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Key Features of SBI Car Loans

  • Loan Amount: Up to 100% financing for new cars and up to 85% for used cars, with loan amounts ranging from ₹1 lakh to ₹1 crore.
  • Interest Rates: Competitive interest rates with both fixed and floating rate options, starting from 8.50% per annum.
  • Flexible Tenure: Repayment tenure ranging from 12 months to 84 months (7 years), allowing customers to choose comfortable EMI options.
  • Quick Processing: Fast approval within hours and same-day disbursal in many cases, with minimal documentation requirements.
  • Prepayment Options: No prepayment charges in many cases, allowing borrowers to save on interest by paying off the loan early.
  • Online Application: Easy application process through HDFC Bank's website or mobile app with real-time tracking.
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    • Special Benefits for EVs: Extended repayment tenure (up to 8 years), lower interest rates compared to petrol/diesel cars, and supports the government's green mobility initiative.
    • Balance Transfer Facility: Transfer your existing car loan from another bank/NBFC to SBI at a lower interest rate.
    • Optional Add-On Benefits: Comprehensive car insurance can be bundled with the loan. Extended warranty & maintenance packages available.
    • Special Discounts: Processing fee waiver during promotional periods, lower interest rates for women borrowers, and concessional rates for electric vehicles.
    • Wide Range of Cars: Loans available for new cars, certified pre-owned cars, luxury vehicles, electric cars, SUVs, and hybrid vehicles.
    • Flexible EMI Options: Step-up/step-down EMIs available for better cash flow management.
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Benefits of SBI Car Loans

  • Competitive Interest Rates: Attractive and competitive interest rates with both fixed and floating rate options, helping you save on interest payments.
  • Quick Processing: Fast approval within hours and same-day disbursal in many cases, making your car purchase process smooth and efficient.
  • Minimal Documentation: Hassle-free loan application process with minimal paperwork, reducing the time and effort required.
  • High Loan Amounts: Financing up to 100% of the on-road price for new cars and up to 85% for used cars, with amounts ranging from ₹1 lakh to ₹1 crore.
  • Flexible Repayment: Tenure ranging from 12 months to 84 months (7 years), allowing you to choose an EMI that fits your budget.
  • Wide Range of Vehicles: Finance options for all types of cars including sedans, SUVs, luxury vehicles, and electric cars.
  • Balance Transfer Facility: Transfer your existing car loan from another bank to SBI for better interest rates and terms.
  • Optional Insurance Bundles: Comprehensive car insurance and extended warranty packages available with your loan.
  • Daily Reducing Balance: Interest calculated on daily reducing balance, saving you money compared to monthly reducing methods.
  • No Prepayment Penalty: Zero foreclosure charges if you wish to close your loan early, giving you financial flexibility.
  • Special Schemes for EVs: Lower interest rates and extended tenures for electric vehicles to promote green mobility.
  • Online Application: Easy application process through SBI website or YONO app with real-time tracking.
  • Customer Support: Dedicated assistance throughout your loan journey, from application to closure.
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How to Apply for SBI Car Loans

  • Online Application Process: Visit SBI's Official Website (www.sbi.co.in) and navigate to 'Loans' → 'Auto Loans'.
  • Check Eligibility & Calculate EMI: Use the Car Loan EMI Calculator to estimate monthly payments and check eligibility criteria.
  • Fill Application Form: Enter personal details, employment & income details, and car details (make, model, ex-showroom price).
  • Upload Documents: Attach required documents (identity proof, address proof, income proof, car quotation).
  • Submit & Track: Review details, submit the form, and track your application using the reference number.
  • Offline Application: Visit nearest SBI branch, collect application form, submit with required documents.
  • YONO App: Download YONO SBI app, login, go to 'Loans' → 'Car Loan', fill details and submit.

Eligibility Criteria

  • Age: Between 21 and 65 years of age.
  • Income: Minimum monthly income of ₹25,000 for salaried individuals.
  • Employment: Minimum 2 years of total work experience with at least 1 year in current job/business.
  • Credit Score: Good credit history with a score of 750 or above.
  • Vehicle-Related Eligibility: New Cars-All manufacturers/models approved by SBI.
  • Special Eligibility Conditions:Co-applicants-Can be added to enhance eligibility,Spouse/parents preferred.
  • NRI Applicants: Indian co-borrower often required,NRE/NRO account mandatory.
  • Salaried Specific: Last 6 months salary slips, Form 16 (2 years), Bank statements showing salary credits.
  • Self-Employed: ITR (3 years) with computation, Business license/proof GST returns (if applicable)
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Documents Required

  • Identity & Address Proof: Aadhaar, PAN, Passport, Voter ID
  • Income Proof (Salaried): Salary slips (last 3 months), Form 16, bank statements (last 6 months)
  • Income Proof (Self-Employed): ITR (last 2-3 years), profit/loss statement, bank statements (last 12 months)
  • Business Proof: GST registration, Shop Act License, etc.
  • Car Documents: For new cars: Proforma Invoice, quotation with ex-showroom price, RTO, insurance details
  • Used Car Documents: RC Book, Insurance Papers, PUC Certificate, Sale Deed/Agreement
  • Additional Documents: Passport-size photographs (2 copies), loan application form
  • Special Cases: For government employees: Service Certificate/ID Card; For NRIs: Passport, Visa, Overseas Bank Statements

Usage of SBI Car Loan

  • New Cars: All vehicle types including sedans, hatchbacks, SUVs, MUVs, luxury vehicles, and electric vehicles.
  • Used Cars: Certified pre-owned cars up to 5 years old with up to 85% financing for dealer-certified vehicles.
  • Two-Wheelers: Premium bikes, electric two-wheelers, and select scooters under special schemes.
  • Vehicle Conversion: Petrol/diesel to CNG conversion kits and electric vehicle conversion packages.
  • Commercial Vehicles: Taxis, ride-sharing vehicles, and fleet purchases for corporate use.
  • Refinancing: Balance transfer from other banks/NBFCs and top-up loans for accessories/repairs.
  • Not Covered: Vintage/classic cars (over 10 years old), modified vehicles, imported vehicles without homologation.

FAQs on SBI Car Loans

What documents are required for an SBI car loan?
For Salaried Individuals:
- KYC (Aadhaar, PAN, Passport)
- Salary slips (last 3 months) & Form 16
- Bank statements (last 6 months)

For Self-Employed/Business Owners:
- KYC documents
- ITR (last 2-3 years) & Profit/Loss statements
- Business proof (GST, Trade License)

Common for All Applicants:
- Car invoice/quotation from dealer
- Passport-size photographs
How long does it take to get an SBI car loan approved?
- Online Applications: 24-48 hours (if documents are complete)
- Offline Applications: 3-5 working days
- Pre-approved loans: Instant approval for existing SBI customers
Can I get an SBI car loan if I have a low credit score?
SBI prefers a CIBIL score of 750+ for better approval chances.
If your score is below 700, you may:
- Apply with a co-applicant (spouse/parent) with good credit
- Offer additional security (FD, property)
Does SBI offer car loans for used/second-hand cars?
Yes! SBI provides loans for certified pre-owned cars with:
- Loan tenure: Up to 5 years
- Interest rates: Starting from 11.75% p.a.
- Age limit: Generally, cars up to 5 years old are eligible
Are there special benefits for electric vehicles (EVs)?
Yes! SBI offers:
- Lower interest rates compared to petrol/diesel cars
- Extended repayment tenure (up to 8 years)
- Green mobility incentives (check for govt. subsidies)
Can I transfer my existing car loan to SBI?
Yes! SBI offers a car loan balance transfer facility with:
- Lower interest rates than most banks/NBFCs
- No foreclosure charges from your current lender (check T&C)
How can I check my SBI car loan status?
- Online: Track via SBI Loan Tracking using your application number
- Customer Care: Call 1800 11 2211 or 1800 425 3800
- YONO App: Check real-time updates under "Loan Status"
What happens if I miss an EMI payment?
- Late payment penalty: ~2-3% per month on overdue amount
- CIBIL Impact: Missed EMIs can negatively affect credit score
- Solution: Contact SBI for EMI restructuring if facing financial difficulty
Does SBI offer car loans for luxury/premium cars?
Yes! SBI provides loans for:
- Luxury cars (Audi, BMW, Mercedes, etc.)
- SUVs & high-end models
Loan terms vary based on car value & eligibility
Can I get a car loan without a salary slip?
- Salaried: Form 16 & bank statements may suffice
- Self-Employed: ITR & business income proof required
- Alternative: Apply with a co-applicant or collateral

List of SBI Car Loans

  • SBI New Car Loan
  • SBI Certified Pre-Owned Car Loan
  • SBI Used Car Loan
  • SBI Green Car Loan (Electric Vehicles)
  • SBI Loyalty Car Loan
  • SBI Shaurya Car Loan (For Defence Personnel)
  • SBI Xpress Credit Car Loan
  • SBI NRI Car Loan
  • SBI Insta Car Loan (Via YONO App)
  • SBI Corporate Car Loan
  • SBI Fleet Finance Car Loan
  • SBI Agricultural Car Loan