SBI Car Loan Apply 2023: SBI, a leading bank, provides car loans across various segments to cater to customers’ needs. If you’ve longed to own your dream car and don’t want to wait for years, SBI can make that dream a reality with their attractive deals. SBI’s Car Loan can help you turn your dream machine into a reality.
SBI offers the best deals in the car loan segment, boasting the lowest interest rates and EMI options. Moreover, the bank ensures a hassle-free application process with minimal paperwork and swift loan disbursement. SBI offers a range of car loan categories, including New Car Loans, Combo Loans, Pre-owned Car Loans, Loyalty Car Loans, Used Car Loans, NRI Loan Schemes, and more.
Contents
SBI Car Loan Apply 2023
SBI Car Loan Information
| Category | Rate/Value |
|---|---|
| Interest rates – others | 8.75% |
| Interest rates for women | 8.70% |
| Processing fees | Zero |
| Lowest EMI | Rs 1594 per Lakh |
| Repayment options | Up to 7 years |
| Prepayment charges | Nil |
| Maximum finance | Up to 300% of on-road price |
| Minimum Income | Rs 2.50 Lakh annually |
| Maximum loan amount | Up to 4 times of net annual income |
Overview:
| Service | Car Loan |
| Article Name | SBI Car Loan |
| Apply Process | Online |
| Official Website | Click Here |
| YONO SBI | Download Now |
| More Information | Read Full Article |
SBI Car Loan Interest Rate 2023
The SBI car loan interest rate for the year 2023 are as listed below:
| Scheme | Interest Rate (w.e.f. 10.06.2020) |
|---|---|
| SBI Car Loan, NRI Car Loan, Assured Car Loan Scheme | From 7.75% to 8.45% |
| SBI Car Loan, NRI Car Loan (CIC Based rates are applicable) | From 7.70% to 8.40% |
| Certified Pre-owned Car Loan Scheme (Men) | 2.25% above 1 year MCLR i.e. 9.25% p.a. |
| Certified Pre-owned Car Loan Scheme (Women, CIC Based rates are applicable) | From 9.50% to 10.50% |
| Super Bike Loan Scheme | 3.25% above 1 year MCLR i.e. 10.25% p.a. |
| SBI Two-Wheeler Loan | 9.05% above 1 year MCLR i.e. 16.05% p.a. |
| SBI Car Loan Lite (Cibil Score >=757) | 3.00% above 2 Yr MCLR i.e. 10.20% p.a. |
| SBI Car Loan Lite (Cibil Score 689 to 756) | 4.00% above 2 Yr MCLR i.e. 11.20% p.a. |
Key characteristics of SBI car loans include:
- Financing based on “On-Road price,” which covers registration, extended warranty, insurance, annual maintenance contract, and service package, as well as the cost of accessories.
- Zero Advance EMI requirement.
- Optional SBI Life insurance cover.
- No pre-payment penalty or foreclosure charges.
- Overdraft facility offered with SBI car loans.
- Zero processing fee for new cars.
- 51% processing fee for used cars.
Eligibility Criteria for SBI Car Loan
The requirements for qualifying for an SBI car loan include:
To qualify for a car loan, the applicant’s age should fall within the range of 21 to 65 years.
| Category | Income Criteria | Maximum Loan Amount |
|---|---|---|
| Regular employee of state/ Central Government, Public Sector Undertaking (PSU), Private Company or a reputed establishment | The net annual income of the applicant and/or co-applicant, if any, together should be a minimum of Rs. 2,50,000/- | 48 times the Net monthly income |
| Professionals, self-employed, businessman, Proprietary/partnership firms who are income tax assesses | Net Profit or Gross Taxable income of Rs 4,00,000/-p.a. (income of co-applicant can be clubbed together) | 4 times Net profit or gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans |
| Person engaged in agriculture and allied activities | Net annual income of applicant and/or co-applicant together should be a minimum of Rs. 4,00,000/- | 3 times Net annual income |
When choosing your lender, it’s important to consider the total amount payable rather than solely focusing on interest rates or EMIs. In the case of SBI’s certified pre-owned car loans, there is a processing fee of 0.51% of the loan amount. The processing fee varies from a minimum of Rs. 510 to a maximum of Rs. 10,530.
Documents Required For SBI Care Loan
In order to apply for an SBI Car Loan, you are required to provide the following documents to the bank:
- Bank account statement of the last six months
- Two passport size photographs
- Copy of passport, PAN, and voter ID card
- Address proof
- Salary slip with detailed information
- Form 16 (of income tax return) of the last two years if you belong to the salaried class and three years if you are a professional, self-employed person, or a businessman. The form should be duly accepted by the ITO.
- If you are a non-salaried individual, you will also have to submit proof of an official address.
How To Apply Online SBI Car Loan
- Access the provided link to apply for a car loan online.
- Complete the necessary information.
- Verify your eligibility and obtain the loan quotation.
- Use the following link for the application.
How to apply SBI Car Loan via YONO SBI
- Log in to your YONO account.
- On the home page, click on the menu icon (three lines) at the top-left corner.
- Select “Loans” from the menu.
- Choose “Car Loan.”
- Perform a quick eligibility check.
- Initiate the loan request by providing essential details.
- Discover the eligible loan amount.
- Complete an application form and upload the required documents.
- Click the “Submit” button to proceed.
SBI Car Loan Terms and Conditions:
Margin: For new and used vehicles, a margin of 15% is required based on the on-road price, which encompasses car insurance, one-time road tax, accessories, and registration charges.
Repayment: SBI provides the most extended repayment period in the industry, offering a maximum term of seven years, equivalent to 84 months.
Reimbursement of Car Expenses Using Personal Funds:
SBI provides finance at the interest rate applicable to new cars if you’ve bought a car with your own funds, and it is no more than three years old.
Security: In accordance with the bank’s existing guidelines.
FAQ?: SBI Car Loan Apply 2023
SBI finances all brands of new cars and second-hand cars that are less than five years old. This allows the customer the freedom to select any vehicle of their choice.
SBI maintains complete transparency concerning the applied interest rates and fee charges.