SBI Car Loan

SBI Car Loan

February 01, 2017

Introduction:

State Bank of India (SBI) is India’s leading public sector bank which is headquartered in Mumbai, Maharashtra. It offers a range of financial services such as personal banking, corporate banking, agricultural banking, etc. It has more than 14,000 branches in India, including 191 foreign offices across 36 countries as recorded in year 2016-17. SBI is counted among the top banks in India as it provides innovating banking solutions to its clients. SBI offers car loan schemes with competitive interest rates, longest loan tenure and flexible repayment options. SBI car loan can be availed easily by different segments of the population such as self-employed professionals, salaried professionals, etc. It can be availed to finance new cars, used cars and multi-utility vehicles.

Features of SBI Car Loan:

Low interest rates: SBI car loan offers lowest possible interest rates starting from 9.25% onwards. The interest rate given to a borrower is calculated on daily reducing basis. 

No foreclosure charges: No foreclosure charges are levied on SBI Car loan. It means that borrowers need not to pay any additional charges for pre-paying the borrowed loan amount. 

Longest repayment tenure: Borrowers are given longest repayment tenure of up to 7 years for re-paying the borrowed loan amount. 

Financing on-road price of the car: SBI car loan finances up to 85% of the on-price of the car which includes annual maintenance, cost of accessories, insurance charges, registration cost, total service package and extended warranty. 

Multiple loan options available: Borrowers can choose a car loan scheme from multiple car loan options available. SBI car loan schemes are designed to finance both new as well as used cars. 

Optional SBI life cover: Borrowers can also avail SBI life insurance cover along with SBI car loan by just paying some extra amount. 

Overdraft facility: Along with the SBI car loan, borrowers can also avail an overdraft facility from State Bank of India.

SBI Car Loan Interest Rates:

1 year MCLR rate: 9.25% p.a.
Loan Schemes
Interest Rate for Men
SBI Combo Loan Scheme
9.25% p.a.
NRI Car Loan
9.25% p.a.
Certified Pre-owned car loan
12.65% p.a.

*The figures mentioned above are subject to change. 

The SBI car loan offers both fixed and floating interest rates. Women borrowers are given 0.05% concession on interest rates for all SBI car loan schemes 

The interest rate offered varies on the following factors: 
  1. Car loan applicant 
  2. Tenure of car loan 
  3. Car loan scheme
  4. New or pre-owned car

SBI Car Loan Eligibility:

  1. An applicant applying for SBI Car loan should be in the age bracket of 21 to 65 years.
  2. The minimum net annual income of a salaried professional should be Rs.2 lacs. 
  3. A self-employed professional applying for SBI car loan must have a minimum net annual income of Rs.3 lacs.

Documentation:

In order to apply for SBI car loan, customers need to submit a dully filled and signed SBI car loan application form along with necessary documents such as: 

  1. Bank account statement of last 6 months.
  2. Two passport sized photographs 
  3. Any ID proof like Aadhar card, passport, PAN card, voter’s ID card or driving license
  4. Income proof (for salaried professionals): salary slips of last 6 months or Form 16 of last 2 years
  5. Address proof
  6. IT Return for last 2 years (for non-salaried or self-employed professionals) 
  7. Profit-loss statement of last 2 years (for non-salaried or self-employed professionals)
  8. CA certified Balance sheet (for non-salaried or self-employed professionals)
  9. Necessary lad holding documents (for applicants involved in agricultural activities) 
  10. Proof of business activity (for applicants involved in agricultural activities)

Frequently Asked questions:

Q.1 I want to transfer my existing car loan to SBI car loan. Which are necessary documents for this process?

For car loan balance transfer, you have to submit the following documents: 

  • Foreclosure letter 
  • RC
  • List of documents submitted to the current lender 
  • Insurance copy
  • NOC letter from the current lender
  • Account statement from the current lender
  • Loan sanction letter from the current lender
Q.2 What is minimum annual income required for SBI car loan?

The minimum annual income required for SBI car loan is Rs.2 lacs.

Q.3 From where can I get the SBI car loan application form?

Eligible applicants can download the application form from SBI official website or visit the nearest branch. SBI Car loan can also be applied online through paisabzaar.com


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