Get the latest SBI car loan interest rates for 2025, check EMI with the SBI EMI calculator, and know the process to apply for an SBI car loan easily.


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Buying a car is a dream for many people in India. However, purchasing a car often requires significant financial support, and a car loan becomes the best solution. The SBI car loan interest rate is among the most competitive in the market, making it an excellent choice for buyers looking for affordable financing options.

The SBI bank car loan interest rate is designed to provide customers with flexible repayment terms and attractive benefits. With minimal documentation, quick approval processes, and lower EMIs, SBI ensures that your car loan experience is smooth and hassle-free.

Opting for an SBI car loan allows you to finance up to 90% of the on-road price of the car, making it easier to own your dream vehicle without straining your savings. Additionally, the SBI car loan interest rate is lower for customers with a good credit score, ensuring affordability and cost-effectiveness.

If you're planning to buy a new car, checking the latest SBI bank car loan interest rate will help you make an informed decision. With SBI's transparent policies and customer-friendly approach, fulfilling your dream of owning a car has never been easier!

In this article, we will tell you about:
✅ SBI Car Loan Interest Rates in 2025
✅ EMI Calculation Using the SBI Car Loan Calculator
✅ How to Apply for an SBI Car Loan
✅ Tips to Get a Low-Interest Rate

SBI Car Loan Interest Rate 2025 (Latest Update)

SBI offers different car loan interest rates depending on the type of car and the borrower’s profile. Here are the latest interest rates for January 2025:

Type of Car Loan Interest Rate (Per Annum)
New Car Loan 9.10% - 9.75%
Used Car Loan 11.75% - 14.50%
Electric Vehicle Loan 8.75% - 9.45%
Car Loan for Women 0.50% discount on regular rates
Loan Tenure Up to 7 years
Financing Up to 100% of on-road price

🔹 Note: Interest rates depend on your CIBIL score, loan amount, and repayment period.

SBI Car Loan EMI Calculator – Know Your EMI Before Applying

Before taking a loan, it's important to know how much EMI (Equated Monthly Installment) you will have to pay. SBI has an online EMI calculator that helps you find out your EMI in seconds.

How to Use the SBI Car Loan EMI Calculator?

1️⃣ Go to SBI’s official website and find the car loan EMI calculator.
2️⃣ Enter your loan amount (Example: ₹5 lakh).
3️⃣ Select loan tenure (Example: 5 years).
4️⃣ Enter the interest rate (Example: 9.10%).
5️⃣ Click on ‘Calculate’ – Your EMI will be displayed instantly.

Example of EMI Calculation:

Loan Amount Loan Tenure Interest Rate Monthly EMI
₹5,00,000 1 year 8.75% ₹43,656
₹5,00,000 5 years 9.10% ₹10,418
₹10,00,000 7 years 9.25% ₹15,809

💡 Tip: A higher loan amount or longer tenure will increase the total interest paid.

SBI Car Loan Eligibility – Who Can Apply?

🔸 Indian citizen, aged 21 to 65 years
🔸 Minimum salary of ₹25,000 per month for salaried employees
🔸 Minimum business income of ₹3 lakh per annum for self-employed
🔸 CIBIL Score of 750 or above for better loan approval chances

How to Apply for SBI Car Loan? (Step-by-Step Guide)

You can apply for an SBI car loan online or by visiting the nearest SBI branch.

Online Application Process:

Step 1: Visit SBI’s official website and go to the car loan section.
Step 2: Click on ‘Apply Now’ and fill out the application form with your details.
Step 3: Upload the required documents (ID proof, address proof, salary slips, etc.).
Step 4: Submit the application and wait for loan approval.

Offline Application:

Step 1: Visit the nearest SBI branch.
Step 2: Fill out the car loan application form.
Step 3: Submit the necessary documents.
Step 4: After verification, the loan will be processed and disbursed.

Once approved, SBI will transfer the loan amount directly to the car dealer.

Documents Required for SBI Car Loan

📌 For Salaried Employees:
✔️ PAN Card & Aadhaar Card
✔️ Salary Slips of last 3 months
✔️ Bank Statement of last 6 months
✔️ Address Proof (Electricity Bill, Rent Agreement, etc.)

📌 For Self-Employed People:
✔️ Business Registration Certificate
✔️ Income Tax Returns (ITR) of last 2 years
✔️ Bank Statement of last 6 months

Tricks to Get a Low SBI Car Loan Interest Rate & Lowest EMI

💡 1. Maintain a High CIBIL Score – Keep your CIBIL score above 750 for lower interest rates.

💡 2. Choose a Shorter Loan Tenure – Shorter loan periods (3-5 years) reduce the total interest paid.

💡 3. Compare Different SBI Car Loan Schemes – SBI offers different rates for electric vehicles, women borrowers, and government employees.

💡 4. Apply During SBI Festive Offers – SBI gives discounts on interest rates during Diwali, Dussehra, and New Year.

💡 5. Make a Higher Down Payment – Paying more upfront reduces loan amount and interest.

 

Comparison of SBI Bank Car Loan Interest Rate with Other Banks

Bank Name Car Loan Interest Rate
SBI 9.10% onwards
HDFC Bank 9.40% onwards
ICICI Bank 9.10% onwards
Axis Bank 9.30% onwards
Canara Bank 8.70% onwards

 

Factors Affecting SBI Car Loan Interest Rate

Several factors influence the SBI car loan interest rate, such as:

  • Credit Score: A higher credit score (750 and above) can help secure lower interest rates.

  • Income-to-Debt Ratio: Lower debt improves loan approval chances at a better rate.

  • Market Fluctuations: Economic conditions impact the SBI bank car loan interest rate.

  • Loan Tenure: Longer tenure may lead to a higher interest rate.

  • Vehicle Type: New cars often get better interest rates compared to used cars.

Conclusion

SBI is a great choice for car loans due to its low interest rates, easy repayment options, and flexible loan tenure. Use the SBI Car Loan EMI Calculator before applying to know your monthly payments. Keep a good credit score and compare different SBI loan options to get the best deal.

🚗 Planning to buy a car? Check SBI's latest car loan interest rates and apply today! 🚗

🔗 For the latest SBI car loan offers, visit SBI's official website.

Final Summary:

✅ SBI car loan interest rate starts from 9.10% for new cars
✅ SBI offers special rates for electric cars & women borrowers
Use SBI Car Loan EMI Calculator to check your monthly EMI
Maintain a CIBIL Score of 750+ for better loan approval chances
✅ Apply online or offline with minimal documents

FAQ

The SBI Car Loan interest rate for 2025 ranges from:

  • New Car Loan: 9.10% - 9.75%
  • Used Car Loan: 11.75% - 14.50%
  • Electric Vehicle Loan: 8.75% - 9.45%
  • Car Loan for Women: 0.50% discount on regular rates

The interest rates for SBI car loans today are as follows:

  • SBI Green Car Loan (For Electric Cars): 9.10% to 9.80%
  • Certified Pre-owned Car Loan Scheme: 11.75% to 15.25% (CIC-Based rates apply)
  • SBI Two-Wheeler Loan: 13.35% to 14.85% (0.50% concession available for EVs)
  • Super Bike Loan Scheme: 12.85% to 14.35%

The interest rate for electric cars under the SBI Green Car Loan scheme ranges from 9.10% to 9.80%.

The interest rate for certified pre-owned car loans is between 11.75% and 15.25%. These rates are based on your Credit Information Company (CIC) rating, which determines your loan terms.

Yes, SBI offers a 0.50% concession on the interest rate for electric two-wheelers under its Two-Wheeler Loan scheme.

The interest rate for the Super Bike Loan Scheme is between 12.85% and 14.35%.

The current 1-year Marginal Cost of Funds Based Lending Rate (MCLR) is 9.00%. This MCLR is the base rate from which your SBI car loan interest rate is calculated. Your rate may vary based on this base rate and your loan profile.

You can use the SBI Car Loan EMI Calculator on their official website. Simply enter the loan amount, loan tenure, and interest rate to calculate your EMI instantly.

SBI offers financing of up to 100% of the on-road price of the car.

Yes, you can apply for an SBI Car Loan online by visiting the official SBI website, filling out the application form, and submitting required documents.

For Salaried Employees:

  • PAN Card, Aadhaar Card
  • Salary Slips (Last 3 months)
  • Bank Statements (Last 6 months)
  • Address Proof (Electricity Bill, Rent Agreement, etc.)

For Self-Employed Individuals:

  • Business Registration Certificate
  • Income Tax Returns (ITR) for the last 2 years
  • Bank Statements (Last 6 months)
  • Age: 21 to 65 years
  • Salary: Minimum ₹25,000 per month for salaried employees
  • Income: Minimum ₹3 lakh per annum for self-employed
  • CIBIL Score: A score of 750 or above is preferred for better chances of loan approval.

A higher CIBIL score (750 and above) usually qualifies for a lower interest rate, making your loan more affordable.

Yes, SBI offers car loans to first-time borrowers, but having a good credit score and stable income increases your chances of approval.

You can reduce your EMI by:

  • Maintaining a high CIBIL score
  • Opting for a shorter loan tenure
  • Making a larger down payment
  • Applying during festive offers or special schemes for women or government employees

Yes, SBI offers car loans for both new and used cars. The interest rates differ for each type, with used car loans generally having higher interest rates.

SBI does not charge any prepayment penalty on car loans, allowing you to pay off your loan early without extra fees.

SBI offers quick approval for car loans. The loan can be processed within a few hours or days, depending on your application and documentation.

The loan tenure is typically fixed once approved. Any changes after approval would need to be discussed with SBI and may involve modifications to the loan agreement.

Missing an EMI can affect your credit score and result in penalties. It’s important to ensure timely payments to avoid any issues.

  • Low interest rates
  • Flexible loan tenure (up to 7 years)
  • Up to 100% financing for new and used cars
  • Special rates for women borrowers and electric vehicles
  • Minimal documentation and quick loan processing

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