SBI Car Loan Interest Rate 2022 | Auto Loan Interest Calculator

SBI Car Loan Interest Rate 2022

SBI New Car Loan interest rates begin at 7.25 percent, while SBI Used Car Loan interest rates begin at 9.25 percent. These are variable rate loans with some of the most competitive auto loan rates in India. The interest rate varies according to the borrower’s employment, loan amount, and loan tenure.

ParticuularsFor New Car LoanFor Used Car Loan
Processing Fee0.20% Min ₹ 500 Max ₹ 10,0000.20% Max ₹ 5,000
Loan Period (Tenure)Upto 7 yearsUpto 5 years
Lowest EMI Available₹ 1,522 per lakh₹ 1,992 per lakh
Loan Amount DisbursedUpto 85% of on-road priceUpto 85% of on-road price
Pre closure ChargesNo prepayment charges0.02

SBI Car Loan

Apart from SBI Car Loan Interest Rate, it also provides upto 85% vehicle loans to clients who need money to acquire a new car. The following are some of the advantages of obtaining a vehicle loan from SBI:

• No processing costs on all auto loan programs.

• High eligibility of up to 85% of On-road Price.

• No Pre-Payment Penalty,

• No Foreclosure Charges,

• No Advance EMI.

SBI Car Loan Interest Rate
SBI Car Loan Interest Rate

The Benefits of an SBI Car Loan.

• Low EMIs and SBI Car Loan Interest Rate.

• A repayment period of seven years.

• Financing is available for On-Road pricing.

• Interest is calculated based on the daily reducing balance.

• There is no advance EMI.

• SBI Life Insurance Coverage (Optional).

SBI Car Loan Fees & Charges

Other than SBI Car Loan Interest Rate other charges involved in SBI car loan.

Fees & ChargesSBI Car Loan Scheme
Processing fee0.40 percent of the loan amount + GST for a new car. A minimum of Rs.1,000 + GST is required. A maximum of Rs.7,500 + GST is permitted.
1.25 percent of the loan amount + GST for Certified Pre-Owned Vehicles A minimum of Rs.3,750 + GST is required. A maximum of Rs.10,000 + GST is permitted.
FinancingUp to 90% of the vehicle's 'On-Road Price' may be given.

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Eligibility for an SBI Car Loan.

SBI Car Loan Interest Rate depends on lot of eligibility factors.The table below displays the different eligibility conditions for obtaining a car loan.

Criteria for Eligibility Details
Age criteria21 years - 67 years
Annual Income starting fromSalaried: ₹ 0.01 Lakh Lakhs
Self Employed Professionals: ₹ 0.01 Lakh Lakhs
Self Employed Businessmen: ₹ 0.01 Lakh Lakhs
Minimum Credit Score (CIBIL)700 and above
Loan Tenure PeriodUp to 7 years
Loan to Value Ratio (LTV)Upto 85% of on-road price

Factors Influencing SBI Car Loan Interest Rates

Car loan eligibility is determined by a number of variables, the most essential of which is your capacity to repay the loan. The following are the primary variables that determine an applicant’s eligibility:

Applicant Age:

Age is a crucial factor in determining your eligibility and repayment capabilities. SBI provides vehicle loans to persons who are at least 21 years old at the time of loan acceptance and up to 67 years old at the time of loan maturity.

Income: The SBI auto loan calculator determines your eligibility depending on your income. Typically, banks require a certain level of income in order to qualify for a vehicle loan. SBI requires a minimum net yearly income of 0.01 Lakh Lakhs.

Job stability and profession:

Having a stable job is vital for improving your status and eligibility for a car loan from SBI. If you work for a reputable firm, your chances of securing a vehicle loan rise since your income is deemed more reliable, and banks provide the greatest SBI car loan interest rate to employees of reputable companies.

CIBIL Score:

Your previous CIBIL history and repayment record of current loans and credit cards have a direct influence on your SBI vehicle loan eligibility. If you have a bad payback history, you may be denied the loan; nevertheless, a consistent repayment history boosts your eligibility for a car loan. Generally, banks make loans to those with CIBIL scores of 700 or above.

Loan Amount:

The amount of the SBI auto loan is determined by your income. Depending on the value of the automobile, SBI will pay 100% of the ex-showroom price. To increase your chances of acceptance, apply for a loan amount that you can comfortably service and check your SBI auto loan status online to reap a variety of perks.

Vehicle Age:

When you borrow a car loan, the vehicle being financed serves as security for the duration of the loan. If you fail to pay your EMI on time, the bank may repossess your vehicle to make up the difference. This is why lenders and banks examine the type and age of the car when setting the interest rate.

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SBI Car Loan Interest Rate calculator
SBI Car Loan Interest Rate calculator

SBI Car Loan Interest Rate Calculator

SBI car Loan EMI is a predetermined amount that you pay each month toward the repayment of your car loan till the end of the term. SBI offers the lowest EMI of 1,522 per lakh loan amount at an interest rate of 8.65 percent. SBI car loan EMI is determined by factors such as:

• The SBI Car Loan Interest Rateis an essential aspect that influences your EMI. As interest rates rise, so will the EMI.

• Loan duration is similarly important because a longer term decreases your monthly EMI per lakh.

• The amount of money you want to borrow determines your EMI. If you request for a large loan amount, your loan EMI would be high.

SBI Car Loan EMI Calculator.

• The technique used to calculate car loan EMI differs from bank to bank.

• The EMI in arrears approach on a decreasing balance basis, in which you pay interest on the loan amount outstanding on a reducing basis at or after the end of the month, should be the standard practice.

• Simply enter the loan amount, interest rate, and loan term here to calculate the EMI amount using the auto loan EMI calculator. If the EMI amount presented differs from the one given to you by the agency, you must confirm the calculation basis with your car loan agent.

Example.

You may compute your own monthly payment (EMI) using the following equation.

E= P. r. (1+r)n/[(1+r) n -1]

Where,

P is the primary amount for which you desire to apply.

r denotes the monthly interest rate, which is determined as the yearly income rate divided by (12*100).

• The loan’s duration in months is denoted by n.

E denotes the monthly payment or EMI.

Assume you take out a Rs.7,00,000 car loan to be repaid over 5 years at an interest rate of 8.65 percent. After following the aforementioned method, your monthly payments for this loan would be 14,412 for 5 years.

SBI Car Loan Foreclosure Rates & Processing Fees

Foreclosure Fees – These fees must be paid if you want to settle your total loan amount before the end of the tenure period. SBI facilitates prepayment of car loan after paying 1 EMI with prepayment Nil.

Processing Fee The SBI charges a processing fee of 0.20 percent of the loan amount. With relevant service tax, the minimum is 500 and the maximum is 10,000.

Top-up and Balance Transfer for SBI Car Loans

• SBI allows you to transfer the balance of your auto loan from another bank to SBI. This is subject to your satisfying additional qualifying requirements.

• Depending on your qualifications, you may be able to obtain an extra top-up auto loan from SBI.

Documents needed for SBI Car Loan

You may have to furnish the below required documents properly. It is different for both Salaried and Self employed which again determines the SBI Car Loan Interest Rate.

Employees on a salary

• Completed loan application form.

• 2 passport-sized photos

• A copy of your income tax PAN.

• Identity Proof — Aadhaar, Passport, Driving License, Voter ID, and PAN.

• Car Price quote.

• Proof of Residence – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

• Income Documents – last 3 to 6 months  company salary slip, 2 years Form 16 or ITR, 3 months bank statement demonstrating income credit and any EMI debit.

• Vehicle registration and insurance.

Self-Employed.

• Completed loan application form.

• 2 passport-sized photos

• A copy of your income tax PAN.

• Identity Proof – Aadhaar, Passport/Driving License/Voter ID/PAN.

• Automobile quote.

• Proof of Residence – Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

• Income Documents – 2 years Income tax return, 3 to 6  months bank statement showing income credit and any EMI debit.

• Vehicle registration and insurance.

Often Asked Questions on SBI Car Loan Interest Rate

Q) What is the interest rate on a car loan issued by SBI?

Ans: SBI vehicle loan interest rates now vary from 7.25 percent to 8.75 percent.

Q) What is the lowest EMI per lakh on an SBI auto loan?

Ans: SBI offers the lowest EMI per lakh at 1,469 for a loan with a 7.25 percent interest rate and a 7-year term.

Q) What is the maximum term of an SBI auto loan?

Ans: Your SBI auto loan can be repaid over a 7-year term.

Q) SBI charges how much of a processing fee on a car loan?

Ans: SBI imposes a processing fee of 0.20 percent of the loan amount, with a minimum of $500 and a maximum of $10,000 plus applicable service tax.

Q) How much can I borrow from SBI for a vehicle loan?

Ans: SBI will lend you up to 85 percent of the car’s on-road pricing.

Q) Is age a criterion for obtaining a car loan from SBI?

Yes, age is a significant qualifying consideration for getting an SBI vehicle loan, since you must be at least 21 years old at the time of loan approval and 67 years old at the time of loan maturity.

Q) Are there any prepayment penalties on an SBI auto loan?

Ans: You may get a car loan from SBI with no prepayment penalty.

Q) Can I use my spouse’s salary while applying for a car loan from SBI?

Ans: You can combine your income with that of your spouse to boost your loan eligibility and loan amount.

SBI Car Loan Interest Rate Inquiry Contact

  • Call 1800-11-2211 for additional information or to apply through the Contact Centre.
  • To obtain a call back from our Contact Centre, dial 7208933142 or text “CAR” to 7208933145.

SBI Car Loan Official Website Click HERE

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