647 ✓ Check Eligibility ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes at deal4loans.com

If you are planning to buy a car and dreaming this for long, now you need not to wait for few more years as SBI offers you the best deal. With the help of SBI’s car loan you can realise the dream of owing your dream machine. To realise your dream and buy your car with the best deal SBI is the ultimate solution for all your queries. The bank not only offers you the best deal in car loan segment, but at the same time it charges lowest interest rates, lowest EMIs. The bank require minimal paper work and quick disbursement of the loan.

SBI car loan details:

Interest rates 9.75 – 17.15%
Lowest EMI Rs 1647/lakh
Processing fees 0.50% of loan amount +ST
Prepayment charges Nil
Repayment options Up to 7 years
Maximum loan amount Up to 4 times of net annual income
Loan approval time 30 Minutes
Maximum Finance Upto 100% of on Road Price
Min. Income 3 Lakh per annum

SBI is a leading bank which offers car loan in different segments to meet customer’s requirement. It offers car loan in different categories such as new car loan, combo loan, pre-owned car loans, loyalty car loan, Nano youth car loan, used car loan and NRI loan scheme.



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Professional Details
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Occupation:
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Current SBI Car Loan Interest Rates – Last Updated as on 01 April 2016

✓ New Car Loan : 9.80% p.a. for all tenures
✓ New Car Loan For Women : 9.75% p.a for all tenures
✓ 9.75% – 9.80% p.a NRI Car Loans
✓ 13.20% for Certified Pre-owned car loan
9.65% – 9.70% for SBI Loyalty Car Loan Scheme

Processing Fees as per April 2016. (All Processing fees Waived till 30.04.2016)
SBI CAR LOAN SCHEME, Combo Loan, NRI, Used Car Loan – Min: ₹ 950 +ST / Max ₹ 9100+ST
Certified Pre-owned car loan & Loyalty Car Loan Scheme – Min: ₹ 450 +ST / Max: ₹ 9100 +ST

Some Important features:

  1. Financing on ‘On-Road price’. (Including registration, insurance and extended warranty/total service package/Annual maintenance contract/cost of accessories.)
  2. No Pre-Payment Penalty or Foreclosure Charges
  3. No Advance EMI
  4. Optional SBI Life Insurance cover available
  5. Overdraft facility available
  6. No processing fee for new cars
  7. 0.51% processing fee for used cars

SBI Car Loan EMI Calculator

You can use this calculator to get an estimate on your EMIs, total interest paid, and loan amount. To get the detailed information you need to enter loan amount, interest rates and loan period/tenure for which you want to apply for the loan.


Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

Here is the calculation of EMI per lakh on State bank of India car loans

Loan Amount Repayment Time Interest Rates EMI Per Month
Rs.1,00,000 1 year 9.80% Rs.8782.29
Rs.1,00,000 2 year 9.80% Rs.4605.27
Rs.1,00,000 3 Year 9.80% Rs.3217.34
Rs.1,00,000 4 Year 9.80% Rs.2526.66
Rs.1,00,000 5 Year 9.80% Rs.2114.88
Rs.1,00,000 6 Year 9.80% Rs.1842.51
Rs.1,00,000 7 Year 9.80% Rs.1649.8

 
By referring to the above chart, you can easily calculate your EMI according to your loan amount. For example, if you have availed a car loan of Rs 5 lakh for tenure of seven years, your EMI will be:
5 x 1,649.80 = Rs 8,249

Eligibility for SBI Car Loan

Applicant should be between 21 and 65 years of age to avail a car loan.

Salaried:
✓ Salaried individuals: Minimum net income of applicant/co-borrower should be at least Rs. 3 lakh per annum.

✓ Self-employed, professionals and proprietary/partnership firms: Your net profit/gross taxable income should be Rs. 4 lakh per annum. In case of not meeting the criteria you can also include the income of co-borrower.
✓ Agriculturist: Minimum income of applicant/co-borrowers should be Rs. 4 lakh per annum.
✓ The loan is available for purchase of a car, jeep, Sports Utility Vehicle (SUV) or Multi-Utility Vehicle.
✓ Financing is made available on the vehicle’s on-road price which includes registration charges, insurance, road tax and accessories.

Before finalizing your lender, you should calculate the total amount payable and not only compare the rate of interest or EMI. SBI charges 0.51% of loan amount as processing fee on Certified Pre-owned car loan. The minimum processing fee is Rs 510 while the maximum payable amount is Rs 10,350.

How much loan can I get?
There is no cap on car loan amount. You can avail maximum loan amount equal to 48 times of your net monthly income or four times of net annual income. SBI finances 85% of the on-road price of the vehicle.
 

Document checklist for SBI car loan

To apply for SBI car loan, you must submit the following documents:

  1. Bank account statement of last six months.
  2. Two passport size photographs
  3. Copy of passport, voter ID card or PAN.
  4. Address proof
  5. Salary slip mentioning all deductions
  6. Form 16 (income tax return) of the last two years if you belong to salaried class and three years if you are a professional, self-employed person or a businessmen. The form should be duly accepted by the ITO.
  7. If you are a non-salaried individual, you will also have to submit proof of official address.

Margin: New / Used vehicles : 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
 
Repayment
SBI offers the longest repayment period in the industry, that is, of seven years (84 months).
 
Reimbursement of costs of car purchased by own sources
If you have purchased a car from your own resources and it is not more than three months old, SBI offers finance reimbursement at the interest rate applicable on a new car.
 
Security: As per bank’s extant instructions.

Terms & Conditions on SBI Car Loan

The duly filled application forms submitted with required documents are disposed of within two days in urban areas and four days in rural centres.

 
Conditions for loan disbursement:
SBI credits the loan amount to the bank account of the supplier/dealer through RTGS/NEFT facility.
The disbursement of loan is subject to statutory compliances. The bank reserves the right to collect taxes levied on the transaction by the State/Central Government or any other authority.
 
KYC:
Sanction of loan is subject to KYC verification.
 
CIBIL Disclosure: The borrower(s) will be required to give their consent for disclosure by the bank of any information related to him. He will also give his consent that the bank may disclose data or information related to any loan availed or to be availed by him in future, and default, if any, committed by him in discharge of his obligation as the bank may deem fit, to Credit Information Bureau (India) Ltd. (CIBIL), and any other agency authorized by the Reserve Bank of India.
 
Default:
In case a borrower fails to pay the loan installments, he/she will be sent payment reminders by post, fax, telephone, e-mail, SMS and/or through third parties appointed for collection to remind, follow-up and collect dues.
 

Latest user search trends for SBI Car Loan – April 2016

 
User searches for SBI Interest rates car loan april 2016 up by 180% within last 2 days (02.04.2016)
 
User searches for SBI used car loan up by 80% within last week (15.01.2016)
 
Customers also looking for SBI car loan eligibility calculator as per google trends data, which shows a hike of 60% in last 7 days (13.01.2016)
 
Users mostly looking for SBI car loan interest before buy a car. Around 42% searches increased for this term as on 05.01.2016
 

Search Query Change in percentage Date of updating
SBI Car Loan Rates +250% 21 Dec 2015
SBI car loans +80% 14 Dec 2015
sbi car loan eligibility calculator +70% 12 Dec 2015
sbi car loan calculator +60% 06 Dec 2015
sbi car loan rate +40% 28 Nov 2015

 

News and information related to SBI Car Loan

SBI MCLR Based interest rates introduced on 31 March 2016.

after the introduction of MCLR rates by State Bank, Interest rates for auto loans reduced by .10% for women & Other borrowers on 01 april 2016.

Sept 8, 2015: SBI waived of processing fee on New Car Loan schemes till December 31, 2015.

August 16, 2015: SBI has agreements with Ola, PayPal and Amazon. Under SBI tie-up with Ola, the bank has financed over 1,500 cars or drivers. Driver repayment is 20% of the trip as loan repayment. According to the bank, 60% of new cars in Ola have been financed through SBI channel. The dealer finance portfolio stood at Rs 10,866 crore at the end of June quarter which was a year-on-year growth of 35%.

Other Products of State Bank of India:

SBI Home Loan
SBI Personal Loan
SBI Credit Card
SBI Business Loan
SBI Property Loan
SBI Two Wheeler Loan
SBI Education Loan
SBI Gold Loan

Source: State Bank of India Website.

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