FAQ Car Loan - Faq's

A. For purchase of new Passenger cars, Multi Utility Vehicles (MUVs) and Sports Utility Vehicles (SUVs) and Certified Pre-owned Cars.

A. Yes, your spouse's income can be included provided he/she joins as co-borrower.

A. The minimum amount that you are expected to pay every month is the EMI.

You can repay the loan in upto 84 EMIs. (For Green Car loan 8-year repayment period is available).

A. EMI stands for Equated Monthly Instalment. This instalment comprises both principal and interest components. Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan.

You can also contact your nearest SBI Branch or visit Bank website to know the EMI for proposed loan amount and tenor.

A. No collateral security is not required for availing car loan but our Hypothecation charge in favour of Bank on the vehicle financed is to be noted with Regional Transport Authorities.

For Assured Car Loan Unencumbered Fixed Deposit with our Bank is required. Third party FDR is not acceptable.

A. There is total transparency with regards to the rate of interest and the fees charged by us.

• No Pre-payment charges.
• Competitive rate of interest.
• 100% on road finance on selected models
• We levy interest on daily reducing balance, unlike the flat rate of interest or interest based on annual reducing balance method used by several other financiers.
• We provide finance for one-time road tax, registration fee and insurance premium also.
• We do not charge any advance EMIs.
• We offer loans for the longest tenors (96 months for Electric Cars).
• We provide finance for both new vehicles as well as Certified Pre-owned cars.