SBI Car Loan Details 2023 – Eligibility, Apply Online

Friends, today we are going to give you complete details about State Bank of India car loan. Knowing its process completely, you can also take advantage of State Bank of India’s new car loan service. You can take a loan from State Bank of India for a new car, whether it is a normal car or AN SUV car. State Bank of India being the largest bank in the country offers car loans at attractive interest rates.

Features for SBI Car Loan

State Bank of India’s new car loan has the following features.

  • State Bank of India’s car loan interest rate is 7.50% per annum. If you apply for a car loan through SBI’s YONO app.
  • If you apply for a car loan through offline by going directly to the bank, then the annual interest rate is 7.75%. In this way, SBI encourages customers to apply for a car loan online.
  • SBI offers attractive EMI facilities for its car loan customers.
  • The time limit for repaying the car loan has been given 7 years. Due to which any customer can easily repay his car loan.
  • SBI Car Loan Interest Rate is calculated according to the decreasing amount.
  • SBI offers car loans up to 90% of the on-road price of the car for car loans.
  • SBI gives the applicant the option to take a car loan as well as insure the car loan.

SBI Car Loan Eligibility 

Any Indian citizen between the ages of 18 and 67 years can apply for a car loan from the State Bank of India. The applicant should work in any government service such as central government or state government or any department associated with public sector undertaking or defense service. The annual income of the car loan applicant should be at least ₹ 300000.

A person belonging to any business or a person doing business in partnership can also apply for a car loan if his income is ₹ 300000 annually. A person belonging to the agriculture sector or any farmer can apply for a car loan. If his annual income is less than ₹ 400000. The farmer is not required to show income tax related documents to take a car loan.

SBI Car Loan Documents 

To apply for a car loan from SBI Bank, the following documents are required.

SBI Car Loan Document for Salaried Employee 

  • Aadhar Card/ Passport/ Driving License/ Voter ID as Identity Card A photocopy of one of these will be attached.
  • Aadhaar card/ passport / driving license / voter card / electricity bill / water bill or copy of life insurance corporation policy can be submitted as the address of the house.
  • Bank statement of last 6 months
  • Two passport size photos
  • Income tax returns or Form16 for the last 2 years
  • Latest Salary Slip and Form16

SBI Car Loan Documents for Non-Salaried Individuals

For the business owner, in addition to the above documents, the following documents will have to be submitted.

  • 2 year business profit loss statement.
  • Business Registration Certificate.

SBI Car Loan Document for Farmers and Farming Activity 

For a person related to agricultural work or farmer car loan or SUV loan, the above identity card, address proof, 6 months bank statement, two photos and the documents given below will have to be given.

Documents of ownership of agricultural land

If the person is associated with the poultry farm, then documents of ownership of the poultry farm.

FAQs

What is SBI Car Loan Interest Rate?
SBI Car Loan Interest Rate is 7.50%.

What papers are required for a car loan?
For a car loan, voter ID / driving license / Aadhaar card / PAN card, new salary slip, 6 months bank statement, 2 years income tax return and Form 16 are required.

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