SBI car loans are available at the bank's personal banking branches and more than 6000 other branches. Car loan is available for new car, jeep or Multi Utility Vehicles (MUVs); used car or jeep(not more than 5 years old) and take over of existing loan from other banks and financial institutions.

Loan Amount

Loan Amount

There is no upper limit for the amount of a car loan. A maximum loan amount of 2.5 times the net annual income will be sanctioned. If married, spouse's income could also be considered provided the spouse guarantees the loan. The loan amount includes finance for one-time road tax, registration and insurance!

There is no ceiling on the loan amount for new cars, while the loan amount for used car is subject to a maximum limit of Rs. 15 lacs.

Margin

Margin

New / Used vehicles : 15% of the on the road price.

Repayment Period

Repayment

Maximum repayment period for new vehicles is 84 months

Maximum repayment period for used vehicles is up to 84 months from the date of original purchase of the vehicle.

Documents Required

Documents Required

You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:

• Bank statement for the last 6 months
• Two passport size photographs
• Latest salary slip and Form 16, in the case of salaried persons
• IT returns for the last two financial years, in the case of self employed individuals and professionals

If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.

SBI Products:

• SBI Home Loan
• SBI Personal Loan
• SBI Credit Card

Other banks offering Car Loan