SBI Car Loan | Interest Rates Sep 2018 | Eligibility | Documents

SBI Car Loan: 9.40% Interest Rates September ✓ Eligibility Low EMI Rs.1629 ✓ 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 9.40% – 9.90%
Loyalty Car Loan Scheme 9.75% – 9.80%
Lowest EMI Rs 1629/lakh
Processing fees For Loan Amount Upto Rs.6 lacs
Rs.1000/- + GST

For Loan Amount above Rs.6 lacs
Rs.1500/- + GST

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 Car loan scheme.

SBI Car Loan Interest Rates September 2018

Scheme Interest Rate w.e.f. 01.09.2018 (1 year MCLR: 8.45%)
  1. SBI Car Loan
  2. NRI Car Loan
  3. Combo Loan Scheme
  4. Assured Car Loan Scheme
  5. SME Retail Car Loan Scheme (excluding Taxi, Transport Operators and fleet segments in SME)
9.40% to 9.90%
Loyalty Car Loan Scheme SBI Car Loan, NRI Car Loan and Combo Loan Scheme For Men: 1.15% above 1 year MCLR i.e. 9.80% p.a.
For Women: 1.10% above 1 year MCLR i.e. 9.75% p.a.
Certified Pre-owned Car Loan Scheme 4.65% above 1 year MCLR i.e. 13.10% p.a.
SBI Car Loan Lite
CIBIL Score Rate of Interest
>=750 3% above 2 Yr MCLR i.e. 11.55% p.a.
From 650 to 749 4% above 2 Yr MCLR i.e. 12.55% p.a.

SBI Car Loan Processing Fees

SBI CAR LOAN / SBI Combo Loan / SBI NRI Car Loan / SBI Loyalty Car Loan

  • For Loan Amount Upto Rs.6 lacs Rs.1000/- + GST
  • For Loan Amount above Rs.6 lacs Rs.1500/- + GST


Certified Pre-owned car loan

  • 0.50% of loan amount + GST
  • Min: Rs. 450.00 + GST
  • Max: Rs. 9100.00 + GST

SBI Car Loan Calculator for Easy Calculations of Car Loans

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

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 9.40% for 5 years tenure, then you have to pay every month Rs. 12513.33.

Full Calculation details of 6 lakh car loan for 5 years at 9.40% as below:

  • EMI Per Month = Rs. 12571.82
  • Total Amount with Interest paid in 5 Years = Rs. 750799.8
  • Total Interest Amount paid in 5 Years = Rs. 154309.2

Yearly Car Loan Calculation

Year Principal Interest Balance Amount
1 Rs. 98,643 Rs. 52,221 Rs. 501,357
2 Rs. 108,325 Rs. 42,539 Rs. 393,032
3 Rs. 118,958 Rs. 31,906 Rs. 274,074
4 Rs. 130,635 Rs. 20,229 Rs. 143,439
5 Rs. 143,537 Rs. 7,409 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 9.40% 4 Years Rs. 11284
5 Lakh 9.40% 5 Years Rs. 10476
7 Lakh 9.40% 5 Years Rs. 14667
8 Lakh 9.40% 7 Years Rs. 13034
9 Lakh 9.40% 7 Years Rs. 14663
3 Lakh 9.40% 3 Years Rs. 9596
10 Lakh 9.40% 5 Years Rs. 20953
12 Lakh 9.40% 5 Years Rs. 25144

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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 11 reviews
by Mahmood sait on SBI Car Loan
Need car loan

I need car loan but I am small business owner I don't have I.t.r

by Sumit Kumar Mathur on SBI Car Loan
Booking service

Booking service

by Santanu Dey on SBI Car Loan

All documents are ok. All are in favour to get a car loan from my 31 years old bank savings account. Bt officer in last moment said they need to inspect my employer office. Why?? Is it compulsory? As because a private firms employee i don't want to inform my office. Please let me know is it right ?

Yes, Banks personnel visit your office to verify the details you mentioned in application form.

by hardeep on SBI Car Loan

SBI is best bank of car loans in India, in last days of march, they disbursed my car loan.

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 Sep 2018 | 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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