SBI is the one of the most trusted bank in India for banking and loans. Those looking to take a car loan must enquire for SBI car loan, because SBI provides right amount of loan at the lowest interest rate for longer repayment period.
Key Features of SBI Car Loan
- Competitive interest rates & EMI
- Longest repayment tenure upto 7 years
- Provides financing on the On-Road price
- Financing Upto 90% of ‘On-road Price’
- Interest calculated on Daily Reducing Balance
- No Advance EMI
- Optional Life Insurance Cover from SBI
SBI Car Loan Eligibility
If you want to apply for a SBI new or used car loan, make sure that you fulfil the below-mentioned car loan eligibility criteria:
- You must be between 21-67 years old to apply/be considered
- You must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.
Documents Required
Along with the completed application form, you will also need to submit the following documents:
For Salaried:
- Last 6 month’s bank account statement.
- 2 passport size photographs.
- Address Proof: Copy of any one Ration Card, Driving License, Voters ID Card, Passport, Telephone Bill, Electricity bill or Life Insurance policy
- Proof of Identity: Copy of any one Passport, PAN Card, Voters ID Card or Driving License etc.
- Income Proof: Latest Salary Slip, Form 16
- I.T. Returns or Form 16 for the last 2 years.
Note: You will not need to submit Form 16/ITR if you have a salary account with SBI that has been active for at least 12 months.
Note: You will not need to submit bank statement of 6 months if you have a salary account with SBI that has been active for at least 12 months.
SBI Car Loan Processing Fees:
| Auto Loan Scheme | Processing Fee |
|---|---|
| SBI CAR LOAN(For New Vehicle) | NIL (Till 31.01.2022) |
| SBI NRI – CAR LOAN SCHEME (For New Vehicle) | NIL (Till 31.01.2022) |
| SBI LOYALTY CAR LOAN SCHEME (For Home Loan Borrowers) | NIL (Till 31.01.2022) |
| Assured Car Loan | NIL (Till 31.01.2022) |
| SBI GREEN CAR (Electric Vehicle) | NIL (Till 31.01.2022) |
| Auto Loan Scheme | Processing Fee | Max Processing Fees | Min Processing Fees |
| CERTIFIED PRE-OWNED CAR LOANS | 1.25% of Loan Amount + GST | Rs 10,000/ + GST | Rs 3750/ + GST |
| SBI TWO- WHEELER LOAN SCHEME | 2.0% of Loan Amount + GST | NA | Rs 1,000/ + GST |
| HIGH VALUE SUPER BIKE LOAN | 1.00 % of Loan Amount + GST | Rs 10,000/ + GST | NA |
For Non-Salaried/ Professional/Businessmen:
- Last 6 month’s bank account statement.
- 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:
- Last 6 month’s bank account statement.
- 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.