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SBI Car Loan


SBI provides car loans for purchase of new and used passenger cars, Multi Utility Vehicles (MUVs) and SUVs.

To avail SBI car loan, the borrower should be in the age group of 21 - 65 years with regular employment, self-employed or professional with history to substantiate. The minimum annual income required to qualify for SBI car loan is Rs. 2,50,000/-.

SBI finances up to 85%-90% of "on road price" of the new car that includes octroi, registration, insurance and car accessories upto worth Rs. 25,000/- The maximum loan amount available under SBI car loan scheme is 48 times the net monthly income or 4 times the net annual income. The borrower can repay the SBI car loan within a period of 7 years through equated monthly installment.

SBI charges 0.51% of loan amount as processing fee however the minimum fee is Rs. Rs 1020/- and the Maximum is capped at Rs 10200/-. SBI does not charge any penalty for foreclosure of SBI car loan for new vehicles.

SBI car loan is also available for purchase of used car as well as pre-owned certified used car. For Used Car / Certified Pre-Owned Car Loan, SBI finances 85% of 'On Road Price' of car that includes octroi, registration, insurance and cost of accessories. Under the used car loan category, the car should not be older than 5 years. The loan under used car scheme is also available for maximum tenure of 7 years. SBI charges a penalty of 2% of outstanding loan amount on foreclosure of car loan taken for all kinds of pre-owned vehicles.

The bank will require following documents along with the application form for SBI car loan:-

  • Statement of the bank account where salary is credited
  • Proof of identity - Pan Card, Passport, Voter's Id, Driving License, etc.
  • Proof of residence
  • ITR / Form 16 of last 2 years
  • Two passport size photographs of the borrower
  • Proof of Office address for self-employed

Features:  One can get a car loan to buy an old or a new car along with the option of balance transfer. There is no ceiling on the loan amount for new cars. The loan amount for used car is subject to a maximum limit of Rs 15 lakh.

Processing Fees:  0.51% of loan amount

Prepayment Charges:  2% of outstanding loan amount

Down-payment:  15%

Max Tenure:  4

Plan Interest Rate Min Interest Rate Max EMI Processing Fee

SBI - Old - Floating 16.2 17.2 2844 - 2896 0.51% of loan amount

SBI - New - Floating 10.15 10.15 2543 Rs. 500/-

Hide Bank addresses

Bank Address of SBI Car Loan in India
Delhi - Shakur Basti
Area
Shakur Basti
Address
Main Market, Shakur Basti, Delhi
Pincode
110034
City
Delhi
State
Delhi
Gandhinagar - Gujarat Maritime Board Complex - 4291
Area
Gujarat Maritime Board Complex - 4291
Address
Gmb Complex Sector 10 A, Chh Roadgandhinagar ,Gujarat
Pincode
382010
City
Gandhinagar
State
Gujarat
Ludhiana - Model Town Extension
Area
Model Town Extension
Address
Opp Vridh Ashram, Near Gurudwara, Singh Sabha, Ludhiana
Pincode
141002
City
Ludhiana
State
Punjab
Srikakulam - Rajam
Area
Rajam
Address
Srikakulam, Andhra Pradesh
Pincode
532127
City
Srikakulam
State
Andhra Pradesh
Nadiad - Kapadwanj
Area
Kapadwanj
Address
Azad Chowk, Kapadwanj, Kheda, Gujarat
Pincode
387620
City
Nadiad
State
Gujarat
Kanpur - Arya Nagar Alwar
Area
Arya Nagar Alwar
Address
Aryanagar, Opp. Ganges Club, Kanpur, Uttar Pradesh
Pincode
208002
City
Kanpur
State
Uttar Pradesh
Kolkata - Dumdum Cantt
Area
Dumdum Cantt
Address
19/1, Manujendra Dutta Rd, Kolkata, 24 Parganasnorth, West Bengal
Pincode
700028
City
Kolkata
State
West Bengal
Patna - Exbition Road
Area
Exbition Road
Address
3rd Floor, Abhishek Plaza, Exhibition Road, Patna, Bihar
Pincode
800001
City
Patna
State
Bihar
Chitradurga - Mcc Block Davangere
Area
Mcc Block Davangere
Address
P.B.No. 205, 79/1, A.R Arcade, P B Road, Davangere, Chitradurga, Karnataka
Pincode
577002
City
Chitradurga
State
Karnataka
Aurangabad - Paithan
Area
Paithan
Address
Aurangabad, Maharashtra
Pincode
431107
City
Aurangabad
State
Maharashtra
More....
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