SBI Used Car Loan 2025

Features & Benefits of SBI Used Car Loans

SBI used car loans offer you:

• No Advance EMI
• Longest and easy repayment tenure (5 years)
• Lowest interest rates
• Loan-to-value upto 85% of on-road price of car ( this includes insurance, registration and accessories worth Rs 25, 000)
• Interest calculated on Daily Reducing Balance basis.

Eligibility Criteria for SBI Used Car Loans

To avail an SBI used car loan, you should be:

• An individual between 21-67 years of age.
• A permanent employee of State / Central Government, PSUs, private limited company or a reputed establishment, or
• A professional or self-employed individual who is an income tax assesse, or
• A person engaged in agricultural cultivation and allied activities.

Salaried:

• The net annual income of applicant and/or co-borrower if any, together should be Rs. 3,00,000.
• Self-employed, professionals and Proprietary / Partnership firms: Net Profit or Gross Taxable income of Rs. 3,00,000 p.a. ( income of co-borrower can be clubbed together.)
• Agriculturist: Net Annual income of applicant and/or co-borrower together adds up to be Rs. 4,00,000.

Documentation Required for SBI Used Car Loans

Used car loan applicants would need to submit the following documents along with the completed application form to SBI:

• Borrower's bank statement copy for last 6 months.
• 2 passport size photographs of borrower(s).
• Signature identification from bankers of borrower(s).
• A copy of passport /voter's ID card/PAN card.
• Proof of residence
• Copy of most-recent salary-slip showing all deductions
• I.T. Returns/Form 16: Two years for salaried employees and three years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
• Proof of official address for non-salaried individuals

SBI Used Car Loan Repayment Terms

The repayment tenure is up to 5 years. A longer tenure can mean lower EMIs for borrowers.

SBI Used Car Loan Processing Fee

SBI charges a processing fee of 1.25% of the loan amount plus GST. The minimum processing fee that will be levied is Rs.3,750 plus GST, while the maximum processing fee is Rs.10,000 plus GST.

SBI Used Car Loan Margin Percentage

85% of the ex-showroom price of the car may be provided as a loan. The margin is 20%.

Maximum & Minimum SBI Used Car Loan Amount

The minimum and maximum loan amount that is provided by the bank are Rs.3 lakh and Rs.100 lakh, respectively,

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