Car Loan Rates EMI 2024

SBI Car Loan

SBI Car Loan

Last Updated : Jan. 5, 2022, 3:40 p.m.

State Bank of India (SBI), the 43rd largest bank in the world and India’s largest lender, is a renowned name in the car financing space with a share of 22%, after the recent mergers. The total asset size of SBI stands at INR 37 Lakh Crore with a customer base of 45 Crore. SBI, with an extensive branch of over 22,000 and ATM network of 62,617, is just the alternative you need to get the key of your dream car, right! SBI Car Loan offers finance for the purchase of passenger cars, sports utility vehicles (SUVs) and multi-utility vehicles (MUVs) for a maximum period of seven years.

However, the Car Loan finance is not available for cars over 3 months of age. The repayment period for used cars is within 8 years from the date of original purchase of the 4-wheeler. But make sure the car must not be over 5 years of age so that you can get the loan to buy the particular vehicle.The rate of interest charged by the bank ranges from 7.20% - 7.90% per annum for new cars and 9.25% – 12.75% per annum for old cars.

You can enjoy your bonhomie with SBI Car Loan in the course of your loan journey by not having to pay any processing fee and foreclosure charges. The attractive interest rates, longest loan tenure and flexible repayment options can only make your association with the public lender grow stronger with the days.

SBI Car Loan Interest Rates April 2024

Interest Rate7.20% - 7.90%
Processing FeeNew Cars: No processing fees
Used Cars: 1.25% of loan amount + GST; Min INR 3750 + GST & Max: INR 10,000 + GST
Foreclosure ChargesNIL
Loan Tenure1-7 Years for New Cars
1-5 Years for Old Cars

Who is Eligible for SBI Car Loan?

Salaried, self-employed businessmen & professionals, partnership firms or even the agriculturists can apply for SBI car loan. The SBI car loan is applicable on new as well as pre-owned cars, which can also be called old or used cars in the category of passenger cars, multi-utility vehicles (MUVs), sports utility vehicles (SUVs) or others.

How Much Loan Can You Get to Buy Your Dream 4-Wheeler?

SBI car loan offers a loan amount upto 90% of the on-road price in the case of new cars. The on-road price is the summation of ex-showroom price along with the costs of registration, road tax, insurance and accessories, if any. As for used cars, an amount equivalent to 80% of the valuation amount can be funded by the bank. So, keep these facts in your mind while you transact to crack the best deal with the car dealer.

SBI Car Loan Eligibility Criteria

SBI has set specific eligibility criteria for salaried, self-employed and agriculturists to obtain a car loan. Check out the table below showing the eligibility criteria for SBI Car Loan.

Age21-67 years21-67 years21-67 years
IncomeNet annual salary of the applicant and/or co-applicant, if any, together should atleast be ₹ 3 lakhsNet 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 Amount48 times of net monthly salary4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all the existing loans running in your account3 times of net annual income

Eligibility Parameters

First and foremost thing that comes is the SBI car loan eligibility, which is based on factors such as

  • Monthly Income
  • Savings
  • Age
  • Car Value
  • Car Model Type
  • Credit History
  • Employment Status for Salaried
  • Longevity in the business for self-employed
  • Accommodation
  • Category of your employer

Now let us understand the SBI Car loan amount eligibility with the help of reading the page further.

SBI Car Loan Eligibility Calculator

The SBI Car loan amount eligibility, to a larger extent, depends upon the income and repayment capacity of an individual. To know the specific amount that SBI can extend you as a loan, you have to use the bank’s car loan eligibility calculator. Do you know the function of the calculator? If No, then you have come to the right platform to understand and use the calculator, which will first calculate per lakh EMI based on the SBI Car loan tenure and the existing interest rate. The per lakh EMI calculation is shown below for you to glance at.

Amount – INR 1,00,000

Loan Tenure – 7 Years

Interest Rate – 7.20% - 7.90%

Per Lakh EMI – INR 1,609 – INR 1,645

Subsequent to arriving at per lac EMI, the immediate focus of the lender turns on to check the income and savings of an individual. Just in case you are bringing home a net salary of INR 60,000 and save around 50% of the same i.e. 30,000. SBI will consider your savings as an effective tool and think that it can be used to pay the EMIs. The lender will then put your savings & per lakh EMI in the calculator and compute your Car loan amount eligibility by using the following formula.

Loan amount eligibility-
- ₹ 1,00,000 x savings/per lakh EMI
- ₹ 1,00,000 x 30,000/1,609= ₹ 18.64 lakhs
- ₹ 1,00,000 x 30,000/1,622= ₹ 18.23 lakhs

Hence, SBI can finance you within a range of INR 18.49 lakhs – INR 18.58 lakhs to buy your dream car. With this loan amount, you have the luxury to choose from a list of high-profile cars. Such as Volkswagen Jetta, Skoda Octavia, Toyota Innova Crysta, Mahindra XUV 500, etc.

SBI Car Loan EMI Calculator

Loan Amount
Interest Rate
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
YearPrincipalInterestBalance Amount

Shouldn’t you spare some time to check the EMIs payable towards your SBI car loan? I guess, you should. After all, it’s the question of your hard-earned money. EMIs, the abbreviated form of Equated Monthly Installments, constitute a sum that keeps going out of your pocket till the time loan is paid off fully. Longer the tenure, more will be the number of EMIs and vice-versa. The longer loan tenure takes out a much larger sum of interest from your pocket compared to when the loan is granted for a shorter period. The amount of EMI is comparatively lower in a longer tenure as opposed to a shorter period. Just look at your purse and see if you can deal with higher EMIs to prevent the excessive outflow of interest from your bank balance. If you can, having a shorter Car loan tenure would prove beneficial.

For example- You want to buy Hyundai Creta 1.4 CRDi L whose on-road price is approximately INR 13 lakhs. If SBI finances you upto 85% of the said price i.e. INR 11,05,000, what will be the EMIs that you have to pay to own the Hyundai model, any idea? In case you do not know the answer, you can take a look at the table below.

Loan Amount
(in ₹ )
Loan Tenure
(In years)
Interest Rate(in % p.a.)EMI(in ₹ )Total Interest Outgo(in ₹ )Total Amount(EMI+Interest) (in ₹ )
110500029.10%-9.25%50,532-50,6081,07,777- 1,09,60412,12,777-12,14,604
110500069.10%-9.25%19,973- 20,0563,33,064-3,39,00314,38,064-14,44,003
110500079.10%-9.25%17,835-17,9193,93,103- 4,00,19214,98,103-15,05,192

SBI Loyalty Car Loan Scheme

SBI Loyalty car loan scheme has become a talk of the town as you are allowed not to pay any margin on the car’s road price which one has to do otherwise. Both salaried and self-employed with age of 21-67 years are eligible to get the SBI Car loan as per the scheme. Let’s check out the interest rate, repayment period and Car loan amount eligibility as per the scheme in the table below.

Minimum IncomeNet income of applicant and/or co-applicant must be ₹2,00,00 per annum
Maximum Loan Eligibility75% of the existing market value of the house minus the outstanding in the home loan account, if any, or other security of the applicant/co-applicant
Interest Rate9.10% p.a.-9.15% p.a.
Maximum Repayment Period7 years
Prepayment PenaltyNIL

SBI Car Loan Documents

Passport Size PhotographsApplicableApplicable
Identity ProofEither of PAN Card, Passport, Voter ID, Driving LicenseEither of PAN Card, Passport, Voter ID, Driving License
Residence ProofPassport/Voter ID, Electricity Bill/Telephone BillPassport/Voter ID, Electricity Bill/Telephone Bill
Income ProofLatest Salary Slip, Form 16 or ITR for the Past Two YearsLast 2-year ITR, Profit & Loss Account Statement and Audited Balance Sheet for 2 Years, Sales Tax Certificate/Copy of Partnership/SSI Registered Certificate/Shop & Establishment Certificate
Bank Account StatementPast 6-month Bank StatementPast 6-month Bank Statement

SBI Car Loan Application Form

Applying for SBI Car loan is easy and comfortable for the prospective borrowers due to the bank’s increasing outreach domestically and internationally. You can either go online or visit the SBI branches, which are huge in numbers, to apply for a car loan. The most convenient of the options is visiting the official website of the bank and clicking the section of car loan thereof. As soon as the car loan page opens, click ‘Apply Now Online’. You will then get directed to the page with a default tick on the existing relationship with the bank. If you have a good relationship with the lender. You then should select the right option along with your contact details. The moment you do the same, a car loan application form will appear, asking you to furnish relevant details along with the required documents for the bank to do the rest. However, if you do not have any existing relationship with SBI. Then you must tick ‘No’ to get directed to the application form page and then do the same as you would have in the ‘Yes’ option.

Now comes the inspection of SBI with respect to your loan application. The bank will scrutinize your identity, income and address details and disburse a loan only if you pass the investigation.

SBI Car Loan Application Status

You can check the status of your Loan application online by visiting the website of SBI. You need to enter LOS Application ID, your date of birth and verify the alpha-numeric number shown on the screen. If you don’t remember LOS Application ID, you must check the loan receipt to find the same. After entering these details and clicking the submit button, you will be shown the status of your car loan application. You can also check the status by visiting the SBI branch where you have submitted your loan application form.

SBI Car Loan Customer Care

It is possible that you can have queries related to a SBI car loan at SBI. If it is the case with you, a call to 1800 425 3800 can erase all your problems and help you enjoy a solid loan journey with SBI. Be it the loan application status, loan disbursal, payment of EMIs or details of interest outgo, you can get all your queries resolved by talking to the customer care executives on the number stated above.

State Bank of India Moratorium process

You can stop your loan EMIs falling due from March 1, 2020, to May 31, 2020, using the following steps.

  • Download the Annexure Form I or II from SBI’s official website
  • Fill up the Annexure I with the Term loan or Account number
  • Mention the branch name and put your signature over it
  • If the loan is co-borrowed then the 2nd applicant’s signature is mandatory
  • You can submit the form online without going anywhere to the mentioned email ID on Annexure-II
  • If the user avails the Standing Instruction service of SBI for the payment. He/she can submit a handwritten application to their SBI branch


1. How to apply for SBI Car Loans at Wishfin?

Navigate to the car loans page of Wishfin. Fill in the required information on the home screen such as your desired loan amount, monthly income, employment status and your city. Click on ‘Get Quotes’ and you will get the car loan quotes according to your eligibility.

2. What type of cars are financed by SBI Car Loans?

SBI car loans finance all types of new cars. For old or second-hand cars, the financing is available for cars not more than 5 years old.

3. What is the repayment period of SBI Car Loans?

The repayment period of SBI car loans is upto 7 years.

4. Can SBI Car Loans provide full financing on cars?

SBI Car Loans provide the applicants with 90% financing of the ‘on-road’ price.

5. What does ‘on-road price’ include in the SBI Car Loan?

‘On-road price’ includes both registration of the vehicle and its insurance.

6. How to get information about SBI Car Loan easily?

For knowing more about SBI Car Loan, you can either give a missed call to 7208933142 or SMS “CAR” on 7208933145 to get a call back from SBI and apply for SBI Car Loan.

7. What is the SBI customer care number to know more about SBI Car Loans?

You can dial 1800-11-2211 to know more about SBI Car Loans

8. Do you need to pay advance EMI to avail SBI Car Loans?

No, you need not to pay any advance EMI to avail SBI Car Loans.

9. Do I need to pay any processing fees to avail SBI Car Loans?

For the financing of new cars, SBI car loans have zero processing fees. However, while financing pre-owned or second-hand cars, the processing fees of SBI Car loans are 1.25% of the loan amount + GST.

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