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State Bank Of India Car Loan 2023 – Eligibility, Interest Rate, Required Documents, Benefits

They are the largest bank in India and have a history dating back to 1806. They are also one of the oldest banks in continuous operation. They provide banking and financial services to more than 200 million customers across the country through its vast network of over 15,000 branches. The bank has a strong presence in both urban and rural areas and provides a wide range of banking products and services to its customers.

SBI provides a full range of banking services to its customers, including deposits, loans, credit cards, investment products, and insurance.

Rate Of Interest For State Bank Of India Car Loan

Assuming you are looking for the rate of interest for State Bank of India automobile loan, as of October 2019, the bank offers a starting rate of 10.45% to 13.95%.

The actual interest rate applied to your loan will depend on multiple factors such as the type of vehicle you are looking to finance, your income and repayment capacity, your credit score, etc.

State Bank of India offers one of the lowest starting rates for car loans in India, making it a popular choice among borrowers. However, it is important to compare interest rates from different lenders before making a decision.

Benefits Of Taking SBI Automobile Loan

1. Lower interest rate: SBI car loan offers one of the lowest interest rates in the market, making it a popular choice among borrowers. 

2. Higher loan amount: Borrowers can avail a higher loan amount from SBI as compared to other lenders, which helps them finance their dream car. 

3. Longer repayment tenure: SBI offers a longer repayment tenure on car loans, helping borrowers repay their loan without any financial stress.

Eligibility Criteria For State Bank Of India Automobile Loan

To be eligible for an SBI car loan, you must

-Be at least 18 years old

-Be a Indian citizen or resident

-Have a regular source of income

-Have a good credit history

If you meet all of the above criteria, you can apply for an SBI four wheeler loan.

Documents Required For SBI Automobile Loans 

1. Proof of Identity (POI) – Passport, PAN Card, Voter ID, Driving License, NREGA Job Card 

2. Proof of Address (POA) – Registered Lease/Sale Agreement, Passport, Utility Bills (not more than 3 months old), Property Tax Receipts 

3. Photographs 

4. Last 6 months bank statements 

5. Income documents – last 3 years’ Income Tax Returns with computation of income

6. Salaried: Form 16 with latest salary slip

7. Self-employed: Profit & Loss account and Balance Sheet for the last 2 financial years along with audited reports 

8.Age proof

Apply For Car Loan Online Check Your Loan Eligibility

Processing Fee for State Bank of India Automobile Loan

State Bank of India offers a car loan with a processing fee of 1%. The processing fee is charged upfront at the time of availing the loan.

Tenure For State Bank Of India Four Wheeler Loan

The State Bank of India car loan offers tenure options of up to 7 years. This means that you can choose to repay your loan in EMIs over a period of 84 months. The interest rate on auto loans from State Bank of India is currently at 10.25% per annum.

Prepayment Charges For State Bank Of India Car Loan

Prepayment of your loan is allowed by the State Bank of India, but it will cost you. If you pay off your loan before the end of the term, you will be charged a prepayment fee. 

The amount of the fee will depend on how much money you borrowed and how long you have been paying on the loan. For example, if you borrowed Rs. 10 lakh for a five-year term, the prepayment fee would be 2% of the loan amount, or Rs. 20,000.

How To Apply For Car Loan?

To apply for a State Bank of India (SBI) car loan, you’ll need to fill out an application form and submit it to the bank. The form can be found on the State Bank Of India website or at your local branch.

When you submit the form, you’ll also need to provide documents such as your proof of income, bank statements, and vehicle registration papers. Once your application is approved, you’ll get a loan amount that you can use to finance your car purchase.

To repay your loan, you’ll need to make monthly payments to the bank. The loan tenure and interest rate will be decided at the time of loan approval and will be mentioned in your loan agreement.

Frequently Asked Questions

1. How much does SBI charge for a car loan?

State Bank of India offers some of the lowest interest rates for car loans in the country. Our current interest rate for a car loan is 8.35% p.a., which is significantly lower than most other banks and financial institutions.

2. What is the maximum tenure for a SBI car loan?

The maximum tenure for a State Bank of India car loan is 7 years. This means that you can repay your loan over a period of 7 years, making it more affordable and manageable.

3. What is the minimum amount I can borrow for a car loan?

The minimum amount you can borrow from the State Bank of India for a car loan is Rs. 1 lakh. This ensures that even those with a limited budget can afford to purchase their dream car with our help.

4. What is the maximum amount I can borrow for a car loan?

The maximum amount you can borrow from the State Bank of India for a car loan is Rs. 10 lakh. This ensures that even those with a large budget can afford to purchase their dream car with our help.

5. How do I apply for an automobile loan?

You can apply for a State Bank of India car loan online, through our website, or in person at any of our branches.

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