SBI Car Loan Key Features
| SBI Car Interest Rate | 7.35%* 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 ₹ 10,200 Only |
| Foreclosure Charges | No foreclosure charges |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About SBI Car Loan
State Bank of India is an Indian 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 |
|
| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
|
| Priority Customers |
|
SBI Car Loan Interest Rate, Fees and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% p.a. to 11.30% p.a. | 14.80% p.a. to 16.80% p.a. |
| Processing fee | Min Rs. 1,020 Max Rs. 10,200 | 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 |
| 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 |
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 |
| Income Proof | Latest Form 16 and Salary Slips |
| 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
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 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.
- 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 are in need of 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.
SBI Car Loan for Top Selling Cars
Other Available Products from SBI
| SBI Personal Loan | SBI Gold 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 the 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 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 Car Loan Interest Rate in SBI?
The interest rate on a car loan in SBI is 7.35% only.
✅ How to Check Car Loan status in SBI?
You can track your 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 is applicable to SBI Car Loan?
SBI charges a processing fee of minimum Rs. 1,020 and a maximum of Rs.10,200.
✅ 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 charges for Prepayment in SBI Car Loan?
You can prepay/foreclose your SBI Car Loan at nil prepayment charges.
✅ 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 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?
Get the 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 9878981144 as it is one of the most trusted SBI Car Loan agents. Dialabank even ensures the best offers on your Car Loan.
✅ Can I close the 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?
Call 9878981144 and clear any of your queries with us anytime.
✅ How can I get NOC from SBI Bank for a Car loan?
You can get NOC directly from the branch for SBI Car Loans.