SBI Car Loan Interest Rates, Documents and Eligibility

Find SBI Car Loan details online. SBI Car Loan interest rates 2015 10.40% p.a, 10.45% offer, Low processing fee, Low EMI, easy documentation and calculate emi with calculator online.

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).

State Bank of India is India’s largest bank with a network of over 13000 branches and 5 associate banks located even in the remotest parts of India. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. SBI is the largest lender in car loans category. Every month SBI closed around 100 crores of car loans. Recently SBI get Best Bank in ASIAMONEY FX POLL OF POLLS 2014 Award.

Latest Update: It’s also worth noting that SBI has one of the largest car loan portfolios in the country and reported a loan book of Rs 30,701 crore for the quarter ended December 2014, up 10.84% y-o-y.

Current SBI Car Loan Interest Rates – Last Updated on 18 December 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

Compare & Apply for Best Car Loans from Top 10 Banks

Minimum Salary: 2.5 Lakhs * | Offers for 100% finance * | Lowest Rates of 10.45% *
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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

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Interest Rate (Reducing) % Per Annum
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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
  • 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: 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.

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.

Source: State Bank of India Website.


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