SBI Car Loan | Interest Rates | Documents | Eligibility | Information

SBI Car Loan – You have an Option to go through SBI Car Loan interest rates 2014 10.40% p.a to 10.45% offer, Low processing fee, processed through speedy delivery channels with total transparency.

Current Offer – LOW EMI: ( EMI Rs 1683/ for 7 years for Rs 1 Lac) ii) For Women : 0.40% above BR effective rate 10.40% p.a. ( EMI Rs 1681/ for 7 years for Rs 1 Lac) .

Latest Updates: The ongoing festive season could turn out to be a busy one for bankers looking to lend to consumers for big- ticket items like homes and cars. SBI is now sourcing 2,000 car loans a day, or roughly RS.100 crore, which is way more than the numbers last year.

Interest Rates w.e.f. 01.08.2014: 10.40% p.a.( for WOMEN) and 10.45% p.a. ( for MEN) for all tenures

Compare & Apply for Best Car Loans from Top 10 Banks

Minimum Salary: 2.5 Lakhs * | Offers for 100% finance * | Lowest Rates of 10.45% *
Professional Details
Loan Amount:
Annual Income:

Latest SBI Car Loan Interest Rates – October 2014

  • For Men : 10.45% p.a. for all tenures
  • For Women : 10.40% p.a for all tenures
  • 10.40% – 10.45% p.a NRI Car Loans
  • 17.25% – 17.50% for Used cars

Eligibility for SBI Car Loan:

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


  • b) 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
  • Lowest EMI
  • LTV 85% of ‘On Road Price’ of car (includes registration, insurance and   cost of accessories worth Rs 25000), 90% in case of Corporate Salary Package accounts
  • Interest Calculated on Daily Reducing  Balance
  • Flexibility of payment of EMI anytime during the month
  • No pre-payment penalty
  • Free Accident insurance
  • Optional SBI Life cover
  • Overdraft facility available

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: 0.51% of loan amount, minimum Rs. 1020/- and maximum Rs. 10200/-

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.

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.

Other Products from SBI:

SBI Home Loan | SBI Personal Loan | SBI Credit Card | SBI Education Loan | SBI Loan Against Property | SBI 2 wheeler loan

Source: State Bank of India Website.


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Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.