Tag Archives: SBI Car Loan Eligibility Calculator

SBI Car Loan, Interest Rates and EMI Calculator February 2019

(Updated on 06.02.2019) SBI Car Loan EMI Calculator February 2019 – Loansninsurances.com provides a simple tool to calculate Car Loan EMI on the basis of ✓ Interest Rate ✓ Loan Tenure ✓ Processing Fee & more.

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SBI Car Loan

State Bank Of India Car Loan is one of the best & most preferred Car Loans with a wide range of benefits. State Bank Of India provides car loan to every segment of the population, viz: salaried professionals, self-employed professionals, partnership firms & agriculturalists to purchase any kind of cars or multi-utility vehicles at the lowest Car Loan Interest Rates, longest Loan Repayment Tenure, Interest on Daily Reducing Balance, and lots more. SBI Car Loan Eligibility Calculator is the most efficient tool to know your Car Loan Eligibility and also to avail the perfect affordable Car Loan.

SBI is also known for its widely renowned & tempting SBI Personal Loan & SBI Home Loan. Don’t think much!! Be a part of State Bank Of India.

SBI Car Loan Interest Rates

BANK NAME STATE BANK OF INDIA
PRODUCTS Car Loan
INTEREST RATE (for women) From 8.70% to 9.20%
INTEREST RATE (for men) From 8.70% to 9.20%
REPAYMENT OPTIONS 1 Year to 7 Years
PROCESSING CHARGES 0.25% of loan amount (Varies according to products)
PRE CLOSURE CHARGES NIL
OFFICIAL WEBSITE www.sbi.co.in

SBI Car Loan EMI Calculator

SBI Car Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Car loan EMI within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount
SBI CAR LOAN FEATURES, ELIGIBILITY & SCHEME
SBI New Car SBI Pre-Owned Car
Interest Rates 9.10%-9.25%Floating 12.60% Floating
Maximum Loan Tenure 7 years 7 years
Maximum Loan Amount Eligibility 85.00% 85.00%
Processing Fee 0.50% of loan amount +ST 0.50% of loan amount +ST
Prepayment Charges Nil 2%
Interest Calculation Daily Reducing Balance Daily Reducing Balance 
Age (years) 21 years – 65 years 21 years – 65 years
Salaried Minimum Annual Income ₹2,50,000.00 ₹2,00,000.00
Self Employed Professionals Minimum Annual income ₹4,00,000.00 ₹4,00,000.00
Self Employed Businessmen Minimum Annual Income ₹4,00,000.00 ₹4,00,000.00

SBI Car Loan Interest Rates 

Scheme Name Tenure Interest rate
For Men For Women
SBI Car Loan Scheme For All Tenure

1.15% above 1 year MCLR i.e. 9.10% p.a.

1.10% above 1 year MCLR i.e. 9.05% p.a.

SBI Combo Loan Scheme For All Tenure

1.15% above 1 year MCLR i.e. 9.10% p.a.

1.10% above 1 year MCLR i.e. 9.05% p.a.

NRI Car Loan For All Tenure

1.15% above 1 year MCLR i.e. 9.10% p.a.

1.10% above 1 year MCLR i.e. 9.05% p.a.

Certified Pre-owned Car Loan For All Tenure

2.45% above 1 year MCLR i.e. 10.40% p.a.

2.40% above 1 year MCLR i.e. 10.35% p.a.

SBI Loyalty Car Loan Scheme

Car March Loan, Combo Loan, NRI Car Loan

1.15% above 1 year MCLR i.e. 9.10% p.a.

1.10% above 1 year MCLR i.e. 9.05% p.a.

 

Certified Pre-owned Car Loan Scheme , Used Car Loan Scheme

2.45% above 1 year MCLR i.e. 10.40% p.a.

2.40% above 1 year MCLR i.e. 10.35% p.a.

SBI Assured Car Loan Scheme For All Tenure

From 8.70% to 9.20%

From 8.70% to 9.20%

Super Bike Loan Scheme For All Tenure

3.65% above 1 year MCLR i.e. 11.60% p.a.

3.65% above 1 year MCLR i.e. 11.60% p.a.

Two wheeler Loan Scheme For All Tenure

9.25 % above 1 Yr. MCLR,effective rate 17.20% p.a

9.25 % above 1 Yr. MCLR,effective rate 17.20% p.a

Processing Fee 

Processing Fee
Scheme Name Processing Fees
SBI Car Loan NIL
SBI Combo Loan
SBI NRI Car Loan
SBI Loyalty Car Loan
SBI Assured Car Loan NIL
Certified Pre- Owned Car Loan 0.50% of loan amount + GST
Min: ₹ 450.00 + GST
Max: ₹ 9100.00 + GST
Super Bike Loan 2.00% of loan amount + GST
Min: ₹ 5400.00 + GST
Max: ₹ 17800.00 + GST
Two Wheeler Loan 1.50% of loan amount + GST
Min: ₹ 250.00 + GST
Max: ₹ 500.00 + GST

*Vehicle Search Charges – (for Auto Loans) :- ₹ 50/- Per Search.

For example, a customer applied for car loan ₹ 5,00,000 amount, interest rate given by State Bank of India (SBI) is 9.25% for 60 months. Now you should have to check how much EMI, interest amount you will pay for your Car Loan.

Loan Amount Interest Rate (%) Loan Tenure EMI Interest Amount
₹5,00,000.00 9.25% 60 months 10,440 ₹1,26,387.00

Now you should have to figure out yearly basis car loan amount. Follow the given table for a complete break up, these values calculated on Nov 1, 2016.

Year Principal Amount
(X)
Interest Amount
(Y)
Total Payment
(X + Y)
Total Outstanding
2016 ₹ 46,677 ₹ 27,172 ₹ 73,849 ₹ 4,53,323
2017 ₹ 86,400 ₹ 40,198 ₹ 1,26,598 ₹ 3,66,923
2018 ₹ 95,164 ₹ 31,434 ₹ 1,26,598 ₹ 2,71,759
2019 ₹ 1,04,817 ₹ 21,782 ₹ 1,26,598 ₹ 1,66,942
2020 ₹ 1,15,448 ₹ 11,150 ₹ 1,26,598 ₹ 51,494
2021 ₹ 51,494 ₹ 1,255 ₹ 52,749 ₹ 0

 

SBI CAR LOAN ELIGIBILITY

  • Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment-

  • Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-

  • 48 times of the Net Monthly Income

  • Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses-

  • Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.(income of co-applicant can be clubbed together)

  • 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans

  • Person engaged in agricultural and allied activities-

  • Net Annual income of the applicant and/or co-applicant together should be a minimum of Rs. 4,00,000/-

  • 3 times of Net Annual Income

SBI CAR LOAN DOCUMENTS REQUIRED

  • Statement of bank’s account for last 6 months.

  • 2 passport size photographs, completed application form.

  • Address Proof: Passport/ PAN Card/ Voters ID card/ Driving License etc.

  • Proof of Identity: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

  • Income Proof: Latest Salary Slip, Form 16; Income Proof: ITR for last 2 years.

  • I.T. Returns or Form 16 for the last 2 years, Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture).

  • Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

LATEST NEWS SBI CAR LOAN

SBI has announced change in Car Loan interest rates on 2nd November 2017. the rates have been changed. This has been done post MCLR (Marginal Cost of Funds Based Lending Rates) rate cut on the very first day of November month. For a car loan customer, Interest ranges from 8.70 per cent to 9.20 per cent compared to the earlier 8.75 – 9.25 per cent per annum. However, the exact rate will depend on the amount of loan and the credit score of the individual.

SBI CAR LOAN TRENDS FEBRUARY 2019

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SBI Car Loan, SBI Car Loan Interest Rate
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on 2016-05-28
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