SBI Car Loan - EMI and Eligibility Calculator
State Bank of India offers car loans to its customers with interest rates ranging between 8.85% and 15.00% and tenure of up to 7 years.
Overview of SBI Car Loans
Features | New Car Loan Scheme | Used Car Loan Scheme |
Interest Rates | 8.95% p.a. onwards | 11.50% p.a. onwards |
Loan Tenure | Up to a period of 7 years | Maximum of 5 years |
Processing Fee | Nil | 1.25% of the loan amount plus GST. Maximum of Rs.10,000 |
Loan Amount | Up to 100% of the car's 'On-Road Price' may be provided |
SBI vs Other Banks: Car Loan Interest Rate Comparison
Name of the Bank | Interest Rate (p.a.) |
State Bank of India | 8.85% p.a. onwards |
HDFC Bank | 9.40% onwards (Rack Interest) |
Axis Bank | 8.80% p.a. onwards |
ICICI Bank | 9.15% p.a. onwards |
Canara Bank | 8.05% p.a. onwards |
Federal Bank of India | 10.00% p.a. onwards |
Union Bank of India | 7.80% p.a. onwards |
SBI Car Loan Eligibility
To be eligible for an SBI New or Used Car Loan, applicants must adhere to the below-mentioned SBI car loan eligibility criteria:
- Applicant/individual must be aged between 21 years and 70 years.
- The applicant must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.
Key Features of SBI Car Loan
The main features of the car loan offered by SBI are mentioned below:
- Competitive EMI and car loan interest rates
- Repayment tenure of 8 years
- Provides financing on the On-Road price
- Interest is computed based on Daily Reducing Balance
- No Advance EMI
- Optional Life Insurance Cover from SBI
Car Loan Schemes Provided by SBI
The list of car loan schemes provided by SBI is given below:
Scheme | Loan Details | Eligibility & Features |
New Car Loan | Tenure: Up to 84 months Loan: As per car price | For new car buyers Optional SBI Life Insurance cover |
Pre-owned Car Loan | Loan: ₹3 lakh – ₹10 lakh Tenure: 5 years or 8 years minus vehicle age | For certified used car purchases |
Loyalty Car Loan | Loan: Up to 100% of on-road price Tenure: Up to 7 years | For existing SBI customers Minimum income: ₹2 lakh/year |
Assured Car Loan | Loan: ₹2 lakh and above Tenure: 3 – 7 years Margin: 100% of FD value | For SBI FD holders Loan against fixed deposit |
Green Car Loan | Loan: Up to 100% of on-road price Tenure: 3 – 8 years | For electric vehicle buyers Age: 21–70 years |
SBI Car Loan EMI Calculator
Use the SBI Car Loan EMI Calculator to easily estimate your monthly instalments before applying for a loan. Just enter the loan amount, interest rate, and tenure, and the calculator will show you how much you need to pay each month—helping you plan your budget better.
Documents Required for SBI Car Loan
Category | Documents Required |
Salaried Employees | • Bank account statement for the preceding 6 months • 2 passport size photos • Proof of address • Identity proof • Proof of income: – Latest pay slips – Form 16 – Income Tax Returns or Form 16 for the preceding 2 years |
Non-Salaried / Businessmen / Professionals | • Bank account statement for the preceding 6 months • 2 passport size photos • Proof of address • Identity proof • Proof of income: – Income Tax Returns for the preceding 2 years – Form 16 for the preceding 2 years – Audited Balance Sheet – P&L statement for the preceding 2 years – Sales Tax Certificate – Partnership Copy |
Individuals Engaged in Agricultural and Allied Activities | • Bank account statement for the preceding 6 months • 2 passport size photos • Proof of identity • Proof of address • Direct agricultural activity • Allied activities (poultry, dairy, plantation, horticulture): Evidential proof of the activities running must be provided |
How to Apply for an SBI Car Loan
Applying for an SBI Car Loan is a simple and hassle-free process. You can choose to apply either online from the comfort of your home or visit a nearby SBI branch to submit your application in person. Here’s how it works:
✅ Online Application Process
- Visit the SBI Website Start by going to the official SBI website where you can explore various car loan schemes tailored to meet your needs.
- Select the Loan Scheme Choose the car loan option that best suits you, such as a new car loan or a loan for a certified pre-owned vehicle.
- Fill in the Application Form Enter your personal details, employment information, and vehicle preferences in the online application form.
- Upload Required Documents Upload scanned copies of necessary documents like identity proof, address proof, income certificates, and bank statements. This helps SBI assess your eligibility.
- Submit the Application After verifying that all details are accurate, submit the form for review.
- Document Verification and Loan Disbursement Once your documents are verified and everything is found to be in order, the loan amount is approved and disbursed directly into your bank account.
✅ Offline Application Process
- Visit the Nearest SBI Branch Head to the closest SBI branch and request the car loan application form.
- Fill Out the Form Complete the form by providing all required details related to your personal background, income, and the car you wish to purchase.
- Attach the Documents Submit the form along with the necessary documents such as identity proof, income proof, address proof, and bank statements.
- Loan Processing and Approval The bank will verify your application and documents. Once satisfied, the loan will be sanctioned and the amount will be credited to your account.
FAQs on SBI Car Loan
- What are the different makes of vehicles financed by SBI?
SBI finances all makes of new and used cars. The used car being financed, however, must not exceed 5 years in age. The applicant can choose any make or model for financing.
- What are the factors based on which the EMI is calculated?
The car loan EMI is computed considering factors such as loan tenure chosen by the applicant. The EMI will be higher if a shorter tenure is chosen as compared to a long tenure.
- What is the security that needs to be furnished with respect to SBI Car Loan?
A certain charge on the financed vehicle is submitted to the Local Transport Authorities. Your spouse will have to be the guarantor in case his/her income has also been considered for determining the loan amount. Other securities may be mandated, varying from one applicant to another.
- What are the elements included in the 'On-Road Price' of the vehicle?
Include only if you're linking to loan eligibility or calculation context. Otherwise, remove to avoid dilution.
- Can my spouse be a co-borrower?
Yes, your spouse can join in on the car loan as a co-borrower. In that case, his/her income will be included.
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