SBI Car Loan Interest Rates 2024

State Bank of India (SBI) is one of the multinational public sector banks in the country, which has its headquarters in Mumbai, Maharashtra. Across the world, it is the 49th biggest bank by total assets. Being the largest bank in India, SBI has a 23% Market share by assets and a 25% share of the total deposits and loan market. In 2022, SBI was the third lender to cross the Rs. 5 trillion mark in market capitalisations on the Indian stock exchanges.

Considering that this bank is known for its varying lending options, SBI is one of the highly preferred banks for taking a car loan. So, if you think you are ready to buy an expensive car and would like to get funding from this bank, read ahead here and find out everything about the SBI car loan interest rate.

SBI car loan interest rates 2024

Before moving ahead, refer to the table mentioned below and find out the latest SBI car loan interest rates along with other charges.

What are the options under the SBI car loan?

Under this category, SBI has provided a variety of loan options, such as:

• SBI New Car Loan Scheme
• SBI Green Car Loan for Electric Cars
• SBI Pre-Owned Car Loans
• SBI Car Loan Elite Scheme
• SBI Loyalty Car Loan Scheme
• SBI Assured Car Loan Scheme

How much an amount can you get with an SBI car loan?

If you are buying a new car, SBI provides a loan amount of up to 90% of the on-road price. This on-road price is the combination of the ex-showroom price, cost of registration, insurance, road tax, and cost of accessories (if any). As far as used cars are concerned, you can get 80% of the valuation amount.

Benefits of SBI car loan

Jotted down below are some advantages that you can get from this bank's car loan:

• Low EMI and Interest Rates: SBI car loans are available at both flexible and fixed interest rates, and they are quite inexpensive in the market
• Longest Repayment Tenure: SBI lets you take as much as up to 7 years to clear out the car loan
• On-Road Price Financing: You can get a loan for an on-road price that comprises registration, cost of accessories, insurance, annual maintenance contract, extended warranty, and total service package. You can get 90% on-road price financing
• Overdraft Facility: There is an overdraft Facility offered by SBI for its car loans that you can avail
• No Advance EMI: If you take a loan to finance a car from SBI, you will not have to pay any EMI in advance

Flexi pay option in SBI car loan

SBI offers a flexi-pay option to its customer under which you can select any of the two options as mentioned below:

• The first six months' EMI is to be 50% of the regular applicable EMI, given the tenure is 36 months minimum
• The first six months' EMI is to be 50% of the regular applicable EMI and the following six months 75% of the regular applicable EMI, given the tenure is 60 months minimum

Eligibility for SBI car loan

Whether you wish to buy a pre-owned car or a new one, SBI offers loans for passenger cars, Sports Utility Vehicles (SUVs), Multi-Utility Vehicles (MUVs), and others. To apply for this loan, you must fall under one of the categories below:

• Salaried individual
• Self-employed person
• Professional
• Partnership firm
• Agriculturist

However, there is a certain criterion for self-employed, salaried and agriculturists to get the loan.

Parameters for eligibility

SBI considers a variety of factors to finalise its car loan eligibility. These include:

• Monthly income
• Employer's category
• Savings
• Accommodation
• Age
• Longevity in the business for self-employed people
• Car value
• Credit history
• Car model type

SBI EMI loan calculator

The car loan emi calculator is a quick and simple solution to pre-plan your loan. It helps in balancing your inflow and outflow of money so that you don’t run short of money. A card loan calculator is a formula box with three inputs, namely-

• Loan Amount
• Loan Tenure
• Interest Rate

Once you fill in the details, the calculator will tell you the EMI (Equal Monthly Installment) amount that you will need to give to the bank every month, to repay your debts.

SBI loyalty car loan scheme

The loyalty car loan scheme launched by SBI lets you not pay a margin on the road price of the car, which you would have to do otherwise. Both self-employed and salaried individuals who are between 21 to 67 years of age are eligible for this scheme. Here are more details you must know about the SBI loyalty car loan scheme:

Documents for SBI car loan

Here is the list of documents that you should keep ready to get an SBI car loan:

• Passport size photographs
• Identity proof (PAN Card, passport, Voter ID, driving license)
• Residence proof (passport, voter ID, electricity bill, telephone bill)
• Income proof (Form 16, latest salary slip, ITR for the last two years, profit & loss account statement, audited Balance Sheet, Sales Tax certificate)
• Bank Account Statement for the last six months

SBI car loan application form

Applying for the SBI car loan is a convenient process for those who wish to purchase a car. You can either visit the nearest SBI bank branch or log into your net banking account to apply for a car loan.

If you are thinking of applying online, follow these steps:

• Visit the official website of SBI
• Log in with your net banking credentials
• Search for the Car Loan option and click there
• A new page will open up with details, click Apply Now Online
• You will be directed to a page where you will have to give details, including your contact number
• Once done, a car loan application form will come up on your screen, asking you to submit details and documents

Once you have submitted everything required, the bank will evaluate your information and disburse a loan accordingly.

SBI car loan aplication satus

If you have applied for the loan application but haven't received an update yet, you can check the status either by visiting the nearest branch or going online. If you choose the latter option, follow these steps for it:

• Open the official website of SBI
• Log in with your credentials
• Add the LOS application ID and date of birth and verify the Alpha-numeric number as displayed on the screen (in case you don't remember the LOS application ID, you can find it by entering your loan Receipt)
• Once you have entered all the details and clicked on the Submit option, you will see the status of your car loan application

SBI car loan customer care

In case you have a query or questions related to your SBI car loan, you can always get in touch with their customer care support team. For this, you can Call them on 1800-11-2211. Apart from this, you can also give a missed call to 7208933142. Another alternative is to send an SMS by typing "CAR" to 7208933145. You will get a call back from their customer care representative.

Conclusion

Buying the car of your dream is something everybody wants to make a reality. However, there are times when you might be discouraged by the shortage of funds. In such a scenario, SBI comes into the picture with its various SBI car loan schemes at affordable interest rates. Now that you are aware of their products, evaluate them thoroughly, compare the interest rates vigilantly and then make a choice.

Frequently Asked Questions (FAQs)

1. What types of cars does SBI car loan finance?

A: By availing of the SBI car loan, you can buy a new car. You can also buy an old, second-hand car; however, it should not be more than five years old.

2. What is the repayment tenure for SBI car loans?

A: You will have to repay the amount within seven years.

3. Will I get full financing on cars through SBI?

A: No, SBI provides 90% financing of the on-road price.

4. What are the car loan disbursement conditions that the SBI has set?

A: As per their conditions, the loan amount will get credited directly to the account of the dealer or the supplier.

5. Who can be the guarantor under the SBI NRI car loan scheme?

A: The guarantor for the loan scheme should be an Indian resident and can be a relative to the NRI, such as a spouse, brother of the spouse, mother, sister of the spouse, son, sister's husband, son's wife, sister, daughter, brother's wife, and daughter's husband.