SBI Car Loan 2023, How to apply online at sbi.co.in. State Bank of India, SBI offers cars loan at an interest rate of 7.75 per cent per annum along with several other benefits such as lowest EMI, minimal paperwork, and quick disbursement.
The country’s largest lender offers customized car loans such as certified pre-owned car loan, regular car loan, SBI loyalty car loan for existing home loan borrowers, green car loan for electric cars, among others.
The state-run bank’s car loan scheme also comes with a repayment tenure of seven years, zero processing charges, and financing on ‘on-road price’.
The on-road price includes the registration and insurance, and financing is up to 90 per cent of the ‘on-road price’, according to SBI.
For car loan scheme, the interest is calculated on a daily reducing balance. The bank also allows purchase of new passenger cars, multi utility vehicles (MUVs), and SUVs.
Customers will get a special interest concession of 25 bps on applying for the car loan through YONO – at 7.50 per cent per annum. State Bank of India’s auto loan market share is 31.11 per cent. The car loan tenure is three-seven years.
| Name of the Loan | SBI Car Loan 2023 |
|---|---|
| Title | How to apply for SBI Car Loan 2023 on Online |
| Subject | State Bank Of India has provided the link for applying Car Loan on Online |
| Category | Loan |
| Interest Rate | 7.50% |
| Website | https://sbi.co.in/ |
| Car Loan Link | SBI Auto Loan |
SBI offers you the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.
Salient Features
- Lowest Interest Rates & EMI;
- Longest Repayment Tenure (7 years);
- Financing on ‘On-Road price’;
- On-Road price includes Registration & Insurance.
- Interest calculated on Daily Reducing Balance;
- For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
- Financing Up to 90% of ‘On-road Price’
- No Advance EMI
- Optional SBI Life Insurance cover available
- Interest Rate : Click here to view the interest rates
- Processing: Click here to view the Processing Fee
Eligibility for SBI Car Loan
To avail an SBI Car Loan, you should be an individual aged 21 to 67 years, belonging to one of the following 3 categories:
| Category | Income Criteria | Max. Loan Amount |
|---|---|---|
| Regular employees of Central Public Sector Enterprises (Maharatnas/ Navratnas/ Miniratnas). Defence Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) Customers and Short Commissioned Officers of various Defence establishments. | Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-. | 48 times of the Net Monthly Income. |
| Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses | Net Profit or Gross Taxable income of Rs. 3,00,000/- p.a. (income of co-applicant can be clubbed together). | 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans. |
| Persons engaged in agriculture and allied activities. Income Tax return is not required in case of agriculturists. | Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-. | 3 times of Net Annual Income. |
Documents Required for applying Car Loan at SBI
You would need to submit the following documents along with the completed application form:
Salaried
- Statement of bank account for last 6 months.
- 2 passport size photographs
- Proof of Identity
- Address Proof
- Income Proof: Latest Salary Slip, Form 16
- I.T. Returns or Form 16 for the last 2 years.
- Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
Form 16/ITR is waived for our Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months. Statement of Bank Account (For six months) is waived for our Salary Package customers who are maintaining Salary account with us.
Non-Salaried/ Professional/Businessmen
- Statement of bank account for last 6 months.
- 2 passport size photographs
- Proof of Identity
- Address Proof
- Income Proof: ITR for last 2 years
- I.T. Returns or Form 16 for the last 2 years.
- Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
Person engaged in agricultural and allied activities.
- Statement of bank account for last 6 months.
- 2 passport size photographs
- Proof of Identity
- Address Proof
- Direct agricultural activity (crop cultivation):
Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph. All land should be on free hold basis and ownership proof to be in the name of borrower. - Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
Documentary proof of running of the activities to be provided.
Proof of Identity: (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. And Address Proof: (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
How to apply for SBI Car Loan Online?
- To apply for the car loan online, customers can access the link: https://onlineapply.sbi.co.in/personal-banking/auto-loan?se=Product&cp=SBICOIN&ag=General
- Fill in the required details in the designated fields
- Check eligibility and get the loan quotation.
How to apply for SBI Car Loan on SBI YONO?
- Login to the YONO account
- On the home webpage, click on the menu (-the three marked lines) on the top extreme
- Click on loans and select car loan
- Conduct the eligibility check
- Request for the loan after entering details
- Find the eligible amount
- Fill the application form and upload the necessary documents
- Click on ‘Submit’