SBI Car Loan Key Features – Jan 2021
SBI Car loan Rate of Interest | 7.50%* per annum |
Min Loan Amount | ₹ 100,000 |
Max Loan Amount (Loan to Value) |
Loan up to 85% of On Road Price or 100% of Ex-showroom Price |
Loan Tenure | 1 year to 7 years |
Lowest EMI / Lac | ₹ 1,559 |
Minimum Net Monthly Income | ₹ 25,000 |
Minimum ITR for Self Employed | ₹ 300,000 |
Age Criteria | Salaried: 21 years to 65 years Self Employed: 21 years to 65 years |
Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
Processing Fee | Up to 0.40% Only |
SBI car loan Foreclosure Charges | No foreclosure charges |
Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation |
About SBI Bank Car Loan
State Bank of India is an SBI civil division banking and financial services legal organization headquartered in Mumbai, Maharashtra. It works on major business divisions like corporate banking, insurance, investment, mortgage credits, etc.
SBI provides Car Loans at very reasonable rates of interest to the customer for purchasing their desire car whether new or second hand. It is a readily available loan that can be obtained by anyone even by ones who have a somewhat low credit/CIBIL score.
Advantages of SBI Car Loan
SBI Car Loan Eligibility
Salaried Individual |
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Self-Employed Individuals |
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Self-Employed Non-Individuals (Company/Partnership) |
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Priority Customers |
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SBI Bank Car Loan Interest Rate, Fees, and Charges
Charges | New Car Loan | Used Car Loan |
Current SBI car loan Interest Rate | 7.50% p.a. | 14.80% p.a. to 16.80% p.a. |
Processing fee | 0.40% of the loan amount | 0.51% of the loan amount |
Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
Foreclosure Charges | nil | 5% of the principal outstanding |
Penal Interest | 2% per month | 2% per month |
SBI car loan Part Payment charges | 5% of the paid amount | 5% of the paid amount |
Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
Documentation Charge | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
How to Increase Your Eligibility for SBI Car Loan
- Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
- Keep your credit score in check – If you wish to increase your eligibility for an SBI car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
- Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
- Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an SBI car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.
Factors Affecting SBI Car Loan Eligibility
The eligibility for availing of an SBI car will depend on the below-given factors:
- Income – If your income is on the higher side, there is a good chance that your eligibility for an SBI car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an SBI car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
- Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
- Credit score – This is an important factor that every bank, including SBI, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
- Relationship with the bank – As stated earlier, SBI offers instant car loans to their existing customers through the ZipDrive feature which allows SBI customers to can avail themselves of loans instantly, at their convenience, with very few documents required. This indicates that your relationship with the bank is an important factor while determining your eligibility.
SBI Car Loan Documents Required
Salaried Individual
Category | Documents Required |
Identity Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence PAN |
Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
Signature Proof (Any 1) | Passport Bankers Verification PAN |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
Category | Documents Required |
Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
SBI Car Loan EMI Calculator
With this SBI car loan interest calculator, the applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:
SBI Car Loan Types
SBI car loan offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Those who wish to buy a new car, this is the scheme for you. You can take SBI Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- SBI car loan Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.
SBI Car Loan Pre Calculated EMI
How to Apply for SBI Car Loan?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
Tips to decide the right amount of EMI
The car loan EMI – EMI changes in case of prepayment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in SBI is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. SBI gives you two options:
How to Calculate EMI on SBI Car Loan
Before you avail of a car loan from SBI, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
SBI Car Loan for Top Selling Cars
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 |
SBI 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 Available Products from SBI
SBI Personal Loan | SBI car loan | SBI Home Loan |
SBI Credit Card | SBI Two Wheeler Loan | SBI Education Loan |
FAQs for SBI Car Loan
✅ What is SBI Car Loan?
SBI car loan is a loan provided by SBI for a new car or on a used car.
✅ How can I get a Car Loan from SBI?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the SBI car loan process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
✅ How does SBI Car Loan work?
When you will apply for a car loan, then you will get a call from our representative and then, there will a document verification process. Then, the loan amount will be credited to your account.
✅ What is the SBI Car Loan Interest Rates?
The SBI car loan interest rate is 7.50% only.
✅ How to Check SBI Car Loan status?
You can track your SBI car loan status online on the Car loan status website.
✅ How to Calculate Car Loan Interest in SBI?
✅ What is the maximum loan amount I can avail of on Car Loan from SBI?
The maximum loan amount you can avail of is 85% of the on-road price of the car.
✅ What is the loan tenure of SBI Car Loan?
The loan tenure of the SBI car loan is a maximum of 7 years.
✅ Can I get a 100% Car Loan from SBI?
Yes, you can get a 100% of Ex-showroom Price car loan from SBI.
✅ How much Processing Fee applies to SBI Car Loan?
The SBI car loan processing fee is a minimum of 0.40%.
✅ What are the EMI options available on the SBI car loan?
SBI Provides two EMI options Step-up EMI and Balloon EMI.
✅ What are the SBI Car Loan Prepayment charges?
The SBI Car Loan prepayment charges are Nil.
✅ Can I get a top-up loan on my existing SBI car loan?
You can get a top-up loan on your current car loan from SBI Bank for up to 150% of its value.
✅ Do I need to provide a guarantor to avail myself of a car loan from SBI?
Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility criteria.
✅ How to get SBI Car Loan Statement online?
Get the SBI car loan account statement in person by visiting your branch and requesting a detailed statement.
or
You can get the statement online. To do this, you should have SBI internet banking activated.
✅ How to Pay SBI Car Loan Interest Online?
Simply logon to online SBI payment to ‘see and pay’ your bills. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.
✅ What if I can’t pay the interest on SBI Car Loan for 3 months?
SBI imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.
✅ How can I apply for EMI Moratorium on SBI Car Loan?
You can apply for EMI Moratorium on SBI Car Loans directly from the SBI website’s Loan corner.
✅ What is the number for the SBI Car Loan agent?
Call Dialabank at 9878981166 as it is one of the most trusted SBI Car Loan agents. Dialabank even ensures the best offers on your Car Loan.
✅ How to close an SBI car loan online?
SBI car Loan can be closed by visiting the nearest branch and clearing off the outstanding amount.
✅ What is SBI Car Loan Customer Care Number?
The SBI car loan contact number is 9878981166.
✅ How can I get an SBI Car loan NOC?
You can get NOC directly from the branch for SBI Car Loans.
✅ What is the SBI Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the SBI Car Loan account.
- Pay the pre-closure charges as per SBI Car Loan.
✅ What are the SBI Car Loan preclosure charges?
SBI Car Loan has no preclosure charges.
✅ What is the SBI Car Loan maximum tenure?
The SBI Car Loan’s maximum tenure is 7 years.
✅ What is the SBI Car Loan minimum tenure?
The SBI Car Loan minimum tenure is 1 year.
Table of Contents
- 1 SBI Car Loan Key Features – Jan 2021
- 2 About SBI Bank Car Loan
- 3 Advantages of SBI Car Loan
- 4 SBI Car Loan Eligibility
- 5 SBI Bank Car Loan Interest Rate, Fees, and Charges
- 6 How to Increase Your Eligibility for SBI Car Loan
- 7 Factors Affecting SBI Car Loan Eligibility
- 8 SBI Car Loan Documents Required
- 9 SBI Car Loan EMI Calculator
- 10 SBI Car Loan Types
- 11 SBI Car Loan Pre Calculated EMI
- 12 How to Apply for SBI Car Loan?
- 13 Tips to decide the right amount of EMI
- 14 The car loan EMI – EMI changes in case of prepayment
- 15 How to Calculate EMI on SBI Car Loan
- 16 SBI Car Loan for Top Selling Cars
- 17 Compare SBI Car Loan With Other Banks In India
- 18 Other Available Products from SBI
- 19 FAQs for SBI Car Loan
- 19.1 ✅ What is SBI Car Loan?
- 19.2 ✅ How can I get a Car Loan from SBI?
- 19.3 ✅ How does SBI Car Loan work?
- 19.4 ✅ What is the SBI Car Loan Interest Rates?
- 19.5 ✅ How to Check SBI Car Loan status?
- 19.6 ✅ How to Calculate Car Loan Interest in SBI?
- 19.7 ✅ What is the maximum loan amount I can avail of on Car Loan from SBI?
- 19.8 ✅ What is the loan tenure of SBI Car Loan?
- 19.9 ✅ Can I get a 100% Car Loan from SBI?
- 19.10 ✅ How much Processing Fee applies to SBI Car Loan?
- 19.11 ✅ What are the EMI options available on the SBI car loan?
- 19.12 ✅ What are the SBI Car Loan Prepayment charges?
- 19.13 ✅ Can I get a top-up loan on my existing SBI car loan?
- 19.14 ✅ Do I need to provide a guarantor to avail myself of a car loan from SBI?
- 19.15 ✅ How to get SBI Car Loan Statement online?
- 19.16 ✅ How to Pay SBI Car Loan Interest Online?
- 19.17 ✅ What if I can’t pay the interest on SBI Car Loan for 3 months?
- 19.18 ✅ How can I apply for EMI Moratorium on SBI Car Loan?
- 19.19 ✅ What is the number for the SBI Car Loan agent?
- 19.20 ✅ How to close an SBI car loan online?
- 19.21 ✅ What is SBI Car Loan Customer Care Number?
- 19.22 ✅ How can I get an SBI Car loan NOC?
- 19.23 ✅ What is the SBI Car Loan closure procedure?
- 19.24 ✅ What are the SBI Car Loan preclosure charges?
- 19.25 ✅ What is the SBI Car Loan maximum tenure?
- 19.26 ✅ What is the SBI Car Loan minimum tenure?