Sbi car loan interest rate

Sbi car loan interest rate 2024 EMI calculator Apply now

Sbi car loan interest rate 2024 EMI calculator Apply now

State bank of India is one of biggest lender in country. This bank is owned by State, State bank of India Has India’s biggest customer base. Sbi offers various services like banking, investment, loans and other financial services.

Car loans is the biggest portfolio on some bank in lending business. Indians love to own cars and car loan is best way to own their dream car.

State Bank of India is always known for its low-interest rate, easy repayment tenure, very convenient fee, less paperwork, and easy to get a car loan.

SBI car loan interest rate details

Interest Rate 7.75% to 8.45%
Loyalty car loan scheme7.95% to 9.25%
Processing fee0.40% of loan amount + GST
Prepayment charges1% of part payment + GST
Repayment OptionUp to 7 years
Maximum loan amount4 times of your net annule income
Minimum loan amountUp to 90% on-Road price
Min-annual incomeRs.2.5 Lakhs

Feature of Sbi car loan

  • Lowest interest and EMI in Indian Market.
  • Sbi offers longest repayment option of 7 Years.
  • Sbi gives car loan up to 90% of “On road-price”.
  • Sbi offers multiple types of car loan like New passenger car, Used car, electric car, SUV’s MUV’s.
  • No advance EMI required.
  • Sbi offers certified pre-owned car loan Scheme for purchase of used cars.
  • SBI life insurance also available as an optional.

Different Car loan schemes are available at the State bank of India.

  • SBI Green car loan for electric cars.
  • SBI certified pre-owned car loan Scheme.
  • SBI assured car loan scheme.
  • SBI car loan Elite scheme.
  • SBI new car loan.
Sbi car loan interest rate
image by: Freepik

Following factors affect you SBI car loan interest rate.

The SBI bank not giving same interest rate to every borrower. SBI car loan Interest rate depend on few things like Credit score, Annual income, your age, employee details etc. We list some factors that affect your SBI car loan interest rate.

Your age

For the application for an SBI car loan your age must be a minimum of 21 years old. During application borrower age might make some powerful impact on interest rate.


Every bank check’s that how much you can earn in year. On that basis bank offer you car loan. The higher you earn the higher chance you to repayment the loan. SBI offers best term for customer who earn higher.

Credit Score

a good credit score indicates the loan applicant’s creditworthiness and repayment ability. If you have a good credit score HDFC Bank may offer you less interest rate. Credit score make an powerful impact on your SBI car loan interest rate. The higher Credit score is defined by bank in favor of your creditworthiness. Good Credit score gives Higher loan amount and lower interest rate.

Amount of down payment.

SBI gives you 90% of loan of cars on Road price, If you can pay higher amount of down payment you can easily negotiate to better interest rate. So you can offer higher down payment and get lower interest rate.

Relationship with bank.

For the loan and its interest rate banks give preference to their old and long-term customers. The active customer gets a slightly lower interest rate. Because Bank can easily check your account history, credit payment, older loan repayment etc.

State bank of India car loan Eligibility Criteria.

Eligibility CriteriaEligibility Details
Age21 to 67
Loan tenure7 Years
Loan amount90% of cars on road price

Buying new car is dream of every person. SBI helps you to buy your dream car at low interest rate. Finding best car for your family is easy but finding best lender is very difficult. SBI comes with lowest interest rate in market and longer repayment tenure. SBI offers 90% of on road price of car.

What is interest rate of SBI on car loan?

SBI offers 7.75% interest rate on car loan.

How much SBI charge as processing fee?

State bank of India charges 0.40% of loan amount + GST


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