SBI Car Loan Eligibility Calculator
State Bank of India offers car loans at attractive interest rates with a maximum repayment tenure of 8 years. Customers have to meet the eligibility criteria which is based on the age and income of the applicant and certain other factors as per the terms and conditions set by SBI.
🚗 SBI Car Loan Eligibility Criteria
SBI offers various car loan schemes tailored to meet the diverse needs of its customers. Below is an overview of the eligibility criteria for each scheme:
1. SBI New Car Loan Scheme
Particulars | Details |
Age Limit | 21 to 70 years |
Income Criteria | • Salaried: ₹3,00,000 p.a.• Self-Employed: ₹3–4 lakh p.a.• Agriculture: ₹4 lakh+ p.a. |
Loan Amount | • Salaried: Up to 48–60× NMI• Self-Employed: 4× annual income• Agriculture: 3× annual income |
Repayment Tenure | Up to 8 years |
Special Features | Financing up to 100% of the on-road price |
2. SBI Certified Pre-Owned Car Loan
Particulars | Details |
Age Limit | 21 to 67 years (loan must be repaid before 70) |
Income Criteria | • Salaried: ₹3 lakh p.a.• Self-Employed: ₹3 lakh p.a.• Agriculture: ₹4 lakh p.a. |
Loan Amount | ₹3 lakh – ₹1 crore |
Repayment Tenure | Up to 5 years (vehicle age ≤ 8 years total) |
Loan-to-Value (LTV) | Up to 85% of the ex-showroom price |
3. SBI Loyalty Car Loan Scheme (For Existing Home Loan Borrowers)
Particulars | Details |
Age Limit | 21 to 70 years |
Income Criteria | Minimum ₹2,00,000 p.a. |
Eligibility | Must have an active SBI home loan with good repayment record |
Loan Amount | Up to 100% of the ex-showroom price |
Repayment Tenure | Maximum 7 years |
4. SBI Assured Car Loan Scheme
Particulars | Details |
Age Limit | Minimum 18 years; no upper age limit |
Income Criteria | Income declared by applicant will be accepted |
Loan Amount | ₹1,00,000 – No maximum limit |
Repayment Tenure | 3 to 7 years |
Special Features | No EMI/NMI ratio applicable; 100% FD margin required |
5. SBI Green Car Loan (For Electric Vehicles)
Particulars | Details |
Age Limit | 21 to 70 years |
Income Criteria | Minimum ₹3,00,000 p.a. |
Loan Amount | Up to 100% of the on-road price |
Repayment Tenure | 3 to 8 years |
Interest Rate | Fixed or floating; 25 bps concession for EVs |
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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:
- 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+ as it gives the lender the impression that you will be able to repay the loan on time.
- 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.
- 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.
FAQs on SBI Car Loan Eligibility Calculator
- Is it possible to apply for a car loan although I already have a home loan with SBI?
Yes, you can apply for car loan from SBI though you already have a home loan with them. That said, you can't apply for 2 loans in the same category, like the SBI Car Assured Car Loan Scheme and the SBI New Car Loan scheme.
- I have applied for the SBI New Car Loan scheme, but I've changed my mind and would rather go for the SBI Certified Pre-Owned Car Loan. Is it possible to make this change?
If SBI has approved the loan for the New Car Loan scheme and you have changed your mind, a representative will call you before the loan is disbursed to your bank account. You can inform the executive that you are not interested in the SBI New Car Loan Scheme. That said, you will have to make a fresh application for the SBI Certified Pre-Owned Car Loan.
- How do I know if my loan is approved once I have submitted the application form and all the relevant documents?
You can check the status of your loan application on the website of State Bank of India using your application reference number that would have been mailed to your Email ID. Otherwise, once the loan is approved by SBI, you will receive an SMS on your registered mobile number that the loan has been approved and the loan amount will be processed shortly.
- Is it safe to apply for a car loan online? How do I do it?
It is safe and a lot more convenient if you apply for the car loan online. Visit the website of SBI, choose the car loan scheme you wish to apply for and click on 'apply'. Enter the necessary details and upload your documents. If you are having trouble with the process, contact the customer care unit of SBI and they will guide you through the process of applying for a car loan.
- Can I negotiate on the interest rate offered on the car loan?
If you wish to negotiate the car loan interest rate, you will have to visit the bank branch of SBI.
- I initially applied for the SBI New Car Loan scheme but changed my mind. Can I switch to the SBI Certified Pre-Owned Car Loan?
If your loan is approved for the SBI New Car Loan scheme, a representative will contact you before disbursing the loan. You can inform them of your preference for the SBI Certified Pre-Owned Car Loan. However, changing the scheme may require a fresh application.
- How can I check the status of my car loan application with SBI?
You can check the status of your car loan application on the State Bank of India website using the application reference number sent to your email. Alternatively, SBI will send an SMS to your registered mobile number once the loan is approved, and the amount is being processed.
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