Sbi
Sbi Car Loan enables you to drive home your dream vehicle with easy financing. Whether you are buying a new car or a well-maintained pre-owned vehicle, this loan covers up to 90% of the on-road price. With interest rates starting at 8.65% p.a. and flexible repayment options up to 7 years, purchasing a car has never been more convenient. **Key Benefits:** This car loan offers attractive benefits: high loan-to-value ratio covering up to 90% of the on-road price, meaning a lower down payment. Flexible tenure options from 12 to 84 months let you customize your EMI. Both new and used cars are eligible for financing. Fast processing, especially for existing bank customers, gets you behind the wheel quickly. Insurance coverage can be bundled with the loan for added convenience. **How to Apply:** To be eligible for the Sbi Car Loan, you should be between 21 and 70 years with a minimum monthly income of 18,000. Both salaried and self-employed individuals can apply, though salaried employees get more competitive rates. Apply online by filling the loan application form with your car details, upload the required documents including PAN, Aadhaar, income proof, and car quotation from the dealer. The bank verifies your documents and credit profile before approving the loan. Upon approval, the loan amount is disbursed directly to the car dealer, and you start repaying EMIs from the following month. Processing takes 3-7 working days for most applications. *Source: Sbi official website, updated May 2026.*
| Feature | Details |
|---|---|
| Interest Rate Type | Floating |
| Processing Fee | 0.5% |
| Prepayment Penalty | Nil% |
Compare interest rates, maximum loan amount, tenure, and processing fees from the leading car loan providers in India.
| Lender | Interest Rate | Max Loan Amount | Max Tenure | Processing Fee |
|---|---|---|---|---|
SbiThis product | — | — | — | 0.5% |
Axis BankView details → | — | — | — | 2% |
Axis BankView details → | — | — | — | 1% |
Axis BankView details → | — | — | — | 1% |
Axis BankView details → | — | — | — | 2% |
Estimate your monthly EMI for any loan type — no signup required.
₹50,000 – ₹5 Cr
Monthly EMI
₹16,248.86
Indicative EMI for ₹5,00,000 at 10.49% p.a. for 36 months. Actual rates vary by lender and credit profile.
Compare lendersEditorial guide · 389 words · Reviewed against RBI master directions on interest rates and fair practices.
Choosing the right car loan is about more than the headline rate. Start by mapping your exact need — how much you want to borrow, over what tenure, and how comfortably you can service the EMI alongside your other obligations. Use the EMI calculator on this page to translate a quoted rate into a real monthly number, then check whether the rate is fixed or floating. A floating rate can fall when RBI cuts the repo rate, but it can also rise. A fixed rate gives certainty. Match this with the lender's reputation for transparent servicing — read the fine print on processing fees, foreclosure charges, and reset clauses, since these can add 1–3% to your total cost over the loan's life. Finally, prefer an RBI-regulated lender (every scheduled bank, NBFC under RBI supervision, and HFC under NHB) so your interests are protected under fair-practice norms and the Ombudsman scheme.
Your quoted interest rate is driven by five core factors. First, your credit score — a CIBIL of 790+ usually unlocks the bottom of the rate card, while a 700–740 score pushes you up 1–2 percentage points. Second, your employer category — listed companies and PSU employees get preferential rates that smaller employers do not. Third, your existing relationship with the lender: salary account customers, prior FD holders, and home-loan borrowers see meaningful rate concessions. Fourth, loan amount and tenure: shorter tenures and higher amounts sometimes get rate discounts because the lender earns more in absolute interest. Fifth, your debt-to-income ratio — keep total EMIs under 50% of net monthly income to stay in the lowest risk band.
Most borrowers accept the first rate they are offered, but lenders expect negotiation, especially on personal loans, used-car loans, and home loans above ₹30 Lakh. Three tactics work in practice. (1) Get 2–3 pre-approved quotes from competing lenders and share the lowest one with your preferred bank — most lenders will match or beat it on the spot, particularly during quarterly disbursal pushes. (2) Negotiate fee waivers: ask the relationship manager to waive or reduce the processing fee (worth 0.5–2% of the loan amount) in lieu of a small rate concession. (3) Use timing: apply mid-month, after salary credits, and avoid peak festive-week rush where rates tend to harden. Always get the final terms in writing before signing the sanction letter.
Review the eligibility criteria above and use the Quick EMI Calculator to estimate your eligible amount and monthly outflow.
Click "Apply Now", fill in your personal and financial details, and upload the required documents securely.
The lender reviews your application and documents. Upon approval, the loan amount is disbursed to your bank account within 2–7 working days.