SBI Auto Loan

State Bank of India (SBI), the world’s 45th largest bank and India’s largest lender, is a well-known name in the auto financing industry, with a 22 percent share after recent mergers. SBI has a gross asset value of INR 37 lakh crore and 500 million customers. With over 18,000 branches and 50,000 ATMs, SBI seems like an obvious option for getting the keys to your dream auto. SBI will finance the purchase of passenger autos, sports utility vehicles (SUVs), and multi-utility vehicles for up to seven years (MUVs).


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

  • SBI New Auto Loan Scheme: This scheme is for people who want to buy a new vehicle. The redemption period is up to 84 months, and the applicant is also given the option of purchasing SBI Life Insurance.
  • Certified Pre-owed Auto Loan Scheme: This scheme is for people who want to buy a used auto for themselves. The minimum loan amount is Rs.3 lakh, with a maximum loan amount of Rs.10 lakh available. The repayment period may be 5 or 8 years, depending on the vehicle’s age.
  • SBI Loyalty Auto Loan Scheme: Under this scheme, a loan of up to 100% of the auto’s on-road price can be offered. The repayment period for this scheme is seven years, and the applicant must earn a minimum of Rs.2 lakh to qualify.
  • SBI Assured Auto Loan Scheme: This auto loan scheme is available to customers who have opened a fixed deposit account with SBI. Depending on the loan size, the repayment period varied from 3 to 7 years. The margin under this scheme is equal to 100 percent of the fixed deposit for the vehicle’s on-road price. The smallest loan amount available is Rs.2 lakh.
  • SBI Auto Loan Lite Scheme: Under the ‘Tatkal Tractor Scheme,’ businessmen, agriculturists, and self-employed people who are engaged in a business that pays them but have no evidence to show for it can apply. The maximum loan sum under this scheme is Rs.4 lakh, with a maximum repayment period of five years. A loan of up to 75% of the auto’s on-road price may be made available.


Particulars Description
Interest Rate 7.75% – 8.45%
Processing Fee New Autos: No processing fees.

Used Autos: 0.50% of loan amount + GST; Min INR 450 + GST & Max: INR 9100 + GST.

Foreclosure Charges NIL.
Loan Tenure 1-7 Years for New Autos.

1-5 Years for Old Autos.



For salaried, self-employed, and agriculturists to get a auto loan, SBI has set clear eligibility criteria. Check out the table below for the SBI Auto Loan eligibility requirements.

Age 21-65 years. 21-65 years. 21-65 years.
Income Net annual salary of the applicant and/or co-applicant, if any, together should atleast be ₹ 3 lakhs. Net profit or gross taxable income of ₹ 4 lakhs per year (You can club the income of co-applicants such as your spouse, son, daughter, sister or brother). Net annual income of applicant and/or co-applicant, if any, must come out to be ₹ 4 lakhs.
Max. Loan Amount 48 times of net monthly salary. 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all the existing loans running in your account. 3 times of net annual income.