SBI Car Loan Eligibility Calculator

2. SBI Certified Pre-Owned Car Loan

1. Age Limit: 21 to 67 years (loan must be repaid before the borrower turns 70)
2. Income Criteria:Salaried Individuals: Minimum net annual income of ₹3,00,000 Self-Employed/Professionals: Minimum net profit or gross taxable income of ₹3,00,000 per annum Individuals in Agriculture: Minimum net annual income of ₹4,00,000
   1. Salaried Individuals: Minimum net annual income of ₹3,00,000
   2. Self-Employed/Professionals: Minimum net profit or gross taxable income of ₹3,00,000 per annum
   3. Individuals in Agriculture: Minimum net annual income of ₹4,00,000
3. Loan Amount: Minimum ₹3,00,000; Maximum ₹1,00,00,000
4. Repayment Tenure: Up to 10 years minus the age of the vehicle (maximum 5 years)
5. Loan-to-Value (LTV): 85% of the ex-showroom price

3. SBI Loyalty Car Loan Scheme (For Existing Home Loan Borrowers)

1. Age Limit: 21 to 70 years
2. Income Criteria: Minimum net annual income of ₹2,00,000
3. Eligibility: Must have availed a housing loan from SBI and satisfactorily serviced the loan for at least one year after the moratorium period
4. Loan Amount: Up to 100% of the ex-showroom price
5. Repayment Tenure: Maximum 7 years

4. SBI Assured Car Loan Scheme

1. Age Limit: Minimum 18 years; no upper age limit
2. Income Criteria: Income declared by the applicant will be accepted
3. Loan Amount: Minimum ₹1,00,000; no maximum limit
4. Repayment Tenure: 3 to 7 years
5. Special Features: No EMI/NMI ratio applicable; margin required is 100% of the fixed deposit for the on-road price

5. SBI Green Car Loan (For Electric Vehicles)

1. Age Limit: 21 to 70 years
2. Income Criteria: Minimum net annual income of ₹3,00,000
3. Loan Amount: Up to 100% of the on-road price
4. Repayment Tenure: 3 to 8 years
5. Interest Rate: Fixed rate with a further concession of 25 basis points in the applicable rate for electric vehicles

Note: Interest rates and processing fees may vary based on the applicant's credit score and other factors. For the most accurate and up-to-date information, please refer to the official SBI website or contact your nearest SBI branch.

Factors affecting the SBI Car Loan Eligibility

Listed below are the key factors that affect the SBI Car Loan eligibility:

1. The Loan Tenure Chosen by the Applicant: The smaller the loan tenure chosen by the applicant, the better are the chances of the car loan application being approved. 

1. The Age of the Applicant: The age of the applicant is also one of the main factors that affect the SBI car loan eligibility. Most SBI car loan schemes have a minimum and maximum age cut-off, with the minimum age being 21 years old and the maximum age set at 65 years old. 

1. The Credit Score of the Individual: To be eligible for the car loan, the applicant should have a good credit score. Anything above 750 is regarded as a good credit score. 

1. The EMI/NMI (Net Monthly Income) Ratio:  Depending on the car loan scheme chosen by the applicant, SBI takes into consideration the debt-to-income ratio to ensure the individual will be able to pay the monthly installments and will not face financial strain due to the EMI amount. 

1. Income of the Individual: SBI takes into consideration the income of the individual prior to approving the car loan. By assessing the net annual income of the individual, SBI decides whether the individual will be able to repay the car loan. 

How to Increase Your Eligibility for SBI Car Loan

Some of the ways through which you can increase your eligibility for SBI Car Loan are given below:

1. Have a Good Credit Score: It is important to maintain a good credit score in order to improve your eligibility for SBI Car Loan. It is always recommended that you maintain a credit score of 750 and above as it gives the lender the impression that you will be able to repay the loan on time.
2. Shorter Tenure: It is always recommended that you go for a shorter tenure while availing a car loan. Shorter tenure also means that a lower interest rate will be levied on the loan amount. The chances of your loan getting approved is higher if you go for a shorter repayment tenure as it means that you will have to pay back the loan amount quicker.
3. Apply for a Lower Loan Amount: It is easier for a bank to approve your loan if your loan amount is low. This means that not only will a lower rate of interest be charged on the loan amount but since the loan amount is low, the bank finds it comfortable allowing you to avail the car loan.
4. Maintain a Low Debt-to-Income Ratio: The bank checks the debt-to-income ratio before allowing to avail a car loan. If there is a significant balance between your income and your expenses, then the chances of you availing a car loan at a lower interest rate increase.

A good credit score can help you secure lower interest rates on loans and credit cards.

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