SBI Car Loan Interest Rate, One of the banks considered as the 43rd largest bank in the world is State Bank of India (SBI) and which is also considered as the largest bank in India. SBI is a bank operating in the government sector of India. Which is about 22% in the market. Its total assets are ₹36.8 lakh crore, and its customers are around 44.4 crore.
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SBI has more than 22,000 branches in India and 62,718 ATMs across India. So if you want to buy your dream car then SBI Bank provides you loan for seven years.
SBI Car Loan Features
If you are dreaming of a new car and want to make it come true, the best loan offer for it is provided by SBI Bank. Here are some of its features.
1. Lowest interest rates
You get this loan with a low interest rate. So you have to pay less monthly payment.
2. Longest repayment period
The bank gives you up to 7 years to repay this loan. So that when you buy tax, you will get compensation according to your budget.
3. Full coverage financing
Additionally, this loan covers the entire on-road cost of your vehicle, including registration and insurance.
4. Calculation of reasonable interest
This loan asks you to pay interest only on your outstanding amount, thus saving you a lot of money.
5. Wide range of vehicles
In this loan, you can buy any car from SUV, Multi-Utility Vehicle(MUV), Sedan, Hatchback.
6. No additional fees
In this loan you do not have to pay any prepayment fee, so you can repay the loan without any penalty.
SBI Car Loan Interest Rate
Here are SBI car loan interest rates for 2024:
- SBI Green Car Loan: 8.60% to 9.30%
- NRI Car Loan, Assured Car Loan: 8.65% to 9.45%
- Certified Pre-owned Car Loan: 11.25% to 14.75%
For 2025:
- SBI Green Car Loan: 9.60% to 10.30%
- NRI Car Loan, Assured Car Loan: 9.65% to 10.45%
- Certified Pre-owned Car Loan: 12.25% to 15%
For 2026:
- SBI Green Car Loan: 10% to 11%
- NRI Car Loan, Assured Car Loan: 10% to 11.20%
- Certified Pre-owned Car Loan: 13.40% to 15.25%
For 2027:
- SBI Green Car Loan: 9.70% to 11.12%
- NRI Car Loan, Assured Car Loan: 10.15% to 11.40%
- Certified Pre-owned Car Loan: 13.80% to 15.86%
Eligibility for SBI Car Loan
To be eligible for an SBI Car Loan Interest Rate, you must be:
- Self-employed or Professionals: Annual Income Rs. 3,00,000 should be.
- Farmers: Annual Minimum Income Rs. 4,00,000 should be.
- Central Public Sector Appointee: Your or co-applicant’s income is at least Rs. 3,00,000 should be.
- Defence Salaried Individuals:Including customers and short commission officers of various defense installations.
- Para Military Salary Package: Persons eligible under this package.
Documents Required for SBI Car Loan
To avail SBI car loan you will need following documents.
- 2 passport size photos
- Copy of ID Card or PAN Card
- Last 6 months bank statement
- Address proof like electricity bill, tax bill.
- Your last 3 months salary slip
- Form-16 for last two years if salaried.
- Form – 16 for three years if self-employed.
How to Apply for SBI Bank Car Loan?
You have to follow these steps to apply for car loan from SBI Bank.
- Go to the official website of SBI Bank.
- Now in it you select loan section and click on it.
- Select the “Auto Loan” option in the dropdown menu below it.
- Now select the loan according to your favorite car and apply.
- Fill the form that will open.
- Now submit the required documents.
- Wait for your loan to be verified.
- Once your documents are verified, your loan will also be approved.
Factors That Change SBI Car Loan Interest
Fixed Interest Rates: SBI Car Loan offers interest rates ranging from 8.40% to 10.80% per annum for new cars.
Factors Affecting Rates
Loan tenure: Longer terms lead to lower rates, while shorter terms lead to higher rates. Make your credit score 750 or above for loan approval.
Income level: Higher incomes often qualify for lower rates; Make sure your payment fits your budget.
Vehicle Type: Rates may vary depending on whether you choose a sedan or hatchback.
Charges Of SBI Car Loan
State Bank of India charges the following processing fees from car loan applicants.
- In used cars you have to pay a fee of 1.25% of the amount.
- In a new car you have to pay a fee of 0.40% of the total amount.
Conclusion
SBI Bank makes getting a car loan easy and affordable. With low interest rates and flexible terms, this is a great way to make your dream of owning a car a reality.
FAQs
Q. What is the SBI car loan interest rate today?
- SBI Green Car Loan: 8.60% to 9.30% Interest Rate
- NRI Car Loan, Assured Car Loan: 8.65% to 9.45% Interest Rate
- Certified Pre-owned Car Loan: 11.25% to 14.75% Interest Rate
Q. Which bank has the lowest interest on a car loan?
Canara Bank has the lowest interest rate on car loan
Q. Is SBI good for car loans?
SBI interest is high for car loans but it is good for car loans for other benefits.
