SBI CAR LOAN FULL DETAILED 2023

• SBI CAR LOAN: SBI (State Bank of India) is one of the largest banks in India and offers a variety of loans, including car loans. SBI car loans can be used to finance the purchase of a new or used car, and are available for both salaried and self-employed individuals.: 

Features of SBI Car Loan

SBI CAR LOAN: Some of the key features of SBI car loans include:

• Loan amount: SBI car loans can be availed for up to 90% of the on-road price of the car, with a maximum loan amount of Rs. 2.5 crore.

• Repayment tenure: The repayment tenure for SBI car loans can range from 12 months to 84 months (7 years).
• Interest rate: The interest rate for SBI car loans can vary depending on factors such as the loan amount, repayment tenure, and credit score of the borrower. As of September 2021, the interest rate for SBI car loans starts from 7.50% per annum.
• Processing fee: SBI charges a processing fee of 0.50% of the loan amount, subject to a minimum of Rs. 500 and a maximum of Rs. 10,000.
• Prepayment charges: SBI does not charge any prepayment penalty for car loans.

To apply for an SBI car loan, you can visit the nearest SBI branch or apply online through their website. You will need to submit documents such as identity proof, address proof, income proof, and car-related documents such as the invoice and registration certificate. 

The loan will be sanctioned after the bank verifies the documents and assesses your eligibility.

Document needed for SBI Car Loan

SBI CAR LOAN: To apply for an SBI car loan, you will need to submit the following documents:

• Identity proof: This can be any government-issued document that has your photograph and signature, such as a passport, driving license, PAN card, or Aadhaar card.
• Address proof: This can be any government-issued document that has your address, such as a passport, driving license, utility bill, or Aadhaar card.
• Income proof: You will need to provide documents that show your income, such as salary slips, bank statements, income tax returns, or Form 16.
• Vehicle-related documents: You will need to provide documents related to the car, such as the invoice, registration certificate, insurance policy, and road tax receipt.

In addition to these, SBI may also require other documents based on your employment type, such as business registration documents, partnership deed, or other relevant documents.

It is important to note that the specific documents required may vary depending on the loan amount, tenure, and other factors. It is always advisable to check with the bank or visit the nearest SBI branch for more information on the documents required for an SBI car loan.

Eligibility 

SBI CAR LOAN: The eligibility criteria for SBI car loans may vary based on factors such as the loan amount, repayment tenure, and other specific requirements of the bank. However, here are some of the general eligibility criteria that you may need to meet to be eligible for an SBI car loan:

• Age: You must be at least 21 years of age to apply for an SBI car loan. The maximum age limit may vary based on the repayment tenure and other factors.
• Income: You must have a regular source of income, either through salaried employment or self-employment. Your income should be sufficient to cover the monthly loan repayment instalments.
• Credit score: Your credit score is an important factor in determining your eligibility for an SBI car loan. SBI generally requires a minimum credit score of 700 for car loans.
• Employment stability: SBI may also consider your employment stability and work experience in assessing your eligibility for a car loan.
• Other factors: SBI may also consider other factors such as your existing loan obligations, loan repayment history, and creditworthiness in determining your eligibility for a car loan.

It is always advisable to check with the bank or visit the nearest SBI branch for more information on the specific eligibility criteria for an SBI car loan.

How to apply for SBI Car Loan

SBI CAR LOAN: There are several ways to apply for an SBI car loan:

1. Online application

• You can visit the SBI website and apply for a car loan online by filling out the application form and uploading the required documents. You will also be able to track your application status and communicate with the bank through the online portal.

2. Visit the nearest SBI branch

• You can also visit the nearest SBI branch and speak to a bank representative about applying for a car loan. They will provide you with the application form and help you with the application process.

3. Call SBI customer care

• You can also call SBI customer care and enquire about the car loan application process. They will guide you through the process and help you with any queries you may have.

Here are the general steps you will need to follow to apply for an SBI car loan

• SBI CAR LOAN: Determine your loan eligibility and the amount you need to finance your car purchase.
• Gather the necessary documents, including identity proof, address proof, income proof, and vehicle-related documents.
• Fill out the application form and submit the required documents either online or at the nearest SBI branch.
• Wait for the bank to verify your documents and assess your eligibility for the loan.
• If your application is approved, the bank will sanction the loan and disburse the funds to the car dealer or seller.
• It is always advisable to check with the bank or visit the nearest SBI branch for more information on the specific application process for an SBI car loan.

SBI Car Loan EMI Calculator 

SBI CAR LOAN: SBI offers an online car loan EMI calculator that allows you to estimate the monthly EMI (equated monthly instalment) for your SBI car loan based on the loan amount, interest rate, and repayment tenure. Here are the steps to use the SBI car loan EMI calculator:

• Visit the website and navigate to the car loan EMI calculator page.
• Enter the loan amount you wish to borrow, the interest rate offered by SBI, and the repayment tenure in months.
• The calculator will display the estimated monthly EMI for your car loan.
• You can also adjust the loan amount, interest rate, and tenure to see how it affects the monthly EMI.
• CLICK HERE TO CALCULATE - CAR LOAN EMI CALCULATOR
• You can also view a detailed repayment schedule that shows the monthly EMI, the total interest payable, and the total repayment amount over the entire tenure of the loan.
• Using the SBI car loan EMI calculator can help you plan your finances and determine if the loan amount, interest rate, and repayment tenure are suitable for your budget. It can also help you compare different loan options and choose the one that best fits your needs.

SBI Car loan customer support 

SBI CAR LOAN: SBI provides various customer support channels to help you with any queries or issues related to your car loan. Here are some of the ways to contact SBI car loan customer support:

• SBI customer care helpline: You can call the SBI customer care helpline at 1800 425 3800 or 1800 11 2211 to speak to a customer care representative about your car loan. You can enquire about loan eligibility, application status, repayment options, and other related queries.
• Email support: You can also email SBI customer support at customercare@sbi.co.in with your car loan-related queries. SBI usually responds to emails within a few working days.
• Branch visit: You can visit the nearest SBI branch and speak to a bank representative about your car loan. They will assist you with loan-related queries, including loan application, loan status, loan repayment, and other related queries.
• Online chat support: You can also use the online chat support available on the SBI website to get in touch with customer support representatives. This is a quick and convenient way to get your queries resolved.
• Social media: SBI also provides customer support through its official social media handles, including Twitter and Facebook. You can send a message or tweet to the official SBI social media handles, and a customer support representative will respond to your query.

It is important to note that different support channels may have different response times and requirements. It is always advisable to provide accurate and complete information when contacting SBI customer support to ensure a quick resolution of your query.

How many days takes to approve SBI Car Loan

• SBI CAR LOAN: The time taken for SBI to approve a car loan application may vary depending on various factors such as the completeness of the application, the loan amount, the eligibility of the borrower, and other related factors. Generally, SBI takes around 3 to 7 working days to process and approve a car loan application, provided that all the required documents are in order.
• To ensure a smooth and fast approval process, you should ensure that you have provided accurate and complete information in your loan application, including your personal and financial details, the loan amount, and the repayment tenure. You should also submit all the required documents in the prescribed format and within the stipulated time frame.
• Once your application is approved, SBI will disburse the loan amount to your designated bank account, and you can start using the funds to purchase your car. You can also track the status of your loan application online through the SBI car loan portal or by contacting the customer care helpline.