SBI Car Loan Interest Rate

The SBI Automobile Loan Interest Rate begins at 8.55% per annum for new car loans and 11.15% per annum for used car loans. These are fixed vehicle loan interest rates that are among the lowest in India. Interest rates for used automobiles vary depending on criteria such as vehicle age, loan length, and loan type (top-up, refinance, etc.).

Here are the major features of the SBI Bank car loan schemes:

• The market's lowest interest rates and EMI.
• The maximum repayment period of up to 7 years.
• Financing is available at up to 90% of the 'On-road Price'; On-Road Price includes Registration, Extended Warranty/ Annual Maintenance Contract/ Total Service Package/ Cost of Accessories and Insurance.
• Interest is calculated on the decreasing daily balance.
• Car loans are available for the purchase of new and used passenger cars, electric vehicles, Multi Utility Vehicles (MUVs), and SUVs.
• Certified Pre-Owned Car Loan Program for the purchase of used vehicles.
• No upfront EMI is required.
• Optional SBI Life Insurance coverage is available.

Here is the table to represent the SBI car loan interest rate 2024-

1) Regular employees of the Central Public Sector Enterprises with an income or co-applicant income of Rs. 3,00,000 as a minimum.

2) For defence salaries individuals.

3) Para Military salary package.

4) Customers and Short Commissioned Officers of various Defense establishments.

5) Self-employed, professionals, and more with an income of more than Rs. 3,00,000.

6) Agriculturists with an income of more than Rs.4,00,000.

You need to submit the following papers to apply for an SBI car loan:

• Last six months' bank account statement.
• Two passport-sized photos.
• A copy of your passport, voter ID card, or PAN is required.
• Address verification.
• Salary slip with all deductions.
• Form 16 (income tax return) for the previous two years if you are a salaried employee and three years if you are a self-employed individual, professional, or business owner. The ITO must accept the form.
• If you are not on a salary, you must also confirm your official address.

The interest rate on SBI car loans will remain constant during the loan's term. The interest rates on new and used car loans range from 8.40% to 10.80% per annum.

The interest rate that you are eligible for is determined by a few factors, which are listed below-

The lower the interest rate, the longer the term you choose. In contrast, a shorter tenure will result in a higher interest rate. You need to decide what is best for you.

Your credit history and score are important factors in deciding loan approval. To be qualified for a car loan, you must have a credit score of at least 750. If your credit score is low, the odds of your auto loan being denied are higher.

A higher wage will result in a lower interest rate. When applying for a car loan, it is critical to analyze your debt-to-income ratio. According to the lender, you will not have any difficulties when repaying the loan.

The type of car you intend to buy will significantly impact the interest rate on your car loan. A hatchback's interest rate will be different from that of a sedan.

Furthermore, with a car loan, your vehicle serves as security for the duration of the loan. This is why banks examine the model and age of the car when determining the interest rate.

There are two major ways to apply for a car loan from SBI Bank, and they are:

1. Through the official portal of the State Bank of India (Online)
2. By visiting a nearby branch of the bank (offline)

The car loans from the State Bank of India charge applicants a processing fee:

• New Car - 0.40%
• Used Car - 1.25%

• SBI Personal Loan Interest Rates
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