Car LoanFeatured
SBI Car Loan Review 2026
Budget buyers seeking the lowest car loan rates
★★★★★★4.4
Last updated: 15 December 2025Key Highlights
✓Interest rates from 8.65%
✓Financing up to 100% on-road price for select models
✓No prepayment charges after 12 months
✓Apply via YONO app
✓Covers new cars, used cars, and commercial vehicles
Interest Rates & Fees
Rates & Charges
| Interest Rate (Min) | 8.65% p.a. |
| Interest Rate (Max) | 9.8% p.a. |
| Interest Rate Type | Floating |
| Processing Fee | Nil to 0.50% of loan amount |
| Prepayment Charges | Nil after 12 months |
| Foreclosure Charges | Nil after 12 months (floating rate) |
Loan Details
Loan Parameters
| Minimum Loan Amount | ₹1 Lakh |
| Maximum Loan Amount | ₹1 Crore |
| Minimum Tenure | 1 years |
| Maximum Tenure | 7 years |
| EMI per Lakh | Rs 1,578 per lakh for 7 years at 8.65% |
| Disbursal Time | 3–5 working days |
Rating Breakdown
features
4.3/5
value
4.6/5
support
4.3/5
benefits
4.4/5
Pros & Cons
✓Pros
- ✔Lowest car loan interest rate starting at 8.65%
- ✔Loan up to Rs 1 crore
- ✔No prepayment charges after 12 months
- ✔Finance for new and pre-owned cars
- ✔Up to 100% on-road price funding
✗Cons
- ✘Processing may take 3–5 working days
- ✘Documentation process can be lengthy
- ✘Limited online tracking
Eligibility Criteria
- ●Age: 21 to 65 years
- ●Minimum net monthly income: Rs 15,000
- ●Salaried, self-employed, or professional
- ●CIBIL score: 700+
Documents Required
- 📄PAN Card
- 📄Aadhaar Card
- 📄Salary slips (3 months)
- 📄Bank statements (6 months)
- 📄Vehicle quotation from dealer
- 📄Driving license
Frequently Asked Questions
SBI Car Loan offers interest rates ranging from 8.65% to 9.8% per annum (floating rate). The actual rate depends on your credit profile, income, and existing relationship with State Bank of India.
The processing fee for SBI Car Loan is Nil to 0.50% of loan amount. This is a one-time fee charged at the time of loan disbursement.
You can borrow up to ₹1 Crore with SBI Car Loan. The minimum loan amount is ₹1 Lakh.
Prepayment charges for SBI Car Loan: Nil after 12 months. Foreclosure charges: Nil after 12 months (floating rate). Check with State Bank of India for the latest terms.
SBI Car Loan typically takes 3–5 working days for disbursal after application and document verification.
