SBI Car Loan

To be eligible for an SBI New or Used Car Loan, applicants must adhere to the below-mentioned SBI car loan eligibility criteria:

• Applicant/individual must be aged between 21 years and 70 years.
• The applicant must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.

How to Apply for an SBI Car Loan

Applying for an SBI Car Loan is simple. Apply online from home, or visit an SBI branch in person. Here's how each option works:

✅ Online Application Process

• Access the official SBI website and navigate to the Auto Loans section or use the YONO mobile application for seamless digital application. 

Choose from the five available SBI car loan schemes based on your vehicle type and eligibility criteria: 

• New car loans for fresh vehicle purchases 

• Certified pre-owned loans for used vehicles 

• Loyalty schemes for existing home loan customers 

• Assured loans for FD holders 

• Green car loans for electric vehicles 

Complete the comprehensive application form with accurate details: 

• Personal information (name, age, contact details) 

• Employment details (designation, company, annual income) 

• Existing SBI account information (if applicable) 

• Vehicle specifications (make, model, price) 

• Loan requirements (desired loan amount and tenure) 

• Securely upload digital copies of all mandatory documents: 

• Identity proof (PAN card, Aadhar, passport, or driving licence) 

• Address proof (utility bills, driving licence, or passport) 

• Income proof (latest salary slip, Form 16, or IT returns) 

• Bank statements (6 months of transaction history) 

• Employment verification 

• Vehicle documentation (quotation, insurance details) 

• Review all entered information for accuracy before submission to avoid delays.
• The bank confirms receipt and provides an application reference number for tracking. 

SBI conducts document verification through their backend systems: 

• CIBIL credit score check 

• Income verification through employer coordination 

• Vehicle valuation assessment 

• Property and asset evaluation 

• Approval decision within 3-5 working days 

• Upon approval, SBI disburses the sanctioned loan amount directly to the vehicle dealer or seller's account, expediting the purchase process. 

✅ Offline Application Process

• Locate your nearest SBI branch using the branch locator tool on the website.
• Visit during banking hours with all required original documents. 

• Request the car loan application form from the branch manager or loan officer.
• Forms are also available on the SBI website for pre-filling at home. 

• Fill out the printed application form with complete personal, employment, and vehicle information.
• Attach all original and certified photocopies of required documents. 

• Present the completed application and supporting documents to the loan department.
• Receive an acknowledgement slip with your application reference number. 

• The branch manager reviews your application and forwards it for credit appraisal: 

• Document verification by bank staff 

• Submission to central processing team 

• CIBIL report generation 

• Credit committee evaluation 

• Upon successful verification, SBI issues a formal loan sanction letter detailing the loan amount, interest rate, tenure, and EMI amount. 

• Sign the loan agreement and security documents at the branch.
• Complete the property registration and hypothecation of the vehicle with transport authorities. 

• The loan amount is credited to your account or directly to the dealer, enabling you to complete the vehicle purchase. 

Key Features of SBI Car Loan

The main features of the car loan offered by SBI are mentioned below: 

• Flexible Repayment: Tenures ranging from 3 to 7 years, allowing customisation based on financial capacity 

• Daily Reducing Balance Method: Interest calculated on actual outstanding amount, reducing total cost 

• 100% On-Road Price Financing: Covers vehicle cost, registration, and insurance 

• No Advance EMI: First EMI payable only after disbursement month 

• No Prepayment Charges: Complete flexibility to repay loans early without penalties after 2 years 

• Optional Life Insurance: SBI Life Insurance cover available for additional security 

• Flexi Pay Option: Reduced EMI in initial months, 50% EMI for first 6 months (36-month minimum) or 50% for 6 months and 75% for next 6 months (60-month minimum) 

• Quick Approval and Disbursement: Digital application process with swift processing 

Car Loan Schemes Provided by SBI

The list of car loan schemes provided by SBI is given below:

1. SBI New Car Loan Scheme 

Designed for customers purchasing new passenger cars, multi-utility vehicles (MUVs), and sports utility vehicles (SUVs). 

Features: 

• Interest rate starting at 8.70% p.a. 

• Loan tenure up to 7 years 

• Financing up to 100% of on-road price 

• Competitive processing fees 

• Optional SBI Life Insurance cover 

• No prepayment penalties after 2 years 

Who Is Eligible? 

• Age: 21-70 years 

• Employment categories: Salaried employees, self-employed professionals, businessmen, and individuals engaged in agriculture and allied activities 

• Minimum annual income: Rs.3,00,000 (salaried) or Rs.4,00,000 (agriculture) 

• Valid driving licence and PAN card 

• Good credit history (CIBIL score 700 and above preferred) 

2. SBI Certified Pre-Owned Car Loan (Used Car Loan) 

Perfect for purchasing certified second-hand vehicles and pre-owned cars from authorised dealerships. 

Features: 

• Loan amount: Rs.2 lacs to Rs.150 lacs 

• Vehicle age: Not older than 5 years 

• Loan-to-value: 85% of vehicle valuation 

• Tenure: Up to 5 years or 8 years minus vehicle age (whichever is lower) 

• Processing fee: 1.25% + GST 

Who Is Eligible? 

• Age: 21-67 years (loan must be fully repaid by age 70) 

• Minimum income: Rs.3,00,000 annually 

• Vehicle must be certified by authorised dealers (Maruti True Value, Hyundai H-Promise, Honda Auto Terrace, Tata Assured, Mahindra First Choice, etc.) 

• Valid income proof and bank statements for last 6 months 

3. SBI Loyalty Car Loan Scheme 

Exclusive offer for existing SBI home loan customers seeking to purchase a car. 

Features: 

• Interest rates starting from 8.70% p.a. 

• Loan up to 100% of on-road price 

• Tenure up to 7 years 

• Priority processing for home loan customers 

• Preferential pricing and faster approval 

Who Is Eligible? 

• Current SBI home loan customers 

• Minimum annual income: Rs.2,00,000 

• Good repayment history on home loan 

• Age between 21-70 years 

4. SBI Assured Car Loan Scheme 

Specially designed for customers holding SBI fixed deposits (FDs), enabling them to leverage their deposits for car financing. 

Features: 

• Loan amount: From Rs.2,00,000 onwards 

• Loan tenure: 3 to 7 years 

• Margin: 100% of FD value 

• No income proof required (based on FD) 

• Interest rates determined by deposit value and tenure 

• Flexible repayment linked to deposit maturity 

Who Is Eligible? 

• SBI fixed deposit account holders 

• Deposit value acts as security margin 

• Age: 21-70 years 

• Existing or new SBI customer 

5. SBI Green Car Loan for Electric Vehicles (EVs) 

Promotes sustainable mobility by offering specially designed financing for electric cars and hybrid vehicles. 

Features: 

• Interest rates: Competitive and lower than regular car loans 

• Loan amount: Up to 100% of on-road price 

• Tenure: 3 to 8 years 

• Eligibility similar to new car loan scheme 

• Supports India's Green initiative 

• Lower processing fees for EV purchases 

Who Is Eligible? 

• Age: 21-70 years 

• Minimum annual income: Rs.3,00,000 

• Purchasing new electric or hybrid vehicles 

• Valid employment proof and income documentation 

SBI Car Loan EMI Calculator

Use the SBI Car Loan EMI Calculator to estimate your monthly instalment before you apply. Enter the loan amount, interest rate, and tenure. The calculator shows your monthly payment, so you can plan your budget.

Documents Required for SBI Car Loan

Benefits of Choosing SBI Car Loans 

The main benefits of opting for an SBI Car Loan are mentioned below: 

Financial Benefits 

• Lowest Interest Rates: Competitive rates starting from 8.90% p.a., making EMI affordable 

• Flexible Tenure: Choose between 3 to 7 years based on financial capacity 

• Daily Reducing Balance: Interest calculated on outstanding amount, minimising total interest outgo 

• 100% Financing: Finance up to the entire on-road price including registration and insurance 

• No Prepayment Penalties: Repay early without additional charges after 2 years 

• Transparent Fee Structure: Clear processing fees with no hidden charges 

Convenience and Support 

• Quick Approval Process: Decisions within 3-5 working days for streamlined customers 

• Online Application: Hassle-free digital application through website or YONO mobile app 

• Multiple Disbursement Options: Direct payment to dealer or to your account 

• Doorstep Banking: Available in select locations for document collection 

• 24/7 Customer Support: SBI toll-free number 1800-11-2211 for queries and assistance 

• Relationship Manager: Dedicated contact for personalised guidance 

Protection and Security 

• Optional Life Insurance: SBI Life Insurance cover protects your family 

• Secure Digital Process: Encrypted online application and document upload 

• Regulatory Compliance: RBI-regulated lending following strict guidelines 

• Flexible Repayment Options: Multiple payment methods (cheque, standing instruction, digital) 

• No Income Proof: For assured car loans using FDs as collateral 

Additional Services 

• Flexi Pay Option: Start with reduced EMI and increase gradually as income grows 

• EMI Calculator: Online tool to calculate exact EMI before application 

• SBI Rewardz Programme: Earn reward points on car loan EMI payments 

• Balance Transfer Option: Transfer existing car loan from other banks at competitive rates 

• Vehicle Insurance Integration: SBI partners with major insurers for seamless coverage 

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