SBI new car loan scheme is a branch of SBI auto loans that allow you to fulfill your dream of owning a car. The lender provides car loans for the purchase of new cars with a maximum financing of up to 90% of the on-road price of the vehicle. You get to avail the car loan from State bank at a pocket-friendly rate of interest that starts from 7.50% per annum. The loan is offered for a repayment tenure of up to 7 years. If you cannot spend more time waiting to buy your own car then you can consider applying for a State Bank of India new car loan.
|
Loan Amount |
Up to 90% of the on-road price of the vehicle |
|
Interest Charges |
Starts at 7.50 % per annum |
|
Processing Fees |
0.40% of loan amount plus applicable charges (minimum Ra 1000 and maximum Rs 7,500) |
|
Repayment Tenure |
Up to 7 years |
|
Prepayment |
Up to 5% of principal outstanding |
Here are the notable offering of the State Bank of India new car loan:
State Bank of India new car loans bring you financial help to help with the purchase of your dream car. The lender provides finance to help buy any new car ranging from hatchbacks to premium sedans or SUVs.
State bank new car loans bring you the financing of up to 90% of the on-road price of the vehicle. However, you must note that the car loan amount is decided by a number of parameters such as your monthly/ annual income, your relationship with the bank, age, repayment history and many other factors.
State Bank of India new car loan interest rates start from 7.50% per annum. The SBI new car loan interest rates are affected by various checkpoints such as the car loan repayment tenure, credit score, income. existing debts etc.
Loan borrowers get quite a flexible SBI car loan repayment tenure. The bank allows you to choose from easy loan repayment period options. The SBI new car loan repayment tenure ranges between 1 year and 7 years.
Here are the SBI car loan eligibility requirements which you have to meet to have a hassle-free loan disbursement:
You have to be ready with the required SBI car loan documents that are to be submitted along with your SBI new car loan application. Failing the documentation results in a fussy process and even rejection of application. Therefore, make sure all your documents are in check before you apply for the loan.
Here are the required State Bank of India car loan documents:
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Documents |
Salaried Applicants |
Self Employed Applicants |
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Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
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Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
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Other Documents |
Passport-size Photographs, Duly Filled Application Form |
Passport-size Photographs, Duly Filled Application Form |
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BANKS |
INTEREST RATE |
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9.05% to 11.30% |
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8.80% to 10.50% |
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12.75% to 15.30% |
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13.75% to 16% |
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8.00% to 24% |
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9.25% |
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9.30% to 12.85% |
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9.30% to 9.90% |
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12% to 14% |
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10.65% to 15.50% |
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8.85% |
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8.95% |
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7.75% to 10.30% |
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8.45% |
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8.9% to 9.35% |
SBI car loan EMI calculator tool is an online tool that gives a fuss-free and accurate calculation of your payable SBI new car loan EMI. It allows you to know the amount that you will have to pay every month for your car loan instalments.
You can visit the official website of the bank to calculate the SBI car loan EMI amount. In the SBI car loan calculator, you only need to enter the principal amount along with loan term (years) and interest rate.
To quickly calculate the SBI car loan EMI, it is best that you use the BankSathi car loan calculator. In this tool, you have input the loan details (amount, interest and tenure) and you will find the monthly expense as well as the yearly expense on your car loan.
Here are the methods to apply for State Bank of India new car loan scheme:
You can apply for a SBI car loan offline easily. All you have to do is visit the nearest branch of the State Bank of India. Make sure you carry all the required car loan documents that you will have to submit at the time of the SBI home loan application.
If you want to apply for a State Bank new car loan online, the you need to follow the steps mentioned below:
You can also call the SBI loan customer support in order to enquire about the new car loan procedure.
Here is the SBI customer care number which you can dial if you have any query, complaint or in case of any further assistance with the SBI new car loan scheme.
Toll-free: 1800 11 2018
Other Products Of State Bank Of India
SBI bank new car loan interest rates start from 7.50% per annum and are subject to several factors such as repayment tenure, credit score etc.
State Bank of India charges a car loan processing fee of 0.40% of the loan amount plus the applicable taxes. This processing fee is subject to a minimum amount of Rs 1000 and the maximum of Rs 7,500.
There are two different ways to apply for a SBI new car loan scheme- offline and online. In order to apply for the loan offline, you need to visit the nearest branch of SBI. You can go to the State Bank of India official website in order to apply for SBI new car loan online.
Loan applicants must earn a minimum annual income of Rs 3 lacs in order to be eligible for SBI new car loan.
You can go to the official website of State bank of India in order to check SBI new car loan application status online. Alternatively, you can reach out the the bank customer service.
Last Updated on : 08/May/2021Know More About
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
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