Four-Wheeler / Passenger CarPublic Sector Bank (PSU)All Eligible Borrowers🌱EV Concession AvailableVerified: 2026-09-29

SBI Car Loan (Regular)

Primary Lending Institution:State Bank of India (SBI)

Auto finance up to 90% on-road price with 7-year tenure linked to EBLR.

Interest Rate8.75% – 9.80% (Floating linked to EBLR)Fixed or floating per bank

Funding QuantumUp to 85%–90% of On-Road PriceOn-road / Ex-showroom

Maximum TenureUp to 7 years (84 months)Up to 84-96 months

Margin / Down Payment10% to 15% of on-road price

What's Missing: Crucial Fine-Print & Exclusion Gaps

Requires minimum net annual income of ₹3 Lakh for salaried and ₹4 Lakh for self-employed individuals. Vehicle hypothecated to bank.

Note: Eligo highlights these exclusions directly from RBI guidelines and auto loan MITCs to protect car and bike buyers from surprise dealership charges, non-negotiable insurance markups, and prepayment lock-ins.

What is SBI Car Loan (Regular)?

India's benchmark auto loan offering financing on the entire on-road price including registration, road tax, and insurance with flexible 7-year repayment.

Key Benefits & Features

Finances on-road price (not just ex-showroom); lowest interest spreads over repo rate; repayment up to 84 months; zero prepayment charges after 24 months.

Green Electric Vehicle (EV) Incentive Details

Standard rate; see SBI Green Car Loan for EV discount

Borrower Eligibility Criteria

Salaried individuals with 2 years work experience or self-employed with 2 years ITR. Minimum net annual income ₹3,00,000.

Age Requirement21 to 70 Years

Min. Monthly Income₹25,000

Processing FeeNil to 0.25% (Regular festive campaign fee waivers)

Prepayment TermsNil prepayment penalty after 2 years

How to Apply (3 Verified Paths)

📱Path 1: Existing Customers (App)

Instant sanction on SBI YONO app in 4 clicks for pre-approved customers.

🌐Path 2: Fresh Online Portal

Apply online at sbi.co.in/web/personal-banking/loans/auto-loans/sbi-car-loan.

🏢Path 3: Bank Branch / Auto Dealer

Visit nearest SBI branch or auto dealer with salary slips and dealer proforma invoice.

Eligo does not collect auto loan applications or share applicant leads with dealerships. Apply directly on the verified official domain:

Visit Official Portal↗

Documents Required Checklist

Aadhaar Card, PAN Card, Last 3 months salary slips, Form 16, 6 months bank statement, Dealer proforma quotation.

Frequently Asked Questions

Does SBI Car Loan cover on-road price?

Yes, SBI finances up to 85% to 90% of the total on-road price including registration fees, road tax, and comprehensive motor insurance.

What is the maximum loan tenure for SBI Car Loan?

The maximum repayment tenure is 7 years (84 months).

Are there any prepayment charges?

SBI charges zero prepayment or foreclosure penalty on floating rate car loans after 2 years of regular EMI servicing.

Can self-employed individuals apply?

Yes, self-employed individuals with minimum 2 years ITR and annual net profit of ₹4 Lakh are fully eligible.