SBI Car Loan: Interest Rate, Fees and Eligibility

SBI Car Loan at a glance

Source: sbi.bank.in, checked 4 October 2026. Some SBI product pages show a single headline rate; we use the figures from its interest rate table.

What the EMI looks like

For a car loan of ₹8 lakh over 5 years, here is what SBI's published rates mean in rupees:

The gap between the two ends of the range is ₹22,093 over the loan, which is why your credit score and the loan provider's assessment of you matter so much.

Try your own amount and tenure in the Car Loan EMI calculator.

SBI Car Loan EMI for ₹5, ₹10, ₹15 and ₹20 lakh

The table shows the monthly EMI at 8.4% a year, the lowest rate published for this loan on the table above. Most borrowers are offered a rate somewhere in the published range, so treat these as the best case and check your own rate in the sanction letter.

Reducing-balance method. Processing fees, GST and insurance are extra. Use the EMI calculator to try your own amount, rate and tenure.

SBI vs other loan providers for car loans

Published figures from each loan provider's own website. Some loan providers publish a starting rate, some a range actually given to customers, and some only a maximum, so read the column with care and compare final offers on the APR in the Key Fact Statement.

What kind of loan provider SBI is

SBI is a public sector bank. Public sector banks usually publish some of the lowest starting rates and modest fees, often link rates to the RBI repo rate or MCLR, and may ask for more paperwork or a branch visit. The best rates generally go to customers with strong credit scores and steady income, and many give a small concession to existing account holders.

India's largest bank, offering MCLR-linked car, green (EV) car, certified pre-owned car and two-wheeler loans, plus SME commercial vehicle and agri tractor loans.

Features SBI lists for this loan

• No advance EMI
• Interest on daily reducing balance
• Flexi-pay option: reduced EMI in initial months
• Variants: Loyalty Car Loan (8.35%-9.30%), Assured Car Loan, NRI Car Loan with nil processing fee

Documents you will usually need

Most loan providers ask for a similar set. SBI may ask for more depending on your profile.

• Identity proof such as Aadhaar, PAN, passport or voter ID
• Address proof such as Aadhaar, utility bill, rent agreement or passport
• PAN card (mandatory)
• Last 3 to 6 months of salary slips and bank statements for salaried applicants
• Last 2 years of ITR with computation, and 6 to 12 months of bank statements for self-employed applicants
• Proforma invoice or quotation from the dealer for a new car, or seller details for a used car
• Passport-size photographs and a signed application form

Before you sign with SBI

• Get the Key Fact Statement (KFS). RBI requires loan providers to give you a KFS before you sign, showing the interest rate, all fees, the annual percentage rate (APR) and the total amount you will repay.
• Compare the APR, not the headline rate. A low rate with a high processing fee can cost more than a slightly higher rate with no fee.
• Ask about pre-closure charges. Fixed-rate vehicle loans often carry charges for paying early; floating-rate loans to individuals cannot.
• Check what is bundled. Insurance, extended warranty or accessories added to the loan raise the amount you pay interest on. You are free to buy insurance elsewhere.
• Make sure the hypothecation is recorded and later removed. The loan provider's name is noted on the registration certificate; after the last EMI, collect the NOC and get it removed at the RTO.

Apply on sbi.bank.in or at a branch. Never pay anyone an upfront fee to "get a loan approved"; genuine loan providers deduct fees only from the loan itself.

More from SBI and similar loans

Other vehicle loans from SBI:

Frequently asked questions