Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Eligible vehicleNew passenger cars, multi-utility vehicles and SUVs
Source 1Borrower and guarantor structureNRI is borrower; resident Indian father, mother, spouse, son or daughter is co-applicant or guarantor
Source 2Fixed interest rate8.70% to 9.85% p.a.
Source 3Published one-year MCLR8.70% p.a.
Source 4Maximum repayment period7 years
Source 5Maximum financingUp to 90% of on-road price
Source 6Maximum EMI-to-net-monthly-income ratio50% up to ₹5 lakh NMI; 60% above ₹5 lakh to ₹10 lakh; 65% above ₹10 lakh
Source 7Minimum NRI incomeUS$1,000 net monthly income or US$12,000 net annual income, or equivalent in another currency
Source 8Applicant and support-party age21 to 70 years; loan must be repaid before the NRI applicant reaches 75
Source 9Overseas employment requirementSteady income, at least 2 years employed abroad, and a valid job contract or work permit
Source 10NRI account relationshipSBI NRI account for 12 months with ₹50,000 minimum average balance, or new SBI account with US$5,000 equivalent initial deposit; alternatively another-bank NRI account for 24 months with ₹50,000 minimum balance or fixed deposits, followed by an SBI NRI account for EMI repayment
Source 11Repayment channelStanding instruction on the applicant's SBI NRI account
Source 12Processing fee for new vehicleSalaried: ₹1,000 up to ₹5 lakh, ₹2,000 above ₹5 lakh to ₹10 lakh, ₹3,000 above ₹10 lakh; non-salaried: ₹1,500, ₹2,500 and ₹4,000 respectively; GST extra
Source 13Benefits and features
- Financing up to 90% of on-road price
- Fixed rate for the loan period and daily reducing-balance calculation
- Repayment period up to seven years
Eligibility
- The NRI is the borrower and must have a valid Indian passport, overseas income and the required employment or work-permit history.
- The resident Indian co-applicant or guarantor must be the borrower's father, mother, spouse, son or daughter; co-applicant income may be considered.
- The applicant must meet one of SBI's stated NRI-account relationship routes and repay through an SBI NRI account.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Car-loan application, hypothecation agreement, guarantee agreement, arrangement letter and declaration form
- NRI borrower: three photographs, passport and visa copy, valid work permit, employment contract with attested English translation where applicable, income proof, employer ID and residence proof
- Resident guarantor: two photographs, banker signature identification, passport or voter ID or PAN copy, and residence proof
- Power of attorney in SBI format, properly stamped and notarized or attested where required
- Continuous Discharge Certificate where the guarantor is employed in the merchant navy