Your question: What is the process of car loan in SBI?

What is the procedure for car loan in SBI?

SBI Car Loan Documents Required

Salaried Self-Employed
Bank statement for last 6 months Bank statement for last 6 months
ID and Address Proof ID and Address Proof
2 passport sized photographs 2 passport sized photographs
Income proof: Salary Slip, Form 16, and ITR for 2 years Income proof: Form 16 and ITR for 2 years

What are the documents required for car loan in SBI?

SBI Car Loan – Documents To Be Submitted

2 passport size photographs of borrower/guarantor(s). Signature identification from bankers of borrower/guarantor(s). A copy of passport /voters ID card/PAN card. Proof of residence.

What is the processing fee for car loan in SBI?

*PROCESSING FEE NIL, if a customer login and applies through YONO (Till 30.06.2021)

Scheme Name Processing Fees Min Processing Fees
SBI TWO- WHEELER LOAN SCHEME 2.0% of Loan Amount + GST Rs 1000/ + GST
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What is the process of getting a car loan?


  1. Check your credit report.
  2. Apply for auto loans from multiple lenders.
  3. Get preapproved for an auto loan.
  4. Use your loan offer to set your budget.
  5. Find your car.
  6. Review the dealer’s loan offer.
  7. Choose and finalize your loan.
  8. Make payments on time.


How can I check my SBI car loan eligibility?

Documents required for SBI Car Loan Eligibility

  1. Salaried Individuals. Last 6 months’ bank statements. 2 recent passport-size photographs. …
  2. Self-employed individuals. Identity proof – Aadhaar card, Passport, Voter ID card, etc. …
  3. Individuals engaged in agricultural activities. 2 recent passport-size photographs.

Which bank car loan is cheaper?

Car Loan Interest Rates All Banks 2021

Banks Interest Rates
Federal Bank 8.75%
HDFC Bank 7.70% – 13.55%
ICICI Bank 9.30% – 12.85%
IDBI Bank 8.10% – 8.70%

What is the minimum salary for car loan?

Salaried Applicants
Minimum Age 21 years at the time of loan application
Maximum Age 60 years when the loan tenure ends
Job Stability Should have worked continuously for 2 years and at least 1 year with the current employer
Minimum Annual Income Rs.3 lakh

Which bank car loan is best?

Best Car loan Interest Rates India January 2021

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
HDFC Bank 8.80% – 8.90% Rs. 1,599 – Rs. 1,604
ICICI Bank 9.00% Rs. 1,609
IDBI Bank 8.85% – 9.45% Rs. 1,601 – Rs. 1,632
Indian Bank 9.00% Rs. 1,609

What is the minimum down payment for a car loan?

As a general rule, aim for no less than 20% down, particularly for new cars — and no less than 10% down for used cars — so that you don’t end up paying too much in interest and financing costs. Benefits of making a down payment can include a lower monthly payment and less interest paid over the life of the loan.

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What is TIR fee in SBI?

Interest Rates & Fees

“0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST. However, for builder tie up projects where individual TIR and Valuation Is not required: 0.40% of loan amount subject to max.

What is the EMI for 10 lakhs car loan?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 1 year Rs.43,819
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953

What is processing fees for car loan?

Car loan processing fee is a one-time fee to be paid by car loan borrowers to get the loan application processed. … Currently, Bank of India offers car loans at the lowest processing fee of ₹ 500, whereas SBI charges the lowest processing fee, i.e., 0.20% of the car loan amount.

What happens after you get approved for a car loan?

Once approved, you’ll receive an email with instructions for viewing and printing your loan documents. Take a moment to review the car loan information and see the terms of approval, including vehicle guidelines.

What is the best way to get a car loan?

Here’s what I recommend:

  1. Understand your credit score before you go to the dealership. …
  2. If your credit isn’t perfect, get financing quotes before you go. …
  3. Keep the term as short as you can afford. …
  4. Put 20% down. …
  5. Pay for taxes, fees, and “extras” with cash. …
  6. Gap insurance. …
  7. When to refinance a car loan. …
  8. Read more:
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Will I be approved for a car loan?

Having a good credit score is essential if you want to get approved for an auto loan with decent terms. In general, a good FICO® Score☉ ranges from 670 to 739, and a higher score is even better. … Also, note that lenders may choose to approve you for a car loan even if you have a less-than-ideal credit score.

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