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Home / Money / Personal Finance /  SBI car loan: How to apply? A step-by-step guide
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The country's top lender, the State Bank of India (SBI), offers various types of car loans for those looking to buy a car. The bank offers customized car loans for customers such as Regular Car Loan, Certified Pre-owned Car Loan, SBI Loyalty Car Loan for existing home loan borrowers, Assured Car Loan Scheme for existing term deposit customers, and Green Car Loan for Electric Cars.

SBI car loan: Features and benefits

· Lowest interest rates and EMI

· Longest repayment tenure (7 years)

· Zero processing charges

· Financing on ‘On-Road price'

o On-Road price includes registration and insurance

o Financing up to 90% of 'On-road Price'

· Interest calculated on daily reducing balance

· Allows purchase of new passenger cars, multi-utility vehicles (MUVs) and SUVs.

· No advance EMI

SBI car loan: Interest Rate

· SBI offers car loans at an effective rate of 7.75% p.a.

· Get a special interest concession of 25 bps on applying for the loan through YONO i.e. 7.50% p.a.

Car Loan tenure: 3 - 7 years

Eligibility

· Age: 21 to 67 years

· Regular employees of Central Public Sector Enterprises, Defense Salary package, Para Military salary package/Indian Coastal Guard Package/Customers and Short Commissioned Officers of various Defense establishments

SBI car loan: How to apply online

Customers can click on the link below to apply online for a car loan. 

Fill in the required details.

Check eligibility and get the loan quotation

Here is the link to apply

SBI car loan: How to apply via YONO SBI

· Login to your YONO account

· On the home page, click on the menu (three lines) on the top extreme left

· Click on loans

· Click on Car Loan

· Do a quick eligibility check

· Request for the loan by providing a few details

· Find the eligible amount

· Fill up an application form & upload the necessary documents

· Click on Submit

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