SBI Bank Car Loan ✔ Interest Rates October 2018 ✔ Eligibility ✔ Documentation ✔ Loan Limit ✔ Processing Fee ✔ Age Limit ✔ Prepayment Option ✔ Prepayment Charges ✔ Repayment Period / Tenure ✔ Customer Care ✔ Margin. Apply SBI Bank Car Loan instantly through sbiloanrates.com

Purpose: For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs. And Certified Pre-owned Car, not more than 5 years old.

SBI Bank Car Loan – Interest Rates | Loan Limit | Eligibility Criteria | Processing Fee | Tenure | Customer Care

New Car Loan
Interest Rates
  • 9.20% (For Women)
  • 9.25% (For Men)
Processing Charges 0.50% + ST (Minimum Rs.950 + ST To Maximum Rs.9100 + ST)
Foreclosure Charges No Foreclosure Charges or Pre-Payment Penalty
Repayment Period Up to 7 Years
Age Criteria Minimum 21-Years to Maximum 65-Years
Eligible Borrowers
  • Salaried: Minimum of Rs. 2,50,000/- p.a. (Loan Amount- 48 times of the Net Monthly Income)
  • Self-Employed: Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. (Loan Amount- 4 times Net Profit or Gross Taxable income as per ITR )
  • For Agriculturist: Minimum of Rs. 4,00,000/- p.a. (Loan Amount- 3 times of Net Annual Income)
  • Note: Income of co-applicant can be clubbed together
Overdraft Overdraft facility available.
Security As per Bank’s extant instructions.
Financing
  • 85% of ‘On-road Price’ : For income up to Rs. 10 Lac p.a.
  • 85% of ‘On-road Price’ : For income more than Rs. 10 Lac p.a.
  • On-Road price includes Registration, Insurance and Extended Warranty etc
Certified Pre-owned Car
Interest Rate 12.65%
Processing Fee 1%
Tenure Up to 5-Years (Loan should be repaid within 8 years from the date of the original purchase)
Age Criteria Minimum 21-Years To Maximum 65-Years
Eligible Borrowers Salaried/Self-Employed/Agriculturist
Annual Income Rs. 2,00,000/ p.a. (Income of applicant and/or co-applicant can be clubbed)
Loan Amount 2.5 times of net annual income
Margin 20% of Invoice or Insured’s Declared Value (IDV)

SBI Bank Car Loan Documentation

  • Photographs: 2 passport size photographs
  • Identity Proof: Passport/PAN Card/Driving License/Voters ID card/ etc. (Copy of any one)
  • Address Proof: Passport/Ration card/Driving License/Voters ID card/Telephone Bill/ Electricity bill/Life Insurance policy (Copy of any one)
  • Bank StatementLast 6 months Bank Statement
  • Documents For Salaried: Latest Salary Slip/ Form 16 /I.T. Returns (For Last 2 Years)
  • Documents For Non-Salaried/ Professional/Businessmen: I.T. Returns/ Form 16 for the last 2 years/ Audited Balance sheet/ P&L statement for 2 years/ Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
  • Documents For Agriculturist: Khasra/Chitta Adangal/Patta/Khatoni/Documentary proof of running of the activities to be provided.

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How to Apply for SBI Bank Car Loan

Applying for a SBI Bank online Car Loan is simple. It just takes several steps to get an instant Car Loan approval!

Step 1: Click here to go to our online form. Enter-in all required details and submit the form at sbiloanrates.com

Step 2: Get an instant quotes on loan amount & eligibility. Select your required loan amount and Repayment Period.

Step 3: You will get response from our representative and get details about Car Loan.

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SBI Car Loan Interest Rate Dec 2018 – EMI Calculator
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