SBI Car Loan Schemes 2022 | SBI car loan interest Rates, Apply Online

SBI Car Loan: State Bank of India (SBI) The 43rd-largest bank in the world and the country’s biggest lender is an internationally renowned brand in the field of car finance with an average of 22% in the wake of recent mergers. The total assets of SBI is 37 INR Lakh Crore with customers that is 45 Crore. SBI has an extensive branch with over 22,000 customers and an ATM network of 62,617 is the perfect option if that you’ll need to obtain the keys to your dream car! SBI Car Loan offers finance to purchase passenger automobiles and sport utilitarian automobiles (SUVs) or multi-utility cars (MUVs) for up to seven years.

However however, it is true that the Car Loan finance is not available for cars that are more than three months old. The period of repayment for cars that are used is eight years of the original purchase of the 4 wheeler. Make sure that the vehicle does not exceed five years old so that you are able to get the loan to purchase the specific vehicle. The interest rate that banks charge is ranging between 7.20 percent to 7.90 percent per year for brand new cars and 9.25 percent – 12.75 per annum for cars that are old.

Enjoy your jolly time by using SBI Car Loan in the duration of your loan because you don’t have paying any process fees and foreclosure fees. With the attractive rates for interest, long time period of loan and the flexibility of repayment options are sure to make your connection with the lender of public trust grow more secure with each passing day.

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Key Features of SBI Car Loan

State Bank of India offers auto loans to its customers . They offer rates that range between 7.70 percent and 13.25% , and a term of up to 7 years.

Affordable EMIs and auto rate of interest on loans
The repayment period is 7 years.
Offers financing on the price of the On-Road
Interest is calculated based on Daily Reducing Balance
No Advance EMI
Additional Life Insurance Cover from SBI

SBI Car Loan Benefits

The nation’s most reputable lender and State Bank of India (SBI), is the top lender in India. State Bank of India (SBI) offers a range of loans for people who are looking to purchase a car. The bank provides custom-designed car loans to customers, such as Regular Car Loan, Certified Pre-owned Car Loan, SBI Loyalty Car Loan for current homeowners who have home loans, Assured Car Loan Scheme for customers with existing term deposits and Green Car Loan for Electric Cars.

Lowest rates of interest and EMI
The longest repayment term (7 years)
Zero processing charges
Financing based on the ‘On-Road price’
On-Road prices include registration and insurance
Financing as high as 90% of the “On-road Cost’

SBI Car Loan Fees and Charges

Charges	SBI Car Loan Scheme
Processing fee	New Car: 0.40% of the loan amount, plus GST. The minimum amount is Rs.1,000 with GST. Max of Rs.7,500 including GST. . Certified Pre-Owned Vehicles: 1.25 percent from the amount of loan, plus GST. A minimum of Rs.3,750 with GST. The maximum amount is Rs.10,000 + GST.
Financing	As high as 90% of the vehicle’s ‘On-Road Value could be offered

SBI Car Loan Eligibility

To be qualified to be eligible for the SBI New or Used Car Loan applicants must adhere to the following car loan eligibility requirements:

The applicant/individual must be aged between between 21 and 67 years old.
A candidate must be an employee of the State or Central Government or a self-employed, professional or person, or a person who is engaged in agriculture or related activities.

Factors Affecting SBI Car Loan Interest Rates

SBI provides high-quality automobile loans to customers, with the interest rates available for both new or pre-owned SBI auto loans which range between 7.70% to 13.25 percent. It is the SBI Car Interest Rate that you’re eligible for is contingent on a variety of factors, a few of which have been listed below:

1. Rate of Income to Debt

The ratio is among the most important aspects that lenders look at when determining the rate of interest. It is essentially an indication of the amount you owe various organizations. It is advised to have a lower ratio of income to debt as it indicates the ability of your account to pay EMI payments every month and without delay.

2. Market fluctuations

The interest rates are likely to fluctuate to the direction of market. Inflation plays a crucial factor in determining the interest rates. If the rate of inflation goes upwards, rates could increase , and if the rate decreases, the interest rates on car loans could drop. Other market conditions may impact the rates of interest offered by lenders at times. Therefore, the customers must be aware of market conditions at the time they apply for an auto loan.

3. The age of the vehicle

When you get an auto loan, the car being borrowed acts as collateral during the duration of loan. If you fail to make the repayment of the EMI the lender will hold on to your vehicle to help balance out any outstanding debts. This is why banks and lenders look at the make and model of the vehicle when making a decision about the interest rate.

4. The applicant’s income and job

Alongside an applicant’s credit rating, their income and type of occupation are also considered when determining the amount of interest. Banks generally prefer applicants who have a regular income source since they are able to repay loans without default.

5. Repayment duration

The duration of repayment, which is the amount of time that the borrower is given to pay back their loan will also affect the rate of interest charged on the loan amount. The longer the repayment term is, the higher the interest rate on the amount of the loan.

6. Your bank’s relationship

The applicant’s relationship to the institution will determine the interest rate that is charged. It is highly recommended that the customer avails a loan for a car from the bank with which he/she maintains an account at a bank. Banks find it easier to lend money to someone with a history of being a patron from the company for a long period. Thus, there’s the chance that the person applying for the loan will be granted an auto loan with an interest rate that is lower.

Car Loan Schemes Provided by SBI

The following list of car loan programs offered by SBI is listed below:

SBI New Car Loan Scheme: This scheme is suitable for people who want to buy a brand new vehicle. The term of repayment is up to 84 months . The applicant also gets an option to purchase SBI Life Insurance Cover.

Certified Pre-owned car Loan Plan: This scheme is intended for those who want to buy a used car for their own use. The minimum loan amount one is able to avail is Rs.3 lakh, with the maximum amount is Rs.10 lakh. The term of repayment is either 5 or 8 years, minus how old the car.

SBI The Loyalty Car Loan Program: In this scheme 100percent of total on-road cost of the vehicle can be loaned. The period of repayment for this scheme is seven years. The minimum income requirement that the applicant must meet will be Rs.2 lakh.

SBI Guaranteed Car Loan: If a customer has established an account for fixed deposits at an SBI branch SBI and has a valid credit card, then they can take advantage of this loan program. The term of repayment was between 3 and 7 years based on the amount of loan. The loan amount is 100 percent on the amount of the fixed deposit amount for the price on the road of the vehicle. The minimum amount of loan you can get will be Rs.2 lakh.

SBI Car Loan Lite Scheme: Agriculturists, businessmen and people who are self-employed under the Tatkal Tractor Scheme’ that are involved in a trade that provides income, but do not have proof of that income are eligible to apply to this scheme. The maximum amount of loans that is available under the program is Rs.4 lakh. The maximum period of repayment is five years. A maximum of 75percent of road cost of the car can be lent as a loan.

Comparison for Car Loan Interest Rates of Top Banks

Name of the Bank	Interest Rate (p.a.)
State Bank of India	7.70% onwards
HDFC Bank	7.95% onwards (Rack Interest)
Axis Bank	8.65% p.a. onwards
ICICI Bank	7.90% p.a. onwards
Canara Bank	7.30% p.a. onwards
Federal Bank of India	8.50% p.a. onwards
Union Bank of India	7.40% p.a. onwards

How do I apply to apply for SBI Car Loan

Applying on the official SBI website:

You can visit the official website of SBI and submit an application for a loan to purchase a car that you like. You’ll need to upload the required documents. Once the bank checks it and confirms that the information provided by you are correct the loan amount will be credited into your bank account immediately.

Documents Required

The applicant should provide the following documents along with the application form completed

Salaried Employees:

Statement of the bank account for the previous six months
2 passport size photos
Address proof
Identity evidence
Evidence of income: Recent pay slips, Form 16,
Form 16 for each of the previous two years

Non-Salaried/Businessmen/Professionals:

Statements of bank accounts for the previous six months
2 passport size photos
Address proof
Identity evidence
Income proof: Tax Returns for the previous two years
For the previous two years
Audited Balance Sheet
P&L statement for the preceding two years
Sales Tax Certificate
Partnership Copy

Individuals Engaged in Agricultural and Allied Activities:

Statement of the bank account for the previous six months
2 passport size photos
Identity proof
Address proof
Direct agricultural activities
Affiliation with agricultural activities (poultry dairy and plantation)
The evidence of the operations that are being conducted must be presented.

SBI Car Loan EMI Calculator

The EMI for a car loan (or equivalent to monthly installment) is a predetermined amount of money that you pay you to SBI on behalf of the loan that you took. This will be used to pay back this loan amount to banks. Each month, it’s due on a particular date of the month until the loan is reimbursed.
With SBI providing vehicle loans that have loan durations of up to 7 years The loan EMI could go as low as 1,522 per lakh to allow it to be less expensive and easier to cover your vehicle needs. The interest rates that are offered by SBI can be at a minimum of 7.25 percent.

The EMI comprises of both principal repayment and interest. While the EMI amount is set to remain the same however, the principal component will keep growing, while on the other hand , the interest component is constantly decreasing.

SBI Car Loan Application Status

You can verify whether you are in the process of processing your loan application online on SBI’s official website. SBI. You must input your LOS Application ID, your date of birth, and confirm the alpha-numeric numbers displayed at the top of the page. If you’re not sure of your LOS Application ID it is important to check the loan receipt for the exact number. After entering these information after clicking submit you will be able to see how to proceed with your loan application. You can also examine the status at the SBI branch where you completed your loan application.

SBI Car Loan Customer Care

There is a chance that you’ll have issues regarding an SBI auto loan from SBI. If that is so contact 1800 425 3800 will eliminate any doubts and ensure you have a smooth loan experience with SBI. If it’s the status of your loan application and loan disbursal or the payments of EMIs or information of interest payments and interest outgo, you can get answers to all your questions by speaking to SBI customer service representatives at the number above.

State Bank of India Moratorium process

You can stop the loan EMIs being due from April 1, 2020 until May 31st, 2020 by following the steps below.

Get Annexure Form I or II. Download Annexure form I and II on the official site of SBI.
Complete Annexe I with the term the loan or the Account number
Mention the branch’s name and sign it with your signature. it.
If the loan is co-borrowed, the signature of the second borrower is required.
The form can be completed online and not have to go to the email address listed in Annexure II.
If the user uses the Standing Instruction service provided by SBI for making the payment. The user can send a written form to an SBI branch

FAQs

1. What kind of vehicles are being financed through SBI Car Loans?

SBI car loans are available for the entire range of new cars. For second-hand or old cars SBI car loans are available for vehicles that are less than five years old.

2. What is the period of repayment on SBI Car Loans?

The repayment term of SBI car loans can be up to 7 years.

3. Are there any ways that SBI Car Loans provide full auto financing?

SBI Car Loans provide the customers with a 90% loan on the price of the car ‘on-road.

4. What is the ‘on-road cost’ comprise within the SBI Car Loan?

“On-road cost” covers as well the registration for the car and the insurance.

5. How can I find out more regarding SBI Car Loan easily?

To know what you can on SBI Car Loan, you can give an unsolicited call to 7208933142 , or text “CAR” on 7208933145 to receive a response from SBI and to apply to apply for SBI Car Loan.

6. How can I find the SBI customer service number? find out more information concerning SBI Auto Loans?

Call 1800-11-2211 to find out more information regarding SBI Car Loans

7. Do you have to pay in advance EMI in order to get SBI car loans?

You do not have be paying any advance EMI to get SBI Auto Loans.

8. Do I have for any additional processing charges for SBI car Loans?

In the case of financing new vehicles, SBI car loans have no processing charges. For financing pre-owned or second-hand vehicles, the fees for processing for SBI Car loans are 1.25 percent of the loan plus GST.