SBI Car Loan 2024 Eligibility

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SBI car loan The country’s top lender, the State Bank of India (SBI), offers various types of car loans for those looking to buy a car. The bank offers customized car loans for customers such as Regular Car Loan, Certified Pre-owned Car Loan, SBI Loyalty Car Loan for existing home loan borrowers, Assured Car Loan Scheme for existing term deposit customers, and Green Car Loan for Electric Cars.

SBI car loan: Features and benefits.

  • Lowest interest rates and EMI
  • · Longest repayment tenure (7 years)
  • · Zero processing charges
  • · Financing on ‘On-Road price’
  • On-Road price includes registration and insurance
  • Financing up to 90% of ‘On-road Price’
  • Interest calculated on daily reducing balance
  •  Allows purchase of new passenger cars, multi-utility vehicles (MUVs) and SUVs.
  • No advance EMI

SBI car loan: Interest Rate

  • · SBI offers car loans at an effective rate of 7.75% p.a.
  • · Get a special interest concession of 25 bps on applying for the loan through YONO i.e. 7.50% p.a.
  • Car Loan tenure: 3 – 7 years

Eligibility

  • · Age: 21 to 67 years
  • · Regular employees of Central Public Sector Enterprises, Defense Salary package, Para Military salary package/Indian Coastal Guard Package/Customers and Short Commissioned Officers of various Defense establishments

SBI car loan: How to apply online

  • Customers can click on the link below to apply online for a car loan.
  • Fill in the required details.
  • Check eligibility and get the loan quotation

SBI car loan: How to apply via YONO SBI

  • Login to your YONO account
  • · On the home page, click on the menu (three lines) on the top extreme left
  • · Click on loans
  • · Click on Car Loan
  • · Request for the loan by providing a few details
  • · Find the eligible amount
  • · Fill up an application form & upload the necessary documents
  • · Click on Submit
  • Factors Affecting the SBI Car Loan Eligibility

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

The 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.

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.

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 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 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.

Documents required for SBI Car Loan Eligibility

Listed below are the documents required for the various car loan schemes offered by SBI:

SBI New Car Loan Scheme

Listed below are the documents salaried, self-employed, and individuals engaged in agricultural activities have to submit:

Salaried Individuals

  • Last 6 months’ bank statements.
  • 2 recent passport-size photographs.
  • Identity proof – Aadhaar card, Passport, Voter ID card, etc.
  • Address proof – Utility bills, Ration Card, Aadhaar card, etc.
  • Latest salary slip.
  • Form 16.
  • IT Returns of the last 2 years.

Self-employed individuals

  • Identity proof – Aadhaar card, Passport, Voter ID card, etc.
  • Address proof – Utility bills, Ration Card, Aadhaar card, etc.
  • Last 6 months’ bank statements.
  • 2 recent passport-size photographs.
  • Latest salary slip.
  • Form 16.
  • Establishment registration certificate.
  • Audited balance sheet.
  • IT Returns of the last 2 years.

Individuals engaged in agricultural activities

  • 2 recent passport-size photographs.
  • Last 6 months’ bank statements.
  • Identity proof – Aadhaar card, Passport, Voter ID card, etc.
  • Address proof – Utility bills, Ration Card, Aadhaar card, etc.
  • Government-approved proof of agricultural activity.

SBI Certified Pre-Owned Car Loan

Those applying for the SBI Certified Pre-Owned Car Loan have to submit the following documents:

  • Copy of the seller’s car registration certificate.
  • Copy of the car insurance certificate of the seller.
  • Sale agreement between the seller and buyer.
  • Undertaking certificate between the car dealer and SBI.
  • Hypothecation clearance certificate by the financier of the vehicle.
  • Correspondence form from the insurer regarding the change of name of the insured person and the financier.