The State Bank of India is the largest banking institution operating in India. It provides a huge range of car loans to potential borrowers. The following are the different schemes offered by SBI under the car loan category.
Your CIBIL score comprises of your financial history with respect to credit and lending. This includes your existing debts, EMIs, credit card bills and upcoming payments. SBI has declared a minimum CIBIL score requirement of 750 for availing a car loan. So when you decide to take a car loan from SBI, ensure that you have a high CIBIL score or else your loan application will most likely get rejected. Banks require CIBIL score as they want to avoid the risk associated with a person with a poor payback capacity. A good CIBIL score helps banks and lending institutions determine the creditworthiness of an individual. A high CIBIL credit score indicates that you have had a successful payment history in the past and have maintained a healthy line of credit. Therefore, a CIBIL score is a very important factor which SBI will take into consideration before disbursing your car loan.
Note: All product information has been directly sourced from the official website of State Bank of India. SBI New Car Loan - As the name suggests, this is a car loan offered by SBI to help you purchase new cars ranging from small compact cars to large multi utility vehicles and sports utility vehicles.
| Category | Income Criteria | Max Loan Amount |
|---|---|---|
| Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment | Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/- | 48 times of the Net Monthly Income |
| Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses | Net Profit or Gross Taxable income of Rs. 3,00,000/- p.a. (income of co-applicant can be clubbed together) | 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans |
| Person engaged in agricultural and allied activities | Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/- | 3 times of Net Annual Income |
| Salaried | Non-Salaried/ Professional/Businessmen |
|---|---|
| Statement of bank account for last 6 months. | Statement of bank account for last 6 months. |
| 2 passport size photographs | 2 passport size photographs |
| Proof of Identity | Proof of Identity |
| Address Proof | Address Proof |
| Income Proof: Latest Salary Slip, Form 16 | Income Proof: ITR for last 2 years |
| I.T. Returns or Form 16 for the last 2 years. | I.T. Returns or Form 16 for the last 2 years. |
This is a loan offered by SBI to help you purchase a car from a certified used car dealer, not more than 5 years old.
| Criteria | Description |
|---|---|
| Loan Amount | Rs. 3 lakhs - min Rs.10 lakhs - max |
| Cost of the vehicle | Salaried - NAI- Rs. 2,50,000 & Above
Self Employed and Professionals & Other - NAI - Rs. 3,00,000 & Above Persons engaged in Agriculture & allied activities - NAI - Rs. 4,00,000 & Above |
| Age of the vehicle | 8 years |
| Repayment | 8 years minus age of vehicle maximum 5 years. |
This type of loan is offered to existing customers of SBI home loan department.
| Criteria | Description |
|---|---|
| Margin | NIL-100% On Road finance |
| Age | 21- 65 years |
| Eligibility | - Regular employees of State/Central Govt., Public Sector Undertakings, corporations, private sector companies, and reputed establishments
- Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses can avail of the loan facility - Persons engaged in agriculture and allied activities can also avail the car loan. Income Tax return is not required in case of agriculturists |
| Minimum Income | Rs. 2,00,000/- |
| Maximum Income | 75% of present market value of the house property less present outstanding in the Home Loan account and Home Equity, if any. |
| Repayment Tenure | 7 years |
| Criteria | Description |
|---|---|
| Margin | 100% of Fixed Deposit for On Road price |
| Age | 18 years - min
NIL - max |
| Income Required | Min: Rs. 2 lakhs
Max: No Limit |
| Repayment Tenure | 3-7 years |
| Criteria | Description |
|---|---|
| Margin | 25% of On Road price
Loan to value : 75% of On-road Price (Including Taxes & Insurance) |
| Age | 21-65 years |
| Income Required | Min: Rs. 2.5 lakhs
Max: Rs. 4 lakhs |
| Repayment Tenure | Maximum 5 years |
| Scheme | Interest Rate w.e.f. 10.12.2018 (1 year MCLR: 8.55%) | ||||||
|---|---|---|---|---|---|---|---|
| SBI Car Loan, NRI Car Loan, Assured Car Loan Scheme, SME Retail Car Loan Scheme (excluding Taxi, Transport Operators and fleet segments in SME) | From 9.30% to 9.80% | ||||||
| Loyalty Car Loan Scheme | SBI Car Loan, NRI Car Loan and Combo Loan Scheme
For Men: 1.15% above 1 year MCLR i.e. 9.70% p.a.
For Women: 1.10% above 1 year MCLR i.e. 9.65% p.a. (CIC Based rates are applicable) Certified Pre-owned Car Loan Scheme Men: 2.25% above 1 year MCLR i.e. 10.80% p.a. For Women: 2.20% above 1 year MCLR i.e. 10.75% p.a. |
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| Certified Pre-owned Car Loan Scheme | From 11.05% to 12.05% (CIC Based rates are applicable). | ||||||
| Super Bike Loan Scheme | 3.25% above 1 year MCLR i.e. 11.80% p.a | ||||||
| SBI Two-Wheeler Loan | 9.05% above 1 year MCLR i.e. 17.60% p.a. | ||||||
| SBI Car Loan Lite |
|
| Type of customers | CIC scores | Interest Rate w.e.f. 10.11.2018 (1 year MCLR: 8.50%) |
|---|---|---|
| Corporate Salary Package customers | Not applicable | 0.75% above 1 year MCLR i.e., 9.30% p.a. |
| Other than Corporate Salary Package customers | CICs score of 750 and above
CICs score of 700 and upto 749 CICs score of less than 700 |
0.75% above 1 year MCLR i.e., 9.30% p.a.
0.95% above 1 year MCLR i.e., 9.50% p.a. For Men: 1.25% above 1 year MCLR i.e., 9.80% p.a. For Women: 1.20% above 1 year MCLR i.e. 9.75% p.a. |
What if I have a low CIBIL score, will i still get a car loan from SBI?
No, you would not get a car loan. To get one, you need to have a minimum CIBIL score of 750 in order to avail a car loan from SBI.
Does skipping an SBI car loan payment affect my CIBIL score?
Yes, if you miss out on any of the EMI payments for SBI car loan account, it will have a negative impact on your CIBIL score.
Does SBI provide a loan for a used car?
Yes, SBI provides car loan for a new as well as certified used cars.
What is the penalty for not paying the EMI on time?
The penalty is not charged for loans up to Rs.25,000/-. For Loans above Rs.25000/- , the penalty charge is would @2% p.a.
