SBI Car Loan Interest Rates 2025
SBI Car Loan Interest Rate starts at 9.10% p.a. for New Car Loans and 11.75% p.a. for used car loans. These are fixed car loan interest rates and are one of the most affordable rates in India.
The rates of interest for used cars are based on factors such as vehicle age, loan tenure, nature of the loan such as top-up, refinance, and so on.
SBI Car Loan Schemes and Interest Rates
Loan Type | Interest Rate (Per Annum) |
SBI Car Loan / Vehicle Loan | 9.20% – 10.15% |
NRI Car Loan | 9.20% – 10.15% |
Assured Car Loan Scheme | 9.20% – 10.15% |
Loyalty Car Loan Scheme (SBI Car Loan / NRI Car Loan) | 9.15% – 10.10% |
SBI Green Car Loan (Electric Car Loan) | 9.10% – 10.15% |
Certified Pre-owned Used Car Loan Scheme | 11.75% – 15.25% |
Interest Rates Based on Credit Score
CIC Score | Tenure 3–5 Years | Tenure Above 5 Years |
800 and above | 9.15% | 9.25% |
775 – 799 | 9.30% | 9.40% |
757 – 774 | 9.40% | 9.50% |
721 – 756 | 9.65% | 9.75% |
700 – 720 | 9.90% | 10.00% |
650 – 699 | 10.00% | 10.10% |
-1 (No credit history) | 9.40% – 9.75% | 9.40% – 9.75% |
Factors Affecting SBI Car Loan Interest Rates
The rate of interest applicable on SBI car loans will be uniform throughout the tenure of the loan. The interest rates for new and used car loans range between 9.10% p.a. The interest rate you are eligible for is dependent on a few factors which have been mentioned below:
- Salary of the applicant - If you have a high salary, you will have a lower interest rate. It is important to consider your debt-to-income ratio while applying for a car loan. This means that according to the lender, you will not face any adversities during the repayment of the loan.
- Loan amount chosen by the applicant - The car loan amount that you choose will determine the interest rate you are eligible for. Higher the amount of loan, lower will be the rate of interest.
- Credit score of the applicant - Your credit history and score play an integral role in determining your car loan approval. You must have a credit score of at least 750, in order to be eligible for a car loan. In case your credit score is not high, chances of your car loan being rejected will be higher.
- Car type chosen by the applicant - The kind of car you want to purchase will play an important role in determining your car loan interest rate. A hatchback will attract a different interest rate as compared to the interest rate of a sedan. Moreover, with a car loan, your vehicle becomes a collateral for the entire tenure of the loan. This is the reason why banks consider the model and age of the car when deciding the rate of interest.
- Loan tenure selected by the applicant - The longer the tenure you choose, lower will be the rate of interest. In contrast to this, a shorter tenure will mean a higher interest rate. You must determine what is suitable for you.
- Applicant's relationship with the bank - If you are borrowing a car loan from a bank that you share a good credit history with, it is likely that you will get a reasonable interest rate.
Overview of SBI Car Loans
Features | New Car Loan Scheme | Used Car Loan Scheme |
Interest Rates | 9.10% p.a. onwards | 11.75% p.a. onwards |
Loan Tenure | Up to a period of 7 years | Maximum of 5 years |
Processing Fee | Nil | 1.25% of the loan amount plus GST. Maximum of Rs.10,000 |
Loan Amount | Up to 90% of the car's on-road price |
FAQs on SBI Car Loan Interest Rates
- What is the current interest rate for SBI car loans?
SBI offers car loan interest rates starting from around 9.10% per year. The exact rate depends on the type of loan (new or used car), your credit score, and the loan amount. It’s a good idea to check the latest rates on SBI’s official website or visit a nearby branch.
- How is the SBI car loan interest rate decided?
The interest rate is based on several things like whether you're buying a new or used car, your credit score, the loan amount, and how long you want to repay it. Better credit scores usually get better rates.
- Does my credit score affect the interest rate?
Yes, it does. If you have a high credit score, you are more likely to get a lower interest rate. If your score is low, the interest rate may be higher or your loan application might be less likely to get approved.
- Is the interest rate fixed or can it change later?
SBI generally offers floating interest rates on car loans. This means the rate may go up or down during your loan period based on market conditions and RBI policies.
- How can I get a lower interest rate on an SBI car loan?
You can try to get a lower rate by keeping a high credit score, choosing a shorter loan tenure, making a higher down payment, and having a steady income. Good repayment history also helps.
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