State Bank of India (SBI) offers car loans at an attractive interest rate of 7.75% annually. Benefits include minimal paperwork, quick disbursement, and the lowest EMI.
The bank provides various car loan options, including loans for certified pre-owned cars, electric vehicles, and more.
With a repayment tenure of up to seven years and no processing fees, SBI’s car loan scheme is designed to make your car purchase hassle-free.
Key Features of SBI Car Loan
- Competitive Interest Rates: Starting at 7.75% per annum, with a particular concession of 25 basis points (bps) for applications made through SBI’s YONO app.
- Flexible Repayment Options: Tenure ranging from three to seven years.
- Comprehensive Financing: Up to 90% of the vehicle’s on-road price’ includes registration and insurance costs.
- Zero Processing Fees: SBI charges no processing fees, making it more affordable for customers.
- Additional Benefits: Optional SBI Life Insurance coverage and daily reducing balance interest calculation.
Eligibility Criteria for SBI Car Loan
To qualify for an SBI Car Loan, you must meet the following requirements:
- Age: You should be between 21 and 67 years old.
- Income: Both salaried and non-salaried individuals, including professionals, business owners, and those engaged in agricultural activities, are eligible.
Required Documents
For Salaried Individuals:
- Bank statement for the last six months
- Two passport-size photographs
- Proof of identity (e.g., Passport, PAN Card, Voter ID, Driving License)
- Address proof (e.g., Ration Card, Electricity Bill, Life Insurance Policy)
- Income proof, including the latest salary slip and Form 16 for the last two years
For Non-Salaried Professionals/Businessmen:
- Bank statement for the last six months
- Two passport-size photographs
- Proof of identity and address, as mentioned above
- Income proof, including ITR for the last two years and audited financial statements
For Individuals in Agricultural Activities:
- Bank statement for the last six months
- Two passport-size photographs
- Proof of identity and address, as mentioned above
- Documentary proof of agricultural activities, such as land ownership documents
How to Apply for SBI Car Loan Online
- Visit the SBI Online Portal: Access the SBI car loan application page through this link.
- Fill in the Application: Enter the necessary details in the designated fields.
- Check Eligibility: Verify your eligibility and get a loan quotation.
- Submit the Application: Upload the required documents and submit your application.
| Name of the Loan | SBI Car Loan |
|---|---|
| Interest Rate | 7.50% |
| Website | https://sbi.co.in/ |
| Car Loan Link | SBI Auto Loan |
How to Apply for SBI Car Loan via YONO
- Login to YONO: Access your SBI YONO account.
- Navigate to Loans: Click on the menu (three lines) on the top right and select ‘Car Loan.’
- Eligibility Check: Conduct an eligibility check and find the eligible loan amount.
- Complete the Application: Fill out the application form, upload the required documents, and submit.
SBI’s car loan offerings for 2024 are designed to cater to a wide range of customers, from salaried individuals to those engaged in agricultural activities.
With competitive interest rates, flexible repayment options, and the convenience of online application through SBI’s website and the YONO app, purchasing your dream car has never been easier.