SBI offers car loans at attractive interest rates with a maximum repayment tenure of 7 years. To get SBI car loan approval, customers need to fulfill the eligibility criteria which is based on the applicant's age and income and some other factors as per the terms and conditions set by SBI. SBI offers various car loan schemes to the customers based on their requirement and financial capability. The car loan schemes are SBI New Car Loan Scheme, Certified Pre Owned Car Loan, SBI Loyalty Car Loan Scheme, SBI Assured Car Loan Scheme and SBI Car Loan Lite Scheme.
₹
500000
36
months
10
%
Monthly EMI
₹
₹ 32,124.56
Total Interest
₹
10,622.78
Principal Amount
₹
500000
Payable Amount
₹
160,622.78
| Pay No. |
Begining Balance | EMI | Principal | Interest | Ending Balance |
|---|---|---|---|---|---|
| 1 | 150000.00 | 32124.56 | 28637.06 | 3487.50 | 121362.94 |
| 2 | 121362.94 | 32124.56 | 29302.87 | 2821.69 | 92060.07 |
| 3 | 92060.07 | 32124.56 | 29984.16 | 2140.40 | 62075.91 |
| 4 | 62075.91 | 32124.56 | 30681.30 | 1443.26 | 31394.61 |
| 5 | 31394.61 | 32124.56 | 31394.64 | 729.92 | -0.03 |
Age Criteria:21 Years to 65 Years
| Scheme Name | Processing Fees | Max Processing Fees | Min Processing Fees |
|---|---|---|---|
| SBI Car Loan (For New Vehicle) | 0.20% of Loan Amount + GST | Rs.3750 + GST | Rs.500 + GST |
| SBI NRI – Car Loan Scheme (For New Vehicle) | 0.25% of Loan Amount + GST | Rs.5000 + GST | NA |
| SBI Loyalty Car Loan Scheme (For Home Loan Borrowers) | 0.125% of Loan Amount + GST | Rs.2500 + GST | Rs.250 + GST |
| Assured Car Loan | NA | NA | NA |
| Certified Pre-Owned Car Loans | 0.20% of Loan Amount + GST | Rs.5000 + GST | NA |
| SBI Car Loan Lite | 0.50% of Loan Amount + GST | NA | NA |
| SBI Green Car (Electric Vehicle) | NIL | NA | NA |
Yes, car loans are offered for used cars. But, the interest rate of such loan will be different from the interest rate for a new car. However, the loan will cover only the cost of the car, other costs such as transfer of registration etc. will have to be borne by you.
As the name suggests, a car loan is a loan given to a person who wants to buy a car. Hence a car loan is a secured loan where the car you buy acts as a collateral. Hence, there is no additional collateral requirement for a car loan. However, you will have to get the RC (Registration Certificate) of the car certified by the bank. This endorsement is canceled after the loan is repaid.
When you input your basic details in Avyud Finance Car Loan Eligibility Tool, we provide you all available options based on the information provided by you. After you get a complete list of lenders that can suit your specific requirement, you can compare different loan options based on tenure, interest rate, maximum loan amount as well as other factors. You can then go ahead and zero in on the offer that best suits your specific need. Avyud Finance streamlines the loan selection process, so that you can get the most out of your car loan.
The maximum loan amount sanctioned may vary from bank to bank. Generally, banks sanction loan amounts ranging from 80%-90% of the on-road price of the car. Some banks also lend 100% of the ex-showroom price of the car. Apart from these criteria, the percentage of financing offered depends on the price, type of car (standard/premium) and whether you are applying for a new or pre-owned car.
Like any other loan you apply for, a car loan application requires self-attested supporting documents like income (last three salary slips / last approved ITR), address and identity proof documents along with your PAN card. Is. Other documentation requirements, if any, vary from lender to lender.
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