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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.
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