A Comprehensive guide for SBI New Car Loan – Features, Benefits, Interest Rate & Eligibility

Introduction

State Bank of India (SBI) one of India’s largest and most trusted banks and has plenty of products to fulfill customer need and requirement. if a person want to buy SBI new car loan with new model and technology with wide dreams of owning his/her own car in life.

Can go with SBI just because of affordable rate of interest, easy to process and with minimum documentation.

We will discuss all the prospects like – features, benefits, rate of interest, and eligibility along with EMI complete application process.

Important Key Features of SBI New Car Loan

• Financing up to 100% of on road price.
• Longest re-payment tenure for up to 7 years.
• Interest rate starts with 8.70%
• Financing on ‘on road price with including insurance and registration.
• For purchase of new car loan, SUV and MUV
• Nil re-payment charges.
• No foreclose charges after 2 years.
• No advance EMI needed.
•  SBI life insurance cover available on new car loan.
• Applied age for new car loan minimum of 21 years and maximum of 70 years.

Eligibility Criteria of SBI New Car Loan

Applicant Type	Minimum Income Requirement	Amount Eligibility
Salaried (PSU & Defense  Employees)	Net annual income of applicant and/or co-applicant should be ₹3,00,000 or above	Up to 48 times of Net Monthly Income
Professionals/Self-Employed/ Businessmen	Net Profit or Gross Taxable Income should be  at least ₹3,00,000 per year (Co-applicant income can be clubbed)	Up to 4 times of Net Profit or Gross   Taxable Income as per ITR after adding back depreciation and existing loan repayments
Agriculturists & Allied Activities	Net annual income of applicant and/or co-applicant should be ₹4,00,000 or more (ITR not mandatory)	Up to 3 times of Net Annual Income

Important Note –

SBI New Car Loan is available for the following applicant categories:

• Salaried employees working in Central Public Sector Enterprises
  (Maharatna, Navratna & Miniratna companies)
• Defense personnel, including:
  • Defense Salary Package (DSP)
  • Para Military Salary Package (PMSP)
  • Indian Coast Guard Salary Package (IGSP)
• Short Commissioned Officers from Defense services
• Professionals and self-employed individuals
• Business owners, including proprietary and partnership firms

SBI New Car Loan Interest Rates

• For Salaried Customers

CIC Score	Loan Tenure: 3–5 Years	Interest Rate	Loan Tenure: Above 5 Years	Interest Rate
700 & Above	At 1 Year MCLR	8.70%	At 1 Year MCLR	8.70%
650 – 699	1.05% + 1 Year MCLR	9.75%	1.15% + 1 Year MCLR	9.85%

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• For Non-Salaried Customers

CIC Score	Loan Tenure: 3–5 Years	Interest Rate	Loan Tenure: Above 5 Years	Interest Rate
757 & Above / NTC	At 1 Year MCLR	8.70%	At 1 Year MCLR	8.70%
721 – 756	0.70% + 1 Year MCLR	9.40%	0.80% + 1 Year MCLR	9.50%
700 – 720	0.95% + 1 Year MCLR	9.65%	1.05% + 1 Year MCLR	9.75%
650 – 699	1.05% + 1 Year MCLR	9.75%	1.15% + 1 Year MCLR	9.85%

Important Note

• Interest rates are linked to SBI 1 Year MCLR
• Lower CIC (Credit Information of Customer)score may attract higher interest rates
• NTC (New to Credit) applicants are eligible under non-salaried category
• Final rates are subject to SBI norms and approval
• Fixed Rate-Interest Rate applied at the time of disbursement will remain same for the entire loan period

SBI New Car loan Processing Fees

Loan Amount	Processing Fee (Including GST)
Up to ₹5 Lac	₹750 + GST
Above ₹5 Lac & up to ₹10 Lac	₹1,250 + GST
Above ₹10 Lac	₹1,500 + GST

Auto Loan Scheme                                       Processing Fees
SBI NRI Car Loan Scheme (For New Vehicle)                                  Nil
SBI Loyalty Car Loan Scheme                                                               Nil
SBI Green Car Loan (Electric Vehicle)                                                Nil
Assured Car Loan                                                                                      Nil

How to Apply for SBI New Car Loan

• Online Application – Visit SBI’s corporate website or Yono SBI and fill out the car loan application form.
  • Branch Application –  Visit the nearest branch and submit required documents including:
    • Identity and address proofIncome documents (salary slips or ITRs)Bank statements for the last 6 monthsVehicle quotation from the dealer
    Verification – SBI will verify your documents and process the loan as per eligibility norms.
  • Sanction & Disbursement – Once sanctioned, the loan amount is thereafter directly transferred to the car dealer’s account.
  • Post-Disbursement – Receive your loan account details and repayment schedule through email or branch.

Other Important Benefits of SBI New Car Loan

Loan Tenure

• SBI offers flexible car loan tenures starts from 3 to 8 years.
• Choosing a longer tenure will always helps to reduce your monthly EMI, which makes it easier to manage budget while owning your dream car.

Collateral & Security

• The car itself is taken as security for the loan.
• You do not need to provide any additional collateral security for car loan.

Fast Processing Time

• SBI follows a smooth and quick approval process.
• Once all required documents are submitted, loan approval is usually completed within 24–48 hours. (Tat time of Processing Loan File)

Affordable EMIs

• SBI offers competitive interest rates and flexible repayment periods, ensuring that EMI stays affordable.
• You can easily calculate your EMI in advance using the SBI online EMI calculator.
  
  

Flexible Repayment Options

• Monthly EMIs through ECS / NACH
• Easy digital payments via SBI mobile banking app also available.

List of Documents Required for SBI New Car Loan

SBI New Car Loan – Documents for Salaried Applicant

Category	Documents Required
Application Form	Duly filled and signed loan application form.
Photographs	2 recent passport-size photographs.
Identity Proof	Copy of Passport, PAN Card, Voter ID, Driving License (any one)
Address Proof	Copy of Passport, Driving license, Voter ID, Ration card, Telephone bill.(any one)
Bank  Statement	Bank account statement for the last 6 months.
Income Proof	Latest salary slip + Form 16 or ITR (Last 2 Years)

Document for Non-Salaried, Professionals & Business owners

Document Category	Details
Applicant Type	Non-Salaried, Professional, Businessmen
Bank Statement	Bank account statement for last 6 months
Photographs	Latest 2 passport-size photographs
Identity Proof	Copy of Aadhaar Card, PAN Card, Passport
Address Proof	Copy of latest electricity bill, telephone bill or life insurance policy.
Income Proof	ITR for last 2 years
Tax Documents	IT Returns or Form 16 for last 2 years
Business Financials	Audited Balance Sheet Computation & P&L Statement for last 2 years.
Business Registration Proof	Shop & Establishment Certificate, Sales Tax Certificate, SSI Registration.
Partnership Firm	Copy of Partnership Deed.

Documents for Agricultural and allied Activities

Category	Documents / Details
Bank Statement	Bank account statement for last 6 months.
Photographs	Latest 2 passport-size photographs.
Identity Proof	Copy of Aadhar Card, Kisan Card or PAN Card.(If available)
Address Proof	Copy of Ration Card, Gas Card or Voter ID Card.
Direct Agricultural Activity (Crop Cultivation)	Khasra / Chitta / Adangal (showing cropping pattern); Patta / Khatoni (showing land holding) with photograph. Land must be freehold and ownership should be in the borrower’s name.
Allied Agricultural Activity (Dairy, Poultry ,Plantation ,Horticulture)	Documentary proof of running the activities.

Conclusion

I hope above all given information is more useful and easy to understand the process of buying SBI New Car Loan scheme. Every year many kind of new car launches in India and all over the world with new features and pricing. buying new car with desired price and affordability is having everyone needs. As you all know that SBI itself has plenty of products designed to make car ownership accessible and affordable. This guide provides comprehensive information about car loans, including car loan eligibility criteria, their features, benefits and application process.