SBI Car Loan Interest Rates 9.80% – Check Eligibility Online

SBI Car Loan details online: Interest rates Nov 2015 ✓ Low EMI Rs.1650 ✓ Eligibility ✓ Processing fee ✓ Documents ✓ calculate emi with calculator online through

Details of SBI Car loan

Interest rates 9.80% – 17.15%
Lowest EMI Rs.1650/ per lac
Processing fees Nil or 0.52%
Prepayment charges Nil
Repayment options Upto 7 years
Maximum loan amount 4 times of Net Annual Income
Loan approval time 30 Minutes
Maximum Finance Upto 85% of on Road Price
Min. Income 3 Lac Annual

* Offering car loans under different schemes – New car loan, Combo loan, Pre owned car loans, Loyalty car loan, Nano youth car loan scheme, Used car loan and Nri loan scheme.

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Professional Details
Loan Amount:
Annual Income:

Current SBI Car Loan Interest Rates – Last Updated as on 04 November 2015

✓ New Car Loan : 9.85% p.a. for all tenures
✓ New Car Loan For Women : 9.80% p.a for all tenures
✓ 9.80% – 9.85% p.a NRI Car Loans
✓ 16.90% – 17.15% for Used cars
✓ 15.65% – 16.15% for Certified Pre-owned car loan
✓ 10.05% – 10.10% for SBI NANO YOUTH CAR LOAN SCHEME
9.55% – 9.60% for SBI Loyalty Car Loan Scheme

SBI Car Loan EMI Calculator

You can calculate your SBI car loan emi with this calculator: Just enter your loan amount, Interest rates and loan Period/Tenure.

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’s EMI per Lakh for Particular Loan Repayment period at State Bank of India for 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


Now you have to just multiply your loan amount with EMI per Month


Example – You opt 4.5 Lakh Loan amount for 5 Year so your emi calculation will be 4.5 x 2114.88 = Rs.9516.96

Eligibility for SBI Car Loan

An Individual should be between the age of 21 to 65 years.

✓ A) For Salaried customers other than above mentioned categories: Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 3,00,000/-

Self employed, professionals and Proprietary/Partnership Firms: Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. ( income of co-applicant can be clubbed together)
✓ Agriculturist: Net Annual income of applicant and/or co applicant together to be Rs. 4,00,000/-

SBI – Financing for ON ROAD PRICE which include vehicle registration charges, insurance, one-time road tax and accessories.

SBI Car Loan scheme offers to purchase:

✓ A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)

Benefits of SBI Advantage Car Loan Scheme

Outstanding service and lower costs. A quick survey of similar schemes available elsewhere and you will find that SBI Car Loans for new and old vehicles offer you:
✓ No Advance EMI
✓ Longest  repayment tenure (7 years)
✓ Lowest interest rates
✓ Financing on ‘On-Road price': On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories
✓ Lowest EMI
✓ Interest calculated on Daily Reducing Balance
✓ No pre-payment penalty

Always compare the Equated Monthly Installments (EMIs) and the total payments you would be required to make and not the rates of interest.

The SBI Advantage Car Loan Scheme

Processing Fee for All Schemes @ SBI: Nil or No Processing Fees till 31.12.2015 on New Car Loan, Combo Loan Scheme, NRI Car Loans, Loyalty car loan scheme & Nano Youth Loan Scheme.

Used Car Loans Used Car Loans – 0.52% of loan amount Min: Rs. 517.00, Max: Rs. 10350.00

Certified Pre-owned car loan – 0.52% of loan amount Min: Rs. 517.00, Max: Rs. 10350.00

Loan Amount
There is no upper limit for the amount of a car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.

Net Annual Income upto Rs. 10 lac
Net Annual Income more than Rs. 10 lac
85% of “On-road Price” 85% of “On-road price”

Check List of Documents Required for SBI Car Loan

You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:

  1. Statement of Bank account of the borrower for last 6 months.
  2. 2 passport size photographs of borrower(s).
  3. A copy of passport /voters ID card/PAN card.
  4. Proof of residence.
  5. Latest salary-slip showing all deductions
  6. 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.
  7. Proof of official address for non-salaried individuals.

Margin: New / Used vehicles : 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

  • You enjoy the longest repayment period in the industry with SBI.
  • Repayment period:
  • For Salaried, For Self-employed & Professionals : Maximum of 84 months

Reimbursement of costs of car purchased by own sources

SBI also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.

Security: As per bank’s extant instructions.

Most Important Terms & Conditions on SBI Car Loan:

TAT: The loan applications with complete information and required documents will be disposed within a period of 2 days at urban Centres and 4 days at Rural Centres.
The loan will be disbursed only on the following conditions:
1. Loan Amount will be credited to the account of supplier/dealer by way of RTGS/NEFT facility.
2. All necessary statutory compliances are in place. The Bank reserves the right to collect any tax if levied by the State/Central Government and/or other Authorities in respect of this transaction.
All loans will be sanctioned after completion of KYC verification.

CIBIL Disclosure:
The Borrower(s) hereby agree and give consent for disclosure by the Bank all or any (a) information and data relating to the Borrower(s) (b) information or data relating to any credit facility availed or/to be availed by the Borrower(s) and default, if any, committed by the Borrower(s) in discharge of his/their such obligation as the Bank may deem appropriate and necessary, to disclose and furnish to Credit Information Bureau (India) Ltd. (CIBIL), and any other agency authorized in this behalf by RBI.
In case of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his loan account, by post, fax, telephone, email, SMS messaging and/or through third parties appointed for collection purpose to remind, follow-up and collect dues.

TAT: The loan applications with complete information and required documents will be disposed within a period of 2 days at urban Centres and 4 days at Rural Centres.

About SBI

SBI (State Bank of India) is India’s largest lender and has its headquarters in Mumbai, Maharashtra, and majority owned by the Government of India. As per consolidated report SBI has total income of Rs. 257289.51 Crore as on on 31- March 2015. SBI has total assets of above Rs.2529394.00 Crore. SBI has more than 16,995 branches in India including 190 in other countries. SBI already have toe up with GE for Credit card. SBI is the only Indian bank which is ranked under 500 list of Forbes.
SBI is the most searched bank in India. With a base of 17000+ branches SBI is accessible from most of the places in India.
SBI has over 20%, 25.5% & 26% market share in Personal loan, Home Loan & car loan in India.

News about SBI Car Loan

SBI Waived of Processing Fees on New Car loan Schemes till 31 December 2015. Date 08 Sep 2015

SBI has tie-ups with companies like Ola, PayPal and Amazon. Under SBI Tie-Up with ola SBI has finance over 1500 cars or Drivers. Driver Repayment 20% of the trip as a loan repayment. If helps SBI to know which one is Bad or defaulter. As per SBI 60% of New cars in Ola are financed through loans via sbi channel. The dealer finance portfolio stood at Rs 10,866 crore at the end of the June quarter, registering a year on year growth of 35%. Date 16 august 2015

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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