SBI
SBI Car Loan
SBI one of the largest public sector bank in the country provides you with the most successful way to finance for a new car with lowest interest rates, lowest EMI, less documentation and easy payment services. SBI provides the fastest way to approval for a loan without waiting for a long period. SBI has the longest tenure of 84 months and provides loan for purchasing both a new car and old car. There is no advance EMI s another appealing aspect, which means you don't have to pay any EMI before using your car. SBI Car Loan is can be afforded by both salaried and self-employed applicants. Buying a dream car is much easier now as SBI car loans can pay up to 90% of the on-road price of your new car. But the rate of interest for a old car will be higher than a new car.
| Loan Name | Interest Rate | Processing Fee | Loan Amount | Tenure |
|---|
SBI New Car Loan Scheme
|
9.30% -9.80%, Floating | 0 | - | 7 Years |
| Details | ||||
For Salaried Individuals
- Duly filled in application form along with 2 passport sized photographs
- Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
- Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
- PAN Card
- Statement of bank account for the last 6 months
- Income Proof Details – Form 16 for last 2 years, Latest Salary Slip for 3 months
For individuals engaged in Agricultural and Allied Activities
- Duly filled in application form along with 2 passport sized photographs
- Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
- Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
- PAN Card
- Statement of bank account for the last 6 months
- Income Proof Details – Direct Agricultural activity (crop cultivation), Khasra/Chitta Adangal (shows the cropping pattern), Patta/Khatoni which shows the landholding with a photograph.
- All the land should be on freehold basis and the ownership proof should be in the name of the borrower.
For Non-Salaried/ Businessmen/ Professionals
- Duly filled in application form along with 2 passport sized photographs
- Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
- Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
- PAN Card
- Statement of bank account for the last 6 months
- Income Proof Details –Income Tax Returns for the last 6 months
- Business Proof Details – Audited Balance Sheet, Profit and loss account statement for the last 2 years, SSI registered certificate, Shop and Establishment Act Certificate, Sales Tax Certificate, Copy of partnership.
- Longest repayment period (up to 7 years)
- Get loan amount on the road price
- No advance equated monthly instalments
- Lowest Interest Rates
- Lowest Equated monthly instalments
- SBI Life Insurance coverage is available on an optional basis
- Minimum age of the applicant should be 21 years
- Maximum age of the applicant should be 65 years
- The applicant should be a resident Indian.
The applicants should fall under the below-mentioned categories to secure the loan
| Category | Income Criteria | Maximum Loan Amount | |
|---|---|---|---|
| Should be a regular employee in State/ Central Government or Private Company or Public Sector Undertaking or a reputed establishment | Net Annual Income of the applicant and or the co-applicant if any should be minimum of Rs 2,50,000 | 48 times of total Net Monthly Income | |
| If the applicant is engaged in agricultural and related activities | Net Annual Income of the applicant and or co-applicant together should be minimum of Rs 4,00,000 | 3 times the Net Annual Income | |
| Professionals, self-employed, Businessmen, Partnership/Proprietary firms who are income tax assesses | Net Profit or Gross Taxable Income of Rs 3,00,000 per annum (in this case, the income of the co-applicant can be clubbed together) | 4 times the Net Profit or Gross Taxable Income as per the Income Tax Regulations after adding back depreciation amount and repayment of all existing loans. |
- If the net annual income is up to Rs 10 lakhs then get financing of up to 90% of On-road Price.
- If the net annual income is more than Rs 10 lakhs then get financing of up to 90% of On-road Price.
|
SBI Two Wheeler Loans
|
9.30%-9.80%, Floating | 0 | - | 3 Years |
| Details | ||||
- Duly filled in application form along with 2 passport sized photographs
- Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
- Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
- Signature identification from bankers of the borrower.
- PAN Card
- Statement of bank account for the last 6 months
- Income Proof Details – Form 16 for last 2 years which is duly acknowledged by the Income Tax Office for Professionals, self-employed and others, Latest Salary Slip for 3 months
- Latest salary slip which shows all the deductions
- TDS Certificate
- No Advance EMI is charged
- Lowest equated monthly instalments
- Lowest interest rates
- The interest amount is calculated on daily reducing balance
- Free accidental insurance is available
- Optional SBI life cover is also available
- The minimum age of the applicant should be 21 years
- The maximum age of the applicant should be 65 years
- The applicant can be the permanent employee working in the state or central government, private company, public sector undertaking, or reputed organization
- The applicant can also be a self-employed individual who is an income tax assesses as per the Income Tax Act of 1961
- The applicant can also be engaged in agricultural and allied activities
- The minimum net annual income of the applicant should be Rs 75000 (for regular diesel/petrol/gas operated scooters and motorcycles)
- The minimum net annual income of the applicant should be Rs 60000 (for mopeds and battery operated two wheelers)
- The loan amount is restricted to 6 times the net monthly income for salaried individuals
- The loan amount is restricted to half of the net annual income for self-employed
- Loan amount should be arrived based on the nature of the activity (cropping pattern, annual yield, dairy poultry, farming, orchards) in case of agriculturists
- The Processing Fees is Nil for two-wheeler loan, but if the loan amount is up to Rs 600000 then a processing fee of Rs 1000+GST charges will be levied as processing fee
- If the loan amount is above Rs 600000, then Rs 1500+GST charges will be levied as processing fee
SBI Car Loan Eligibility
- Must have a minimum age of 21 years to a maximum of 65 years.
- Salaried applicants must have a minimum income of 3 lac per annum.
- Self-employed applicants must have an annual profit of Rs 4 lac
- Agriculturalist must have a net annual income of Rs 4 lac.
- Must have job stability of 2 years of salaried applicants only.
- Salaried applicants can get a maximum loan amount of 48 times the net monthly income.
- Self-employed or businessman can get a maximum loan amount of 4 times of Net Profit or Gross Taxable income as per the filed ITR
- Agriculturist can get a maximum loan amount of 4 times of Net annual income.
Features of SBI Car Loan
- Applicants can get a concession of 25 basis points (100bps=1%) on the interest rate if they apply for a car loan from SBI Yono or the official website of SBI.
- Applicant can get car loans with interest rate starting from 9.4%
- SBI provides an option of prepayment at Nil charges to the applicant
- Depending on the EMI amount if you have a surplus sum then you are able to prepay your car loan in the future.
- You can also add co-applicant to take a car loan from SBI that will increase your eligibility to avail a car loan.
- Get lowest EMI of Rs 1,622 per lakh.
- Get an option of no pre-payment penalty or foreclosure charges.
- Get an option of SBI Life Insurance Cover.
- Get an option of overdraft facility
- SBI bank provides the longest tenure of 7 years or 84 months.
- Applicants are charged interest rate as per the daily reducing balance.
- Get your loan approved within 30 minutes.
Documents needed for SBI Car Loan
For salaried applicants
- Bank statement of last 6 months
- 2 recent passport size photographs
- Salary statement of last 3 months
- IT returns of the last 2 years
- Proof of Identity- Aadhar Card, Voter Id card, Passport
- Resident proof- Utility Bills, Passport, Driving License, Ration Card
- Form 16
For self-employed applicants
- Bank statement of last 6 months
- 2 recent passport size photographs
- Proof of Identity- Aadhar Card, Voter Id card, Passport
- Resident proof- Utility Bills, Passport, Driving License, Ration Card
- Audited Balance Sheet
- IT returns of the last 2 years
- Form 16
- Business stability proof of last 3 years
For agriculturalist
- Bank statement of last 6 months
- 2 recent passport size photographs
- Proof of Identity- Aadhar Card, Voter Id card, Passport
- Resident proof- Utility Bills, Passport, Driving License, Ration Card
- Agricultural proof approved by the government
SBI Car Loan Interest Rate
Get an interest rate of 9.20-9.70
Sbi Car Loan Charges
- Processing fees- 0.51% of the loan amount
- If the loan amount is up to 6 lac- Rs 1000+GST
- If the loan amount is more than 6 lac- Rs 1500+GST
- Pre-payment penalty- 1%+GST
- Financing charges- 90% on the car road price
Sbi Car Loan Apply
- Go to the official site of SBI
- Now click on Apply now in Car Loan Section
- Now relationship with bank page appears, if you have any relationship with the bank click on yes, under the drop-down box of Type of relationship select your relationship with the bank, mention your account number and mobile number, accept the declaration and click on submit.
If you don't have any relationship with the bank click on No and under the drop-down box select your purpose of loan and loan category. - Now enter your vehicle details and model details.
- Now select you car variant
- Now provide your personal details like personal and income details.
- Enter your co-applicant details if required.
- Now enter the captcha code, select the declaration and click on submit.
- Now as per your eligibility criteria loan offer is displayed to you.
- Select the loan offer and complete the application process.
Sbi Car Loan EMI Calculator
Car Loan Calculator from Sbi lets you swiftly measure your Car Loan EMI.
Sbi assures a comfortable car loan EMI with a low-interest rate and a long repayment period. Calculate the EMI for your loan using EMI Car loan calculator. Sbi Car Loan calculator is simple to operate for a car buyer.
Benefits of Sbi Car Loan EMI Calculator
Sbi Car Loan calculator gives a clear insight into the balance that needs to be paid to the EMI and helps to make informed decisions about the outflow to the car loan each month. This enables to calculate the amount of the loan that can be used and helps to evaluate the own contribution requirements and the cost of the asset. Understanding the EMI is therefore essential for determining approval for the car loan.
How do I use the Car Loan EMI calculator from Sbi?
- Enter the loan amount you want to utilize.
- Enter the loan term you want to avail for the car loan. A longer tenure helps to increase your eligibility.
- Enter the interest rate as per your criteria and get Car loan EMI amount and Total Interest Amount
Sbi Car Loan Customer Care
For any inquiry or issue for Sbi Car Loan, kindly call on the below given 24x7 tollfree numbers
1800 11 2211
1800 425 3800
080-26599990
This numbers can be used from landline and mobile phones across the country.
SMS Facility
Sbi Car Loan customers can contact Sbi Customer Care service by sending SMS
Write UNHAPPY and send it to 8008 202020
Or else the applicant can write or reach to the below-given address
Real Estate and Housing Business Unit,
State Bank of India, Corporate Center
Madame Cama Road, State Bank Bhavan, Nariman Point
Mumbai- 400021, Maharashtra
Email Facility
Applicants can raise their complaint through Email
Sbi Quick Facility
MISSED CALL BANKING is a free service provided by Sbi Bank to its customers, in order to access Account Statement, Mini Statement or to raise any complaint. This feature can be used in Sbi Quick App which is available in Android, IOS, Windows and Blackberry Phones. This app doesn't require any steady Internet connection, applicants can use this facility over SMS or Missed Call.
FAQs
Q: What are the benefits that SBI provides for Women car loan borrowers?
A: SBI provides a lower interest rate on the car loan for women borrowers. The borrower can get 0.05% lesser rates while comparing with regular customers.
Q: What are the salient features of SBI car loan?
A: SBI offers the following features to the car loan borrowers:
- Lowest interest rates and as well as the lowest EMI too.
- The longest repayment tenure is up to 7 years.
- Financing on "On-road price"
- The interest rate is calculated on daily reducing balances
- No foreclosure charges
- No Advance EMI
- Optional cover SBI life insurance is available
Q: Is there any special benefit on “On-road price”?
A: Yes, On-road price includes Registration, Insurance and Extended warranty/Annual maintenance contract/Total service package/Cost of accessories
Q: How can a customer take over the car loan from another bank to SBI?
A: By submitting the following documents a customer can take over the car loan from another bank to SBI:
- Letter undertaking the issue of NOC by the present lender (financial institution or bank).
- Account statement by the lender
- Original sanction letter of the lender
- RC book
- Foreclosure letter
- List of documents held by the lender
- Copy of insurance
Q: How many types of car loans do SBI provides to the borrowers?
A: Based on the borrower's income SBI provides different types of Car Loans. They are listed below:
- SBI new car loan scheme.
- Certified pre-owned car loan scheme.
- SBI loyalty car loan scheme.
- SBI assured car loan scheme.
- SBI car loan lite scheme.
- Allahabad Bank Personal Loan
- Andhra Bank Personal Loan
- Axis Bank Personal Loan
- Bank Of Baroda Personal Loan
- Bank of India Personal Loan
- Bank of Maharashtra Personal Loan
- Canara Bank Personal Loan
- HDFC Personal Loan
- ICICI Personal Loan
- PNB Personal Loan
- SBI Personal Loan
- Union Bank Personal Loan
- YES BANK Personal Loan