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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%p.a. onwards
Max LTV90%Asset value
Max tenure7 years84 months
Customize this example for your borrowing needs.
Customize repaymentApply on State Bank of IndiaBank site · opens in a new tab
Mathematical Grounding

True Cost & 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

Decision Verdict & Mathematical Edge

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

Maths for it

  • +Reputable lending network of State Bank of India with predictable servicing and flexible tenures.
  • +RBI-mandated 0% prepayment penalty: Accelerate principal amortization without exit penalties.

Maths against

  • −Processing fee of 0.25% (cap ₹5,000) + 18% GST adds to initial disbursement overhead.
  • −Self-employed applicants face a +20 BPS (0.20%) risk adjustment spread over base card rates.
Customize this scenario
Credit Score Sensitivity

CIBIL Tier Rate Ladder

Self-employed risk loading: +20 BPS
CIBIL score bandBorrower tierIndicative salaried rateIndicative self-employed rateEst. 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 Fine Print & 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

Eligibility Highlights

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

₹1,00,000 up to ₹1,00,00,000

Lender Alternatives

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Kotak Mahindra Bank

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Axis Bank

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Frequently Asked Questions

What is the current interest rate and benchmark spread for SBI Car Loan?
SBI Car Loan offers interest rates starting from 8.65% up to 9.80% p.a., structured as EBLR + 2.15% spread.
Are there prepayment or foreclosure charges on SBI Car Loan?
Under RBI Master Directions, banks and lending institutions are strictly prohibited from charging prepayment or foreclosure penalties on floating-rate retail loans to individual borrowers. Nil prepayment penalty after 2 years; nil foreclosure fee on floating rate loans.
What is the Day-1 upfront cash requirement for SBI Car Loan?
For a representative principal of ₹10,00,000, the total Day-1 upfront cash outflow is approximately ₹2,950, comprising ₹2,500 processing fee + ₹450 GST (18%) + ₹0 estimated legal and valuation inspection charges.

These loan records do not include a verification date. Check the lender’s current terms before applying.

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