SBI Car Loan | Interest Rates 8.70% | Eligibility | Documents

SBI Car Loan: Interest Rates January 2018 ✓ Eligibility Low EMI Rs.1594 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes of एसबीआई कार लोन at deal4loans. 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. 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.

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Professional Details
Loan Amount:
Annual Income:

SBI car loan (एसबीआई कार लोन) details:

Interest rates for women 8.70%
Interest rate – Others 8.75%
Lowest EMI Rs 1594/lakh
Processing fees Zero
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 2.50 Lakh annual

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.

Current SBI Car Loan Interest Rates 2018

Scheme Name Tenure Interest rate
For Men For Women
SBI Car Loan Scheme For All Tenure 8.75% p.a. 8.70% p.a.
SBI Combo Loan Scheme For All Tenure 8.75% p.a. 8.70% p.a.
NRI Car Loan For All Tenure 8.75% p.a. 8.70% p.a.
Certified Pre-owned car loan For All Tenure 12.15% p.a.
SBI Loyalty Car Loan Scheme —- 8.65% p.a. 8.60% p.a.
  Certified Pre-owned Car Loan Scheme , Used Car Loan Scheme 9.95% p.a. 9.90% p.a.

SBI 4 Wheeler Loan Processing Fees

New Car Loan Scheme = bank has waived 100 per cent processing fee on car loans.
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

Eligibility for SBI Car Loan

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

Income Criteria:


Income Criteria

Max. Loan Amount

Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment. Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/- 48 times of the Net Monthly Income
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses. Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)
4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
Person engaged in agricultural and allied activities. Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/- 3 times of Net Annual Income

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.

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).
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.

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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 7 reviews
by Kautilya on SBI Car Loan
car loan

kindly suggest the best car loan from bank.

by Pallav Arora on SBI Car Loan
Sbi car loan

Do we required performa Invoice for car purchase for car loan.

by Devinder pal on SBI Car Loan
Car Loan

800000 loan required but sbi offered me only 6.5 lakh

by MERAJ Ali khan on SBI Car Loan
My New car

Yes, Interest rates are on lower side for sbi.

by Safdar husain on SBI Car Loan
Car loan very fast

I opted car loan tata tiago. it take hardly 45 minutes. I take loan from east nimar(khandwa) m.p. very fast disbursement. Even i have to say i will take loan one week later. As i m going home on eid.

by Lalit Tomar on SBI Car Loan
car loan

I was looking for best deal for car loan , and i got it through SBI at very good ROI and processing fees.

by kanika on SBI Car Loan
Best Rates

Opted a sbi car loan for my tata tiago finance, interest rates, processing fees are on lower side only drawback are processing time.

One thought on “SBI Car Loan | Interest Rates 8.70% | Eligibility | Documents

  • May 12, 2017 at 12:49 am

    Good evening
    I am NRI Account holder with SBI bank, would like to have car loan, please advise me, how much down payment i have to pay and what are the documents required as NRI.


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