SBI Car Loan (एसबीआई कार लोन): 7.75% Interest Rates ✓ Eligibility ✓ Low EMI Rs.1546 ✓ 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.
Latest Update as on 25 May 2020: No EMI’s for 6 Months as per RBI. Your CIBIL Score will also not be impacted by this EMI waiver on your Personal / home/car loans. so your credit report will not take hit also but if you don’t pay interest will increase.
7.75% p.a. (On Applying through YONO) otherwise starts from 8.00% 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.
SBI Car Loan (एसबीआई कार लोन) Details
|Interest Rates||7.75% to 8.70%|
|Loyalty Car Loan Scheme||7.95% – 8.65%|
|Lowest EMI||Rs 1546/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|
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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 July 2020
एसबीआई कार ऋण ब्याज दरें 2020
|Scheme||Interest Rate (1 year MCLR: 7.25%)|
||8.00% to 8.70%|
|Loyalty Car Loan Scheme||SBI Car Loan, NRI Car Loan||7.95% – 9.45%|
|Certified Pre-owned Car Loan Scheme||9.75% to 10.75%|
|SBI Car Loan Lite||
SBI Car Loan Processing Fees
SBI CAR LOAN / SBI Combo Loan / SBI NRI Car Loan / SBI Loyalty Car Loan
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|
Document list 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.
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|
Top 20 Selling Cars in India; Get SBI car loan easily for these
|9.||Maruti Vitara Brezza||5513|
|11.||Maruti S presso||5159|
|12.||Hyundai Grand i10||4293|
|15.||Toyota Innova Crysta||3810|
|16.||Hyundai Elite I20||3455|
|19.||Hyundai Xcent / Aura||2615|
|20.||Maruti Nexa XL6||2221|
Other Products of State Bank of India:
Source: State Bank of India Website.