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).
CAR LOAN SCHEMES PROVIDED BY SBI
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.
SBI CAR LOAN INTEREST RATES
| 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. |
SBI CAR LOAN ELIGIBILITY CRITERIA
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.
| CRITERIA | SALARIED | SELF-EMPLOYED | AGRICULTURIST |
| 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. |
