SBI Car Loan Interest Rates in December 2023. Review SBI Car Loan Scheme with Special Waivers, Eligibility EMI. Processing Fees with Documents
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
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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 | SBI Car Loan Interest Rate in December 2023 |
Interest Rate (where CIBIL Score >= 775) | 8.8% (3 to 5 year) / 8.9% (6 year & 7 year) |
Interest Rate (where CIBIL Score > 757 - 774) | 8.9% (3 to 5 year) / 9% (6 year & 7 year) |
Interest Rate (where CIBIL Score is 721 - 756) | 9.15% (3 to 5 year) / 9.25% (6 year & 7 year) |
Interest Rate (where CIBIL Score is 688 - 720) | 9.4% (3 to 5 Year) / 9.5% (6 year & 7 year) |
Interest Rate (where CIBIL Score is under 688) | 9.6% (3 to 5 Year) / 9.7% (6 year & 7 year) |
Waivers on Interest Rate on EV Cars | .15% additional waiver if customer buying EV |
Processing Fees | 100% Waiver for Limited Period |
Nature of Loan | Fixed Interest Rate |
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.
» 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).
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)
KYC & Financial Documents | Salaried | Self Employed |
ID Proof | PAN Card + 2 Passport Size Photos | PAN Card + 2 Passport Size Photos |
Residence Address Proof (Either of documents) | Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented - additionally - Permanent Address Proof copy required | Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented - additional Permanent Address Proof copy required |
Office Address Proof | Office ID Card or Office Address as per Self declaration in Application Form | VAT (Sales Tax Certificate) / Shop Establishment / Service Tax |
Income Proof | Latest Salary Slip or Form 16 or Latest 2 yr ITR | Latest 2 Year ITR with Computation. Audited P&L, Balance Sheet for 2 years |
Banking | 6 Month Salary A/c Statement | 6 Month Business Current A/c Statement (Main A/c which has Inflow and Outflow of Payment) |
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
Check Prices with Complete Features
» 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.
Comments 1
Hi Sir , we have purchased a new Swift car in 2015 from CSD , but accidently is was fully damaged within 6 months , can we now get the new car from CSD .