SBI Car Loan - Calculate EMI, Check Eligibility & Apply Online

SBI provides you with the best deal for financing your new vehicle, with the lowest interest rates, smallest EMIs, least paperwork, and quickest disbursement. As a result, you won't have to wait as long for your loan to be approved. There are some considerations to make, such as whether to purchase a new or used vehicle, as interest rates differ between the two.

TYPES OF CAR LOAN SCHEMES OF SBI

SBI New Car Loan Scheme	For new vehicles, financing up to 90% of the on-road price is available. New passenger cars, multi-utility vehicles (MUVs), and SUVs have a repayment period of up to 7 years.
Certified Pre Owned Car Loan	At a 20% margin, you can get a loan sum ranging from Rs.3 lakh to Rs.10 lakh.
SBI Loyalty Car Loan Scheme	Get up to 100% on-road price, with the maximum loan amount calculated on 75% of the current market value of the home property minus the current outstanding balance. Existing home loan borrowers are not eligible for the programme.
SBI Assured Car Loan Scheme	This scheme is available to existing term deposit customers and includes a 100 percent fixed deposit for the on-road price, with a maximum loan amount of Rs.2 lakh and a repayment period of 3-7 years.
SBI Car Loan Lite Scheme	This programme is designed for professionals and self-employed/business owners who do not have evidence of income. The loan's LTV is 25% of the on-road price with a maximum of 75% of the on-road price. The loan has a cumulative loan amount of Rs.4 lakh and a repayment period of up to 5 years.
Green Car Loan: For Electric Cars	This scheme has a repayment period of 3 to 8 years. A 20 basis point discount on interest rates is available to all consumers. Up to 90% of the on-road price may be financed.

INTEREST RATES OF SBI CAR LOANS

The rates listed below are effective as of June 10, 2020, with a 1-year MCLR of 7%.

Car Loan Scheme

Interest Rate (p.a.)

i) SBI Car Loan

ii) NRI Car Loan

iii) Assured Car Loan Scheme

From 7.75% to 8.45%

Loyalty Car Loan Scheme

SBI Car Loan, NRI Car Loan

From 7.70% to 8.40 % (CIC Based rates are applicable)

Certified Pre-owned Car Loan Scheme

Men: 2.25% above 1 year MCLR i.e. 9.25% p.a.

For Women: 2.20% above 1 year MCLR i.e. 9.20% p.a.

Certified Pre-owned Car Loan Scheme

From 9.50% to 10.50% (CIC-based rates are applicable)

SBI Car Loan Lite

CIBIL Score	Rate of Interest
>=757	3.00% above 2 Yr MCLR i.e. 10.20% p.a.
From 689 to 756	4.00% above 2 Yr MCLR i.e. 11.20% p.a.

SBI CAR LOAN ELIGIBILITY

The table below shows the different eligibility requirements for obtaining a vehicle loan.

ELIGIBILITY CRITERIA	ELIGIBILITY DETAILS
Age	21 years - 65 years
Minimum Annual Income	Salaried: ₹ 0.01 Lakh Lakhs. Self Employed Professionals: ₹ 4 Lakhs. Self Employed Businessmen: ₹ 4 Lakhs
Minimum Credit Score	700 and above.
Loan Tenure	7 years.
Loan to Value Ratio	85% of on-road price.

SBI AUTO LOAN FEE AND CHARGES

Foreclosure Charges: If you want to pay off your whole loan before the end of the term, you'll have to pay these fees. After paying one EMI, SBI makes prepayment of a vehicle loan with no penalty.
Processing Fee: A processing fee of 0.20 percent of the loan amount is requested by SBI. With applicable service tax, the minimum is ₹500 and the maximum is ₹ 3,750.

STATE BANK OF INDIA CAR LOAN

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