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CREDSUTRA

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State Bank of IndiaCar LoansEBLR + 2.15% spread

SBI Car Loan

Financing on on-road price including insurance & road tax · Longest repayment tenure of up to 7 years · No advance EMIs required

Starting rate8.65%per year se
Max LTV90%Asset value
Max tenure7 saal84 mahine
Is example ko apni borrowing needs ke hisaab se customize karein.
Repayment customize kareinApply karein: State Bank of IndiaBank site · naye tab mein khulega
Mathematical Grounding

True cost aur Day-1 cash breakdown

Representative scenario for ₹10,00,000 loan over 7 years at CIBIL 750+.

Day-1 Upfront Cash Outflow₹2,950

This cash must be paid out-of-pocket before disbursement and is not added to your loan EMI.

Processing Fee₹2,500
18% GST₹450
Legal & Valuation₹0
Estimated Monthly EMI₹15,912Per month for 84 installments
Total Lifetime Interest₹3,36,608Net interest outgo over 7 years
Total Lifetime Outgo (Principal + Interest + Day-1 Cash):₹13,39,558
CredSutra Intelligence

Loan verdict aur maths

Our algorithmic evaluation balances starting benchmark spreads against upfront processing loads and fine print restrictions.

Maths favour mein

  • +State Bank of India ka trusted institutional network aur flexible repayment terms.
  • +0% Prepayment penalty (RBI mandate): Part-prepay ya foreclose anytime with zero financial penalty.

Maths against

  • −Processing fee 0.25% (cap ₹5,000) + 18% GST upfront Day-1 cash commitment badhata hai.
  • −Self-employed borrowers par +20 BPS (0.20%) extra risk markup lagta hai.
Is scenario ko customize karein
Credit Score Sensitivity

CIBIL score ke hisaab se rate ladder

Self-employed risk loading: +20 BPS
CIBIL score bandBorrower tierIndicative salaried rateIndicative self-employed rateEstimated monthly EMI (₹10,00,000)
750 – 900Prime borrower8.65% – 8.90%8.85% – 9.10%₹15,912
700 – 749Good standing8.90% – 9.35%9.10% – 9.55%₹16,038
650 – 699Standard / fair9.35% – 9.80%9.55% – 10.00%₹16,267
Contract Details

Contract ki terms & Clauses

Rate Reset Frequency

Monthly reset linked to 1-year MCLR/EBLR

Overdraft / Smart Saver Facility

Not available on this product tier

RBI 0% Foreclosure Penalty Mandate

Under RBI Master Directions, no bank, HFC, or NBFC can charge prepayment penalties or foreclosure charges on floating rate term loans sanctioned to individual borrowers.

Bank notes: Nil prepayment penalty after 2 years; nil foreclosure fee on floating rate loans.

Borrower Verification

Main eligibility conditions

  • Salaried individuals, professionals, and self-employed agriculturists
  • Net annual income ₹3,00,000+
  • Age 21-67 years
Loan amount range

₹1,00,000 se ₹1,00,00,000

Lender Alternatives

Is category mein options: Car Loans

Is category ko compare karein
Kotak Mahindra Bank

Kotak Mahindra Car Finance

Starting at 8.70% p.a.
Review padhein
HDFC Bank

HDFC Bank New Car Loan

Starting at 8.75% p.a.
Review padhein
Axis Bank

Axis Bank New Car Loan

Starting at 8.80% p.a.
Review padhein

Frequently Asked Questions

SBI Car Loan ka current interest rate aur benchmark spread kya hai?
SBI Car Loan ki interest rate 8.65% se 9.80% p.a. ke beech hai, jo EBLR + 2.15% spread par pegged hai.
Kya SBI Car Loan par foreclosure ya prepayment penalty lagti hai?
RBI Master Directions ke hisaab se individual floating rate borrowers par 0% foreclosure penalty hoti hai. (Bank note: Nil prepayment penalty after 2 years; nil foreclosure fee on floating rate loans.)
SBI Car Loan ke liye Day-1 upfront cash kitna lagta hai?
Representative ₹10,00,000 loan par estimated Day-1 upfront cash ₹2,950 hai (Processing fee: ₹2,500 + GST: ₹450 + Legal/Valuation: ₹0).

In loan records mein verification date nahi hai. Apply karne se pehle lender ki current terms check karein.

Official sources & citations
Sources
  • sbi.co.in
  • RBI Master Directions on Advances & Floating Rate Loans (Commercial Banks)
  • RBI Regulatory Framework for Retail Loan Interest Rate Resets