SBI car loan

After the recent mergers, State Bank of India (SBI), the 45th largest bank in the world and India’s largest lender, is a well-known name in the car financing market, with a share of 22 per cent. SBI has a total asset value of INR 37 lakh crore and a customer base of 500 million. SBI, with over 18,000 branches and a 50,000 ATM network, is the perfect choice for getting the keys to your dream car, right? For a maximum of seven years, SBI can fund the purchase of passenger cars, sports utility vehicles (SUVs), and multi-utility vehicles (MUVs).


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

  • SBI New Car 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 Car Loan Scheme: This scheme is for people who want to buy a used car 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 Car Loan Scheme: Under this scheme, a loan of up to 100% of the car’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 Car Loan Scheme: This car 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 Car 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 car’s on-road price may be made available.


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

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

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

1-5 Years for Old Cars.


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