SBI Car Loan: 8.90% Interest Rates April ✓ Eligibility Low EMI Rs.1604 ✓ 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.
SBI Car Loan (एसबीआई कार लोन) Details
|Interest rates for women||8.90% – 9.40%|
|Interest rate – Others||8.90% – 9.40%|
|Lowest EMI||Rs 1604/lakh|
|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 Car loan scheme.
Updated SBI Car Loan Interest Rates 2018
|Scheme||Interest Rate w.e.f. 01.03.2018 (1 year MCLR: 8.15%)|
||8.90% to 9.40%|
|Loyalty Car Loan Scheme||SBI Car Loan, NRI Car Loan and Combo Loan Scheme||For Men: 1.15% above 1 year MCLR i.e. 9.30% p.a.
For Women: 1.10% above 1 year MCLR i.e. 9.25% p.a.
|Certified Pre-owned Car Loan Scheme||Men: 2.45% above 1 year MCLR i.e. 10.60% p.a.
For Women: 2.40% above 1 year MCLR i.e. 10.55% p.a.
|Certified Pre-owned Car Loan Scheme||4.65% above 1 year MCLR i.e. 12.80% p.a.|
|Super Bike Loan Scheme||3.65% above 1 year MCLR i.e. 11.80% p.a.|
|SBI Two-Wheeler Loan||9.25% above 1 year MCLR i.e. 17.40% p.a.|
|SBI Car Loan Lite||
SBI 4 Wheeler Loan Processing Fees
New Car Loan Scheme = bank has waived 100 per cent processing fee on car loans.
SBI Car Loan Calculator for Easy Calculations of Car Loans
Let an example of car loan; if you can take a loan amount of Rs.6 lakh from State Bank of India @ Interest Rate of 8.90% for 5 years tenure, then you have to pay every month Rs. 12425.91.
Full Calculation details of 6 lakh car loan for 5 years at 8.90% as below:
- EMI Per Month = Rs. 12425.91
- Total Amount with Interest paid in 5 Years = Rs. 745554.6
- Total Interest Amount paid in 5 Years = Rs. 145554.6
Yearly Car Loan Calculation
|1||Rs. 99,714||Rs. 49,398||Rs. 500,286|
|2||Rs. 108,961||Rs. 40,151||Rs. 391,325|
|3||Rs. 119,062||Rs. 30,050||Rs. 272,263|
|4||Rs. 130,102||Rs. 19,010||Rs. 142,161|
|5||Rs. 142,252||Rs. 6,944||Rs. 0|
Few more pre calculations for borrower’s who are looking for SBI Car Loans
|Loan amount||Interest Rates||Repayment period||EMI Per Month|
|4.50 Lakh||8.90%||4 Years||Rs. 11176.91|
|5 Lakh||8.95%||5 Years||Rs. 10367.05|
|7 Lakh||9.00%||5 Years||Rs. 14530.85|
|8 Lakh||9.10%||7 Years||Rs. 12911.90|
|9 Lakh||8.90%||7 Years||Rs. 14434.54|
|3 Lakh||9.00%||3 Years||Rs. 9539.92|
|10 Lakh||8.90%||5 Years||Rs. 20709.86|
|12 Lakh||8.90%||5 Years||Rs. 24851.83|
Some Important features:
- Financing on ‘On-Road price’. (Including registration, insurance and extended warranty/total service package/Annual maintenance contract/cost of accessories.)
- No Pre-Payment Penalty or Foreclosure Charges
- No Advance EMI
- Optional SBI Life Insurance cover available
- Overdraft facility available
- No processing fee for new cars
- 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.
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:
- Bank account statement of last six months.
- Two passport size photographs
- Copy of passport, voter ID card or PAN.
- Address proof
- Salary slip mentioning all deductions
- 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.
- 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:
Source: State Bank of India Website.
Submit your review
SBI is best bank of car loans in India, in last days of march, they disbursed my car loan.
kindly suggest the best car loan from bank.
Do we required performa Invoice for car purchase for car loan.
800000 loan required but sbi offered me only 6.5 lakh
Yes, Interest rates are on lower side for sbi.
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.
I was looking for best deal for car loan , and i got it through SBI at very good ROI and processing fees.
Opted a sbi car loan for my tata tiago finance, interest rates, processing fees are on lower side only drawback are processing time.