SBI New Car Loan Scheme: Interest Rate, Eligibility, Processing & Customer Care

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SBI NEW CAR LOAN SCHEME

ABOUT SBI NEW CAR LOAN SCHEME :

SBI bank is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai.

SBI New Car Loan Scheme is for purchasing new cars ranging from small compact cars to larger ones such as MUVs and SUVs. Customers can obtain SBI Bank loan for a new car at attractive terms and conditions set by the State Bank of India.

BENEFITS OF SBI NEW CAR LOAN SCHEME :

1. No foreclosure charges :

Car loan borrowers do not need to pay extra for pre paying the borrowed car loan amount. SBI new car loan scheme doesn't charge any foreclosure and pre payment charges.

2. Repayment tenure : 

SBI offers best and flexible repayment tenure to the customers who want to buy their new dream car. The repayment tenure of SBI car loan scheme is 1 years to 7 years.

3. Lowest Interest rate :

The minimum interest rate of SBI Bank new car loan scheme is 8.00% and the maximum interest rate is 10.75%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. It offers the lowest interest rate to the customers.

4. Car loan offered on road price of the car :

SBI Bank new car loan scheme offered 90% of on road price of the car. 

FEE AND CHARGES OF SBI NEW CAR LOAN SCHEME :

TYPE 

CHARGES

Processing fee

0.40% of the loan amount plus GST (Minimum Rs.1000 plus GST and Maximum Rs.7500 plus GST)

Foreclosure charges 

No charges allowed

Vehicle search charges 

Rs.50 per search 

ELIGIBILITY CRITERIA REQUIRED FOR SBI NEW CAR LOAN SCHEME :

  • For salaried person :

    • Age : 21 to 67 years

    • Income : A net annual income of Rs. 2,50,000 of the applicant and/or the co-applicant

    • Maximum Loan amount : Forty eight times of the net monthly income

  • For self-employed,  businessmen, proprietary/partnership firms :

    • Age : 21 ton 67 years

    • Income : Net Profit or Gross Taxable income of Rs. 4,00,000

    • Maximum Loan Amount : 4 times of Net Profit or Gross Taxable income as per the filed ITR

  • For Agriculturist :

    • Age : 21 to 67 years

    • Income : A net annual income of Rs. 4,00,000 of the applicant and/or the co-applicant

    • Maximum Loan amount : 4 times of Net annual income

DOCUMENTS REQUIRED FOR SBI NEW CAR LOAN SCHEME : 

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get. 

TYPE

Id Proof

Address proof

Income proof

Salaried

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, salary slip last 3 month, Form 16 for last 2 years and ITR of last 2 years.

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Last 2 years ITR, Form 16 last 2 years, audited balance sheet, profit & loss statement for last 2 years, sales tax certificate, partnership copy

Agriculturist

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Direct agricultural activity, allied agricultural activity (poultry, dairy, plantation, horticulture

SBI OTHER CAR LOAN SCHEME :

1. SBI New Car Loan Scheme :

This scheme is best for those who wish to buy a new car for themselves. The repayment time is up to 84 months and the applicant is also offered an optional SBI Life Insurance Cover.

2. SBI Certified Pre-owned Car Loan Scheme :

This scheme is for those who wish to Buys a pre-owned car for themselves. The minimum loan that one can avail is Rs.3 lakh and the maximum loan amount being Rs.10 lakh. The repayment time can be either 5 years, or 8 years excluding the age of the vehicle.

3. SBI Loyalty Car Loan Scheme :

Customers who have availed a home loan from SBI have the option of availing this scheme and purchase a car of their choice. The repayment tenure under this scheme is 7 years, and the minimum income criteria the applicant will have to fulfill are Rs.2 lakh.

4. SBI Assured Car Loan Scheme :

If a customer has opened a fixed deposit account in a branch of SBI, then he/she can get this car loan scheme. The repayment time ranged between 3 years and 7 years depending on the loan amount. The margin under this scheme is 100% of the on-road price of the vehicle or the fixed deposit. The minimum loan amount one can get is Rs.2 lakh.

5. SBI Car Loan Lite Scheme :

Businessmen, agriculturists, and self-employed people under ‘Tatkal Tractor Scheme’ who are engaged in business which provides them income but have no proof to show for the same can apply for this scheme. The maximum loan amount that one can avail under this scheme is Rs.4 lakh, and the maximum repayment tenure is 5 years.

COMPARE OTHER BANK CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

HOW TO APPLY FOR SBI CAR LOAN SCHEME :

There is multiple ways by which you can apply for SBI new car loan scheme like

  1. Offline Method : By visiting to SBI branch office

  2. Online Method :

    • Firstly browse to SBI bank website

    • Now click on “Personal” 

    • In personal menu click on “Loans”

    • After that go to “Auto Loan”

    • Now click on “ SBI new car loan scheme”

    • Click on Apply now and fill the application form

    • Attach all required documents with application form and submit it

    • In few you will notify whether you are eligible or not for the loan

HOW TO CALCULATE EMI OF SBI NEW CAR LOAN SCHEME :

Use this formula to calculate your EMI :

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, 

E denotes the EMI, 

P the principal amount,

R the interest rate and 

N the number of years or tenure of the loan.

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

 

FREQUENTLY ASKED QUESTIONS :

Q1. What is the maximum interest rate charged by SBI new car loan scheme?

The maximum interest rate charged by SBI new car loan scheme is 8.00%.to 10.75%.

Q2. How do I get in touch with SBI customer care?

By Phone: You can call the bank at toll- free numbers 1800-425-3800 or 1800-11-2211

By email: You can send an email to contactcentre@sbi.co.in or you can visit the nearest SBI branch.

Q3. How much SBI new car loan scheme amount limits?

The SBI new car loan scheme amount limit is 90 percent of on road price of the car.

Q4. How much charges should be applied for SBI new car loan scheme?

No, there are no charges apply for SBI new car loan scheme. 

Q5. What age is required for SBI new car loan scheme?

The age should be 21 years to 67 years required for SBI new car loan scheme.

Last Updated on : 27/Jul/2020

Know More How To Apply ??

Know More About

Sbi New Car Loan Scheme

You're eligible for a Sbi New Car Loan Scheme if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Sbi New Car Loan Scheme Interest Rates

Updated on 25 Nov 2017

Sbi New Car Loan Scheme Details
Interest Rate (Monthly reducing balance) 8% - 10.75%
Processing Fees 0.40% of the loan amount plus GST (Minimum Rs.1000 plus GST and Maximum Rs.7500 plus GST)
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959