In this article, you will get information about SBI Car Loan and its Interest Rate, EMI Calculator. If your dream is to buy a car and you are short of money then you can join SBI Bank car loan. Before applying for a car loan, you should know completely what is a car loan?
You can take a car loan to buy any type of new car, used or luxury car. You can apply for this loan both online and offline. In this article, we will know in detail what is SBI car loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan etc., so read this article till the end.
SBI Car Loan
Car loan comes under the category of a secured loan i.e. you have to give collateral or security to take this loan. But in a car loan, your car acts as the collateral. To take a car loan, your CIBIL score must be very good. If your credit history is very good then you can take advantage of the bank’s attractive Car Loan Interest Rate.
The bank offers various types of SBI car loans. The loan amount and eligibility can be different in different car loans. Under this loan, you can get financial assistance up to 90% of the on-road price of the car. The loan tenure is up to a maximum of 7 years. You can avail the loan with the lowest interest rate and minimum EMI. At present SBI car loan interest starts from 7.25% p.a. in 2023.
Key Features of SBI Car Loan
| Rate of interest | Starting from 8.65% p.a. |
| Minimum loan amount | ₹ 100,000 |
| Maximum loan amount | Loan up to 85% of the on-road price or 100% of the ex-showroom price |
| loan tenure | 1 year to 7 years |
| monthly income | 25,000 rupees |
| processing fee | up to 0.40% |
| age | Salaried: 21 Years to 65 Years Self Employed: 21 Years to 65 Years |
| basic documentation | ID proof, address proof, salary slip, bank statement and car quotation |
SBI Car Loan Interest Rate 2024
At present SBI car loan interest starts from 8.65% p.a. This interest rate may vary depending on your credit history and the type of car loan. Before applying for a car loan from any lender, it is important for you to know about the interest rate of that loan.
Auto Loans Interest Rates w.e.f. 15.02.2023 (Fixed Rate)
| Scheme | Interest Rate w.e.f. 15.02.2023 (1-year MCLR: 8.50%) | |
|---|---|---|
| i) SBI Car Loan, ii) NRI Car Loan, iii) Assured Car Loan Scheme | From 8.65% to 9.45% | |
Loyalty Car Loan Scheme | SBI Car Loan, NRI Car Loan | From 8.60% to 9.40% (CIC Based rates are applicable) |
| 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% (CIC Based rates are applicable). | |
| SBI Two-Wheeler Loan | 17.75% to 19.50% p.a. |
Finer pricing for New Car Loans based on CIC scores
| CIC Score | Term of Loan | |||
|---|---|---|---|---|
| 3-5 years | Above 5 years | |||
| 775 & ABOVE | 0.15% + 1 Yr MCLR | 8.65% | 0.25% + 1 Yr MCLR | 8.75% |
| 757 – 774 | 0.25% + 1 Yr MCLR | 8.75% | 0.35% + 1 Yr MCL | 8.85% |
| 721 – 756 | 0.50% + 1 Yr MCLR | 9.00% | 0.60% + 1 Yr MCLR | 9.10% |
| 700 – 720 | 0.75% + 1 Yr MCLR | 9.25% | 0.85% + 1 Yr MCLR | 9.35% |
| 650 – 699 | 0.85% + 1 Yr MCLR | 9.35% | 0.95% + 1 Yr MCLR | 9.45% |
| -1(101-200) | 8.75% to 9.10% |
Super Bike Loan Scheme
| S. No | CIBIL Score | Salaried Customer/ Defence Pensioners | Others | ||
|---|---|---|---|---|---|
| 1 | >= 741 | 3.50 + 1yr MCLR | 12.00% | 4.50+ 1yr MCLR | 13.00% |
| 2 | 731-740 | 5.00+ 1yr MCLR | 13.50% | 6.00+ 1yr MCLR | 14.50% |
| 3 | 700-730 and (New to credit) | 10.75+1yr MCLR | 19.25% | 11.75+ 1yr MCLR | 20.25% |
Mean Rate for Auto Loans : 8.00% Source
Note: A relaxation of 5 basis points has been introduced for women in this category of CIC score 606 to 688.
SBI Bank Car Loan Fees, and Charges
| Processing fee | New Car: 0.40% of the loan amount Used Car: 0.51% of the loan amount |
| Foreclosure charges | New Car: Nil Used Car: 5% of the outstanding principal |
| Issue of Duplicate Repayment Schedule Charges | 500 rupees |
| penal interest | 2% per month |
| SBI Car Loan Part Payment Charges | 5% of the amount paid |
| Issue of Duplicate Dues Certificate Fee | 500 rupees |
| documentation fee | 500 rupees |
| Check/Instrument Swap Charges | 500 rupees |
| Registration Certification Collection Fee | 500 rupees |
| Issuance of duplicate statement charge | 500 rupees |
| Check Bounce / Instrument Return Charges | 500 rupees |
| Loan cancellation/rebooking charges | 2,500 rupees |
| issuing credit reports | 50 rupees |
Benefits and Features of SBI Car Loan
- You can avail this loan to buy any type of car of your dreams – New Car, Used Car or Luxury Car.
- The bank offers various types of car loans as per the requirement of the customers.
- The interest rate of SBI Car Loan starts from 7.25% per annum.
- The tenure of this loan is maximum up to 7 years.
- You can get loan up to 90% of the on road price of the car.
- No upfront EMI.
- Interest is calculated on the basis of daily reducing balance.
- The bank offers an optional SBI life insurance cover against the car loan.
- For more details you can contact SBI Car Loan Customer Care Number or by visiting your nearest bank branch.
- The processing fee is different for different loan amounts.
SBI Car Loan Types
The bank offers various types of State Bank of India Car Loans according to the needs of the customers. The features of all these loans are different, which you can know here:
- SBI Naveen Car Loan Scheme
- Authenticated – Used Car Loan
- SBI Loyalty Car Loan Scheme
- SBI Assured Car Loan Scheme
SBI Naveen Car Loan Scheme:
- As the name suggests, you can avail this loan to buy a new car.
- The repayment tenure of this loan is maximum up to 7 years.
- An optional SBI life insurance cover is also given to the applicant under this loan.
- You can take advantage of this SBI New Car Loan to buy a new passenger car, multi utility vehicle (MUV) and SUV.
- You can get loan up to 90% of the value of the vehicle.
Authenticated – Used Car Loans:
- As the name suggests, you can take advantage of this loan to buy a used car.
- Under this loan, you can get a minimum loan amount of Rs 3 lakh and maximum Rs 100 lakh.
- The repayment period of this loan is 10 years (maximum 5 years) minus the tenure of the vehicle.
- LTV: 85% of the ex-showroom price.
- Margin 20%
- Penal interest: 2% p.m. on the overdue amount.
SBI Loyalty Car Loan Scheme:
- The repayment tenure of this loan is maximum up to 7 years.
- No pre-payment fee is charged.
- The EMI/NMI related car loan is as per the scheme.
- To take advantage of this SBI Car Loan, the annual income of the applicant should be at least Rs 2 lakh.
SBI Assured Car Loan Scheme:
- Under this loan scheme, you can get a minimum loan amount of Rs 2 lakh, there is no maximum limit.
- The repayment tenure of the loan ranges from 3 to 7 years.
- Any person of 18 years or above can take advantage of this loan.
- There is no maximum age limit.
- EMI/NMI Ratio – Not Applicable.
- Minimum Income Criteria: The income declared by the applicant will be accepted.
SBI Green Car Loan Scheme:
- You can take this loan for a maximum loan tenure of 3 years to 8 years.
- Additional discount of 20 bps on interest rates applicable on general car loans for all categories of customers.
- You can get a loan up to 90% of the on-road price of the vehicle.
- Any person from 21 to 67 years of age can take advantage of this loan.
SBI Car Loan Eligibility
Only those individuals can apply for this car loan who are eligible for it. Following are the eligibility to apply for SBI Bank Car Loan:
Applicant age should be between 21 to 67 years.
You can know more about the eligibility in the table below:
| Category | Income Criteria | Maximum Loan Amount |
|---|---|---|
| Regular employees of Central Public Sector Undertakings (Maharatna/Navratna/Miniratna). Defense Salary Package (DSP), Para Military Salary Packche (PMSB) and Indian Coast Guard Pay Patch (IGSP) customers and Short Commissioned Officers of various Defense Establishments. | Annual income should be at least 3 lakh rupees. | 48 times the total income |
| Professionals, Self-employed, Businessmen, Proprietorship/Partnership Firms and others who are Income Tax Payers. | Annual income minimum Rs.3 lakh | 4 times the total income |
| Persons associated with agriculture and other allied activities. Income tax return is not required in case of agriculturists. | Annual income minimum Rs.4 lakh | 3 times the total income |
Factors Affecting SBI Car Loan Interest Rates
SBI car loan interest rates depend on various factors, some of which are mentioned below:
- Income and Occupation: The car loan interest rate is determined keeping in mind the income and occupation of the applicant. Banks may charge a lower rate of interest if the applicant has a stable source of income, as it indicates their ability to repay without default.
- Market Volatility: Interest rates change along with market performance. Inflation also plays a major role in the determination of interest rates. If the rate of inflation goes up, the rates may go up and if the rate of inflation goes down, the interest rates for the car loan may decrease.
- Age of the car: When you take a car loan, the car basically acts as the collateral for the entire tenure of the loan. If you default on your car loan EMI payment, the bank can confiscate your car. So banks take into account the model and age of the car while setting the interest rate.
- Repayment Tenure: The repayment tenure of the car loan taken by the applicant from SBI Bank will determine the interest rate charged on the loan amount. This is because the longer the repayment tenure, the higher the interest rate on the loan amount.
- Relationship with the bank : Your relationship with the bank will affect your car loan interest rate. So get a car loan from the bank where you have a bank account. Your existing good relationship with your bank makes it very likely that you will get a car loan at a low interest rate.
- CIBIL Score – The sanction of SBI car loan takes into account the credit history of the applicant. Hence, the CIBIL score can also work in favor of getting a better interest rate from the bank.
SBI Car Loan Document Required
Before applying for State Bank of India car loan, you must have all the necessary documents so that whenever the bank asks you for documents, you can show them all the documents immediately. For more information about the document, you can contact your nearest bank branch.
- Filled Application Form.
- Identity Proof (copy of any one): Passport / PAN Card / Voter ID / Driving License etc.
- Address Proof (copy of any one): Ration Card / Driving License / Voter ID Card, Passport, Telephone Bill / Electricity Bill, Life Insurance Policy.
You must have the following documents with you along with the filled application form:
For Salaried:
- Bank account details of last 6 months
- 2 passport size photographs
- proof of identification
- proof of address
- Income Proof : Latest Salary Slip, Form 16
- Income Tax Return or Form 16 for the last two years
For Non-Salaried/Professional/Trader:
- Bank account details for the last 6 months
- 2 passport size photographs
- identity proof
- address proof
- Income Proof: ITR of last two years
- Income Tax Return or Form 16 for the last two years.
- Two years audited balance sheet, profit and loss statement, shop and establishment act certificate/ sales tax certificate/ SSI registered certificate, copy of partnership.
For the person involved in agriculture and allied activities:
- Bank account details for the last 6 months
- 2 passport size photographs
- identity proof
- address proof
- Direct Agricultural Activity (Crop Growing)
- Khatra / Chitta Adangal (in which cropping pattern is displayed) Patta / Khatauni (by which land holding is established) with photo.
- All the land should be fully owned and the proof of ownership should be in the name of the customer.
- Allied agricultural activity (eg dairy, poultry, horticulture): Must submit proof of their activities.
How to apply for SBI Car Loan?
If you fulfill all the conditions of this loan then you can apply for this loan both online and offline. Apart from this, you can also apply for a loan by calling the customer care number of the bank. To apply, follow the steps given below.
State Bank of India Car Loan Apply Online
- To apply online, first you have to visit the official website of SBI Bank.
- After that you have to click on the option of car loan.
- After clicking, a list of all car loans will appear in front of you.
- Click on the option of Apply Now on the loan for which you want to apply.
- An application form will open in front of you.
- Enter some required details in it and click on submit.
- After this the representative of the bank will contact you and the loan process will be issued further.
- If your loan is approved then the loan amount is transferred to your bank account.
How to apply offline?
- If you do not want to apply online for a car loan, then you can also apply offline.
- For this, you will first have to take all your necessary documents and go to your nearest State Bank of India branch.
- The representative of the bank will verify all your documents.
- Then you have to fill the application form and complete the process required for the loan.
- Fill the form and submit it to the bank.
- In this way your offline application will be done.
SBI Car Loan EMI Calculator
You should calculate the EMI of your loan before applying for a car loan. By calculating the EMI of your loan, you can find out how much you will have to pay at the time of loan repayment. You can calculate the EMI of your loan with the help of Car Loan EMI Calculator by visiting the official website of the bank.
When you are planning to take a loan, it is important to calculate the EMI so that you can get an idea of how much loan you can easily repay after taking it. The EMI of the loan mainly depends on the loan amount, interest rate and loan tenure.
SBI Car Loan Customer Care Number
If you are facing any kind of problem in applying for this loan, then you can get information by calling SBI car loan customer care number. You can also apply for a loan by calling these numbers:
Customer Care Number : 1800-11-2211 / 7208933142 / 7208933145
My Final Thought:
Hope friends, you have found this article informative. In this article, we have provided you complete information about SBI Car Loan. You can take advantage of this loan to buy any type of car. If you want to get any other information about the loan, then you can get the information by calling the customer care number of the bank.
SBI Car Loan FAQ’s
Q1. Is SBI car loan the best?
Ans. You can find out by comparing different car loans.
Q2. How to apply for SBI Car Loan?
Ans. Complete information about how to apply is given in this article.
Q3. How much car loan can I get from SBI?
Ans. Up to 90% of the cost of the car.
Q4. What is the SBI car loan interest rate?
Ans. Starting from 8.65% p.a.
Q5. What is the EMI for car loan SBI?
Ans. With the help of this article, you can calculate the EMI of your loan.