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Home » India » State Bank of India » Car Loan

SBI Car Loan

SBI offers best car loan schemes which carry attractive and competitive interest rates affordable by all types of borrowers for purchasing new cars certified pre-owned cars and used cars. With no advance emi, low interest rates, less processing fee and longest repayment tenure of 7 years in the industry makes it the best choice among car loan seekers. The bank offers a flexible way of making payments of the car loan emi and can be scheduled on any day of the month. With new schemes like Free Accident insurance, No pre-payment or pre closure charges the bank has been able to attract large number of loan seekers to own their dream car. For post office employees there is SBI – TML car loan scheme.

SBI car loans are available subject to fulfilling certain eligibility criteria and on submission of required documents. Application form for car loans is available on the official website of the bank and you can also apply online by filling the form. You must go through terms and conditions minutely to avoid troubles and to avoid rejection of your car loan application.

SBI Car Loan Eligibility

SBI sanctions loan amount up to a maximum of four times of your annual income. To procure SBI car loan one must fulfil the following eligibility criteria.
  1. Only those with age of 21-65 years of age can apply.
  2. The employee of State or Central Government or any one working under public Sector Undertaking, Private Company whose gross annual income is Rs. 2,50,000/- and above is eligible for availing the car loan.
  3. An individual who is applying for the loan should be an income tax assessee.
  4. Farmers and people associated with Agricultural and allied activities are also eligible for the loan.
The loan eligibility calculator also known as car loan calculator helps all the borrowers to calculate the amount of car loan they want to borrow.

SBI Car Loan Documents

You can go through the car loan documents mentioned below and check them to ascertain that you have all the documents required ready with you for submission. The following documents are required to be submitted along with the completely filled application form to make successful application.
  • Last six months bank account statement.
  • 2 passport size photographs.
  • Original copy of passport or voters ID card or PAN card and residence proof for verification.
  • Current salary slips stating all deductions along with filed I.T. returns of the last 2 years or Form 16.
You can download the application form in PDF format by visiting the website of the bank. However, while filling up the application form the applicant must fill up the Form-A, Form-B separately. In addition to this you can also fill up an online application form by visiting the website of the bank after providing some important details like name, address, email id, date of birth and submit it. You will be contacted within 24 business hours and will be informed about the application status. The approval time of the car loan may take some time as the sanction time for the verification process is long so you have to be patient till the closing procedure.

SBI Car Loan Interest Rate 2012

Given below are the current interest rates of the SBI Car loan. Please remember that the latest lending rates vary from time to time. Interest rate calculator can be used to calculate installment amounts. You can view the table and know the rate of interest that will be applied to your car loan.

Tenure TypeRate of Interest(%)
For Term Loan0.75% above Base Rate, i.e. 10.75% p.a.
For Overdraft Facility0.75% above Base Rate, i.e. 10.75% p.a.
Above 3 yrs (Used Cars)7.50% above Base Rate i.e. 17.50% p.a.
Above 3 yrs (Certified Pre-owned Car Loan scheme)6.00% above Base Rate i.e. 16.00% p.a.

SBI Car Loan Repayment

State bank of India offers the longest loan repayment period of 84 months which is the maximum loan repaying tenure offered in the Indian banking industry. The repayment procedure is very simple and easy. Customers are charge with a one time Processing Fee which is 0.51% of the loan amount. You can also at anytime login into your online banking account and pay off your car loan emi amount, get a statement online and check balance of your entire outstanding amount.SBI Car Loan Calculator also known by the name of Emi Calculator helps borrowers to calculate emi they have to pay. They can make use of the calculators by the visiting the website of the bank online. They only need to enter certain information like amount, duration, interest Rate and they will be able to calculate the car loan amount.

SBI Car Loan Customer Care

If you have any car loan queries then you can dial the toll free customer care number 1800112211 or 18004253800 from your BSNL or MTNL line and contact with the helpdesk of the customer care department. For more information you are requested to make call on the helpline contact numbers or visit the website of the bank and read the foreclosure details, terms and conditions of the loan carefully to know about the various schemes, offers, ecs mandate form and the eligibility criteria for pensioners, retired persons and for nri of the car loan. If you are not satisfied with the response of the customer care department then you can contact with the customer grievance cell. So now you can buy your dream car without worrying about your budget.

Last Updated On: 2012/09/13

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