SBI Car Loan – Interest Rates Jan 2022, Eligibility Document

SBI Car Loan (एसबीआई कार लोन): 7.50% Interest Rates ✓ Eligibility ✓ Low EMI Rs.1534 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes 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.

Interest Rates starts from 7.50% p.a. (On Applying through YONO) otherwise starts from 7.75% p.a.

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.

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount


Annual Income


SBI Car Loan (एसबीआई कार लोन) Details

Interest Rates 7.50% to 8.45%
Loyalty Car Loan Scheme 7.75% – 8.40%
Lowest EMI Rs 1534/lakh
Processing fees 0.20% of Loan Amount + 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

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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 Sep 2021

एसबीआई कार ऋण ब्याज दरें 2021

Scheme Interest Rate (1 year MCLR: 7.00%)
  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)
7.50% to 8.45%
Loyalty Car Loan Scheme SBI Car Loan, NRI Car Loan 7.50% – 9.20%
Certified Pre-owned Car Loan Scheme 9.50% to 10.50%
SBI Car Loan Lite
CIBIL Score Rate of Interest
>=750 3% above 2 Yr MCLR i.e. 10.20% p.a.
From 650 to 749 4% above 2 Yr MCLR i.e. 11.20% p.a.

SBI Car Loan Processing Fees

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

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

Document list 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.

Compare SBI Car Loan with Other Banks in India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

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.