SBI Car Loan Interest Rates in December 2023. Check EMI, Eligibility, Down Payment

SBI Car Loan Interest Rates in December 2023. Review SBI Car Loan Scheme with Special Waivers, Eligibility EMI. Processing Fees with Documents

SBI Car Loan Interest Rates in December 2023

State Bank of India (SBI) Car Loans comes with Trust and low Interest Rate Factor. Unlike Private Sector Banks which offer loans with High Foreclosure Charges and differential rates basis Vehicle Model Classification

SBI Offers 

• Car Loan with Zero Foreclosure Charges after 2 Years
• Fixed Interest Rate Car Loans with Inerest Rates starts from 8.8% in December 2023 
• No Advance EMI Clause
• Flexibility of Part Payment as per term and condition of Bank after 2 years
• 100% Processing Fees Waiver as part of Festive Scheme

Check - Latest Car Loan Interest Rates - to compare SBI Scheme with other Banks

SBI Car Loan Scheme on New Cars - December 2023

• SBI Car Loan Interest Rates: SBI offering Car Loan Interest Rates starting from 8.65% for Self Employed and Salaried Customers. Interest rate varies based on CIBIL Score, Profile Relationship and Type of Car been financed (as differential rates for EV and Petrol, Diesel, CNG Cars)

• Loan Tenure: Finance available for maximum 90% On Road Finance for upto 7 Year Loan Tenure 

• Loan Tyre: Fixed Interest Rate. Unlike most other PSU Banks which offers Floating Rate, your Car Loan Rates are Fixed in SBI and do not change with any fluctuation in rates in coming year.

• Loan Processing Fees:  NIL

• Car Loan EMI : EMI starts at Rs 1604 per Lakh (for 7 Years) / Rs 2066 per Lakh EMI (for 5 year) / Rs 3171 per Lakh (for 3 Years) through for Applicants having CIBIL Score over 775 - for buyers taking Finance on Petrol and Diesel Cars.

SBI Car Loan Interest Rate Scheme in December 2023 - Festive Offer

SBI Car Loan Foreclosure, Part Payment and Other Terms

• Zero Foreclosure charges after 1 Years. Yes if you decided to foreclose loan after 1 Years then no Prepayment charges will be deducted.

• Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year - Loan Rate remains same 

• No Part Pre Payment Charges for loan seasoning beyond 2 Years. 

• In case of Part Payment - Interest Calculated on Daily Reducing Balance. Thus - even Mid Month Part Payment will help you lowering Tenure or Interest Rate

• Interest Rates remains same from Maruti Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation 

SBI Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible On Road Funding and extended tenor of 8 yrs increases affordability too.

SBI Car Loan Scheme Eligibility Norms

» Salaried - Net Annual Income of Rs 3 Lakh p.a. of Applicant. If not, then a working immediate blood relation (spouse, brother, parents) can be taken as co-applicant then Clubbed Income can be taken as 3 Lakh

» Self Employed - Net Profit or Gross Taxable Income of Rs 4 Lakh as per Latest year ITR

» Last 2 Year Form 16 (Salaried) / Last 3 Year ITR with Computation (Self Employed)

» Minimum 6 Month Bank Account Statement of Salary Account / 6 month of Bank Account Statement for Business Current Account

» For Used Car - SBI offers finance for maximum 5 year Old Cars. Also the loan Offered will be based on formula of (Maximum 8 yrs - Existing Ageing of Old Car). For Instance if looking for finance on 2011 December Honda City - Bank will finance for maximum 36 months. Used Car Loan Interest Rates varies from 11% to 12%

Calculators	Get One Touch Information
Car Loan EMI Calculator
Car Loan Eligibility Calculator
Car Loan Repayment Schedule

Maximum Amount Financed: Upto 90% Finance of On Road Price (Ex-showroom Price + RTO Road Tax + Insurance).

Documents Required for SBI Car Loan

Apart from Loan Application Form - Photocopies needs to be submitted of below documents (Originals must be taken along - so that Photocopies can be verified by Bank Official before accepting submission)

Loan Scheme on Used Cars - 2023

» SBI Car Loan on Certified Used Cars:  11.25% to 14.75% - which is the lowest Rate across offered by any Bank in Used Car Loan

» SBI Car Loan Interest Rates on Used Cars (Direct Sale - Purchase) : Not Available. SBI only Finance Used Cars bought from Certified Used Car Dealers from Manufacturers

» Additional Processing Fees Applicab;e

Other Features

» Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year - Loan Rate remains same 

» No Part Payment Charges for loan seasoning beyond 6 months. No Foreclosure Charges in event of Loan Termination after 6 months

» In case of Part Payment - Interest Calculated on Daily Reducing Balance. Thus - even Mid Month Part Payment will help you lowering Tenure or Interest Rate

» Based on Floating Interest Rate - where Future Rates will be linked to MCLR Rate. Thus - if Interest rates go down in future - your tenure will be reduced or last EMI will be lower

» Interest Rates remains same from Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation 

SBI Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible On Road Funding and extended tenor of 7 yrs increases affordability too.