SBI bank is one of the best car loan lenders in India. Thanks to the new SBI car loan interest rate which is best in India to make you happy. you will get a lot of flexibility with the loans.

First, the car loan interest rate varies from 7.85% to 13.95% based on the CIBIL score, the loan amount, and several other factors. If you want the car loan for an on-road car price, SBI bank will give you 100% of the calculated amount. Apart from this, salaried account holders and customers opting for pre-approved loans don’t have to submit their income tax reports or banking statements.

Current SBI Car Loan Interest Rates (Fixed Rate):

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Top 5 Car Loan Schemes Provided by SBI:

The list of car loan schemes provided by State Bank of India is given below:

• SBI New Car Loan Scheme: This scheme is suitable for those who wish to purchase a new car. The repayment tenure is up to 84 months and the applicant is also offered an optional SBI Life Insurance Cover.
• Certified Pre-owed Car Loan Scheme: This scheme is for those who wish to purchase a pre-owned car for themselves. The minimum loan that one can avail is Rs.3 lakh and the maximum loan amount being Rs.10 lakh. The repayment tenure can be either 5 years, or 8 years minus the age of the vehicle.
• SBI Loyalty Car Loan Scheme: Under this scheme, 100% of the on-road price of the car may be provided as a loan. The repayment tenure under this scheme is 7 years, and the minimum income criteria the applicant will have to fulfil is Rs.2 lakh.
• SBI Assured Car Loan Scheme: If a customer has opened a fixed deposit account in a branch of SBI, then he/she can avail this car loan scheme. The repayment tenure ranged between 3 years and 7 years depending on the loan amount. The margin under this scheme is 100% of the fixed deposit for the on-road price of the vehicle. The minimum loan amount one can avail is Rs.2 lakh.
• SBI Car Loan Lite Scheme: Businessmen, agriculturists, and self-employed people under ‘Tatkal Tractor Scheme’ who are engaged in business which provides them income but have no proof to show for the same can apply for this scheme. The maximum loan amount that one can avail under this scheme is Rs.4 lakh, and the maximum repayment tenure is 5 years. Up to 75% of the on-road price of the car may be provided as a loan.

Key Highlights:

Minimum loan amount: 1 lakh
Minimum repayment tenure: 8 years
Processing fee: INR 3500 to INR 5500
Penalty interest: 2% on per month EMI
Foreclosure charges: 5% of the principal

How to apply for SBI Car Loan:

Dial 1800-11-2211 for more information/ applying through SBI Contact Centre.

Give a Missed Call on 7208933142 or SMS “CAR” on 7208933145 to get a call back from SBI Contact Centre.

Applying by visiting the official website of the bank: You can visit the official website of SBI and apply for a car loan of your choice. You will have to upload the necessary documents and once the bank verifies it and is satisfied that all the documents submitted by you is correct, the loan amount will be disbursed to your bank account instantly.

Documents Required to Apply for SBI Car Loan:

The applicant must submit the below-mentioned documents alongside the completed application form:

Salaried Employees:

• Bank account statement for the preceding 6 months
• 2 passport size photos
• Proof of address
• Identity proof
• Proof of income: Latest pay slips, Form 16
• Income Tax Returns or Form 16 for the preceding 2 years

Non-Salaried/Businessmen/Professionals:

• Bank account statement for the preceding 6 months
• 2 passport size photos
• Proof of address
• Identity proof
• Proof of income: Income Tax Returns for the preceding 2 years
• Form 16 for the preceding 2 years
• Audited Balance Sheet
• P&L statement for preceding 2 years
• Sales Tax Certificate
• Partnership Copy

Individuals Engaged in Agricultural and Allied Activities:

• Bank account statement for the preceding 6 months
• 2 passport size photos
• Proof of identity
• Proof of address
• Direct agricultural activity
• Allied agricultural activity (poultry, dairy, plantation, horticulture): Evidential proof of the activities running must be provided