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:
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Credit Score: A higher credit score (750 and above) can help secure lower interest rates.
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Income-to-Debt Ratio: Lower debt improves loan approval chances at a better rate.
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Market Fluctuations: Economic conditions impact the SBI bank car loan interest rate.
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Loan Tenure: Longer tenure may lead to a higher interest rate.
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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