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Fees & Charges: SBI Car Loans

When you need to buy something as grand as a car, buying a car loan becomes a necessity. So if you are looking for car finance, SBI is here to provide you with the most suitable car loans, adjusting to your needs with the interest rates starting from as low as 7.20% p.a., And a repayment duration of up to 7 years and more. For the ease of the customers, they can take a loan for 90 or even 100% of the on-road price of the car from SBI.

Banks Offering Premium Car Loan Interest Rates 2021

Bank NameCar Loan Interest RatesProcessing Fee
Bank of Baroda Car LoanFrom 7.00% p.a.Rs.1,500 (plus GST)
Canara Bank Car LoanFrom 7.30% p.a.0.25% of the loan amount, ranging from a minimum of Rs.1,000 to a maximum of Rs.5,000
Axis Bank Car LoanFrom 7.45% p.a.Ranging from Rs.3,500 to Rs.7,000
Federal Bank Car LoanFrom 8.50% p.a.Contact the bank
SBI Car LoanFrom 7.20% p.a.New Car: Nil (offer valid until 31 January 2022)
ICICI Bank Car LoanFrom 7.90% p.a.0.5% of the loan amount

SBI Car Loan Eligibility Criteria

  • A minimum gross monthly income of Rs. 25,000 is required for a salaried person by State Bank of India
  • An IT assessee is a must for a businessman or a self-employed person.
  • For retired individuals to take a car loan <bank-name> Bank, they must have a monthly pension of Rs. 15,000 and above.
  • A company or organization should have been in profit for the past 2 years and the net profit and cash flow should be enough to repay the State Bank of India car loan.
  • The applicant should be a permanent employee, and the State Bank of India car loan must be paid off at least three months before the applicant's retirement date.
  • Firms and organizations should have been in existence for at least 2 years.

Documents Required For SBI Car Loan Application

  • Photo ID and Age Proof
  • Signed Application Form With Photograph
  • Residence Proof
  • Previous 6 Month Bank Statement

Know More About Documents Required for a Car Loan

Documentation for Salaried People:

  • Previous 3 Months’ Salary Slip
  • Form 16 or Income Tax Returns

Documentation for Self-Employed Applicants:

  • Previous 3 years Income Tax Returns with computation of Income
  • Previous 3 years CA Certified/Audited balance sheet and Profit and Loss Account

Read More about Car Loan

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