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SBI New Car Loan Scheme

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.

SBI Bank Car Loan Interest Rates 2021

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

State Bank Of India Car Loan Highlights 

Here are the notable offering of the State Bank of India new car loan:

  • Purpose

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.

  • Loan Amount

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. 

  • Rate of Interest

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. 

  • Repayment Tenure

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.

Eligibility for SBI New Car Finance

Here are the SBI car loan eligibility requirements which you have to meet to have a hassle-free loan disbursement:

  • The SBI new car loan is offered to the  salaried employees, businessmen and professionals. M
  • Private and public limited companies, proprietorship firms and partnership firms are also eligible to apply for SBI auto loans.
  • Minimum age of loan applicants has to be at least 21 years of age when applying for this loan.
  • Maximum age of loan borrowers should not be above 67 years when the tenure ends.
  • Loan applicants must have a minimum annual income of at least Rs 3 lacs. 
  • Applicants must have a good credit score.

Documents Required for State Bank Car Loan

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:

Documents 

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

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

Other Documents

Passport-size Photographs, Duly Filled Application Form 

Passport-size Photographs, Duly Filled Application Form

Compare Other Bank Car Loan Interest Rate

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

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 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%

SBI New Car Loan EMI Calculator 

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.

How to Apply for SBI New Car Loan?

Here are the methods to apply for State Bank of India new car loan scheme: 

  • Apply for SBI new car loan offline

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.

  • Apply for SBI new car loan online

If you want to apply for a State Bank new car loan online, the you need to follow the steps mentioned below:

  • Head to the official website of State Bank of India.
  • Now go to the “Personal” banking menu list in the. 
  • Click and open on the “Auto Loans” section.
  • Find and click the “SBI New Car Loan Scheme” option.
  • After that, you can click the “Apply Now” button.
  • Now enter all the details that are required in the SBI car loan application form.
  • Once you have filled in information, submit the loan application.

You can also call the SBI loan customer support in order to enquire about the new car loan procedure.

SBI New Car Loan Customer Care

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

FAQs On SBI Bank Car Loan

Q.1 What are the interest rates for State Bank of India new car loans?

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.

Q.2 What is the processing fee for a State bank car loan?

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. 

Q.3 How to apply for a SBI new car loan scheme?

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.

Q.4 What is the minimum income requirement for SBI new car loan?

Loan applicants must earn a minimum annual income of Rs 3 lacs in order to be eligible for SBI new car loan.

Q.5 How do I track my SBI new car loan application status?

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/2021

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