SBI Car Loan – Interest Rates 2024, Eligibility, Documents

SBI Car Loan (एसबीआई कार लोन): 8.90% Interest Rates ✓ Eligibility ✓ Low EMI Rs.1604 ✓ 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.

Festive Dhamaka: Zero Processing Fee till 31st January 2024. Avail now!

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 Details

Interest Rates 8.90% to 9.70%
Loyalty Car Loan Scheme 8.85% to 9.75%
Lowest EMI Rs 1604/lakh
Processing fees Nil
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 90% of on Road Price
Min. Income 3.00 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 January 2024

Scheme Interest Rates
SBI Car Loan, NRI Car Loan, Assured Car Loan Scheme From 8.85% to 9.65%
Loyalty Car Loan Scheme SBI Car Loan, NRI Car Loan From 8.80% to 9.60%
SBI Green Car Loan (For Electric Cars) From 8.60% to 9.30%
Certified Pre-owned Car Loan Scheme From 11.25% to 14.75%
SBI Two-Wheeler Loan 17.75% to 19.50% p.a.

SBI Car Loan Processing Fees Charges

SBI CAR LOAN / SBI Combo Loan / SBI NRI Car Loan / SBI Loyalty Car Loan are NIL. For Certified pre owned cars maximum processing fees is Rs.10000 + GST or 1.25% of loan amount + GST.

Some Important features of SBI CAR LOAN

  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

SBI Car Loan Eligibility Criteria

SBI has set specific eligibility criteria for salaried, self-employed and agriculturists to obtain a car loan. Check out the table below showing the eligibility criteria for SBI Car Loan.

Applicant should be between 21 and 67 years of age to avail a car loan.

Income Criteria:


Income Criteria

Max. Loan Amount

Regular employees of Central Public Sector Enterprises (Maharatnas/ Navratnas/ Miniratnas).   Defence Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) Customers and Short Commissioned Officers of various Defence establishments. Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-. 48 times of the Net Monthly Income
Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses Net Profit or Gross Taxable income of Rs. 3, 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
Persons engaged in agriculture and allied activities. Income Tax return is not required in case of agriculturists. 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

SBI Car Loan Documents

To apply for SBI car loan, you must submit the following documents:

Proofs Salaried Self-employed
Passport Size Photographs Applicable Applicable
Identity Proof Either of PAN Card, Passport, Voter ID, Driving License Either of PAN Card, Passport, Voter ID, Driving License
Residence Proof Passport/Voter ID, Electricity Bill/Telephone Bill Passport/Voter ID, Electricity Bill/Telephone Bill
Income Proof Latest Salary Slip, Form 16 or ITR for the Past Two Years Last 2-year ITR, Profit & Loss Account Statement and Audited Balance Sheet for 2 Years, Sales Tax Certificate/Copy of Partnership/SSI Registered Certificate/Shop & Establishment Certificate
Bank Account Statement Past 6-month Bank Statement Past 6-month Bank Statement

Margin: New / Used vehicles : 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

SBI Car Loan EMI Calculations

Assume, SBI can finance you within a range of INR 10 lakhs for 5 years repayment period at 8.90% of interest per annum to buy your dream car. The calculations of EMI, Interest going are as per below:

Loan Amount ₹ 10,00,000
Interest Rate 8.90%
Tenure(Months) 60 (5 Year)
Monthly Instalment (EMI) ₹ 20,710
Total Interest Amount ₹ 2,42,591
Total Amount (Principal + Interest) ₹ 12,42,591

Here’s the yearly calculations of Interest + Principal

Year Principal Interest Balance Amount
1 Rs. 166,190 Rs. 82,330 Rs. 833,810
2 Rs. 181,601 Rs. 66,919 Rs. 652,209
3 Rs. 198,438 Rs. 50,082 Rs. 453,771
4 Rs. 216,838 Rs. 31,682 Rs. 236,933
5 Rs. 237,085 Rs. 11,576 Rs. 0