IndiaBanks.org · independent research

Personal, home, vehicle & other loans

Car Loan

A fixed-rate rupee loan for an to buy a new passenger car, or in India, with a resident close relative as co-applicant or guarantor and financing up to 90% of on-road price.

Current fixed interest-rate range8.40%–9.35% (fixed at disbursement)Maximum financingUp to 90% of on-road priceMaximum repayment period7 years
Official product page ↗Compare category

Quick eligibility check

Car Loan

0 of 8 answered

Answer what you know. This guide compares your answers with the criteria published for this product; it is not an approval decision. Your answers stay on this device.

1Does your annual income meet this requirement: US$1,000 net monthly income or US$12,000 net annual income, or equivalent in another currency?

Published source: Minimum NRI income

2Are you this type of customer: The resident Indian co-applicant or guarantor must be the borrower's father, mother, spouse, son or daughter?

3Does your annual income meet this requirement: co-applicant income may be considered?

4Are you this type of customer: The applicant must meet one of SBI's stated NRI-account relationship routes and repay through an SBI NRI account?

5Document checkDo you have this required document or proof: Car-loan application, hypothecation agreement, guarantee agreement, arrangement letter and declaration form?

Published source: Required documents

6Document checkDo you have this required document or proof: 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?

Published source: Required documents

7Document checkDo you have at least one of these required documents: Resident guarantor: two photographs, banker signature identification, passport or voter ID or PAN copy, and residence proof?

Published source: Required documents

8Document checkDo you have at least one of these required documents: Power of attorney in SBI format, properly stamped and notarized or attested where required?

Published source: Required documents
0 of 8 answeredAnswer the remaining questions to see your checklist result.
✓ Manually checked 6 Oct 2026 · active
Offered byState Bank of India

For new vehicles in India, with repayment through an account and an eligible resident Indian close-relative co-applicant or guarantor

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Eligible vehicleNew passenger cars, multi-utility vehicles and SUVsView source
The Features tab limits the published purpose to purchase of new passenger cars, and .
Source
Car Loan
Page / section
Features
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Borrower and guarantor structureNRI is borrower; resident Indian father, mother, spouse, son or daughter is co-applicant or guarantorView source
The Eligibility tab names the as borrower and limits the resident co-applicant or guarantor relationship to father, mother, spouse, son or daughter.
Source
Car Loan
Page / section
Eligibility
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Maximum repayment period7 yearsView source
The Features tab states a repayment period of up to seven years.
Source
Car Loan
Page / section
Features
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Maximum EMI-to-net-monthly-income ratio50% up to ₹5 lakh NMI; 60% above ₹5 lakh to ₹10 lakh; 65% above ₹10 lakhView source
The Features tab publishes / ceilings of 50%, 60% and 65% across the three stated monthly-income bands.
Source
Car Loan
Page / section
Features
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Minimum NRI incomeUS$1,000 net monthly income or US$12,000 net annual income, or equivalent in another currencyView source
Both reviewed tabs publish $1,000 or $12,000 NAI, or the equivalent in other currencies.
Source
Car Loan
Page / section
Features and Eligibility
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Applicant and support-party age21 to 70 years; loan must be repaid before the NRI applicant reaches 75View source
The Eligibility tab gives ages 21–70 for applicant and co-applicant or guarantor and requires repayment before the applicant turns 75.
Source
Car Loan
Page / section
Eligibility
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Overseas employment requirementSteady income, at least 2 years employed abroad, and a valid job contract or work permitView source
The eligibility list requires steady income, two years' overseas employment and a valid job contract or work permit.
Source
Car Loan
Page / section
Eligibility — applicant
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
NRI 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 repaymentView source
The Eligibility tab sets the three stated relationship routes and says other-bank customers must open an account for repayment.
Source
Car Loan
Page / section
Eligibility — applicant
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Repayment channelStanding instruction on the applicant's SBI NRI accountView source
The Features tab states repayment is by standing instruction on the applicant's account and interest is calculated on a daily reducing balance.
Source
Car Loan
Page / section
Features
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Loan typeVehicle loanView source
The official product name identifies this as “ Car Loan”.
Source
Car Loan — official product page
Page / section
Official product name and loan classification
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Tenure7 yearsView source
The Features tab states a repayment period of up to seven years. This is the issuer-published maximumTenure value shown under the comparison field “Tenure”.
Source
Car Loan
Page / section
Features — comparison field: Tenure
Accessed
11 Aug 2026
Confidence
high
Open official source ↗
Prepayment / foreclosureStandard auto-loan prepayment is NIL. Foreclosure is 2% of theo-balance plus GST when completed within two years of disbursement; actual seizure and parking charges apply if the bank seizes the vehicle.View source
The table states NIL prepayment for standard auto loans and 2% plus foreclosure on theo-balance within two years.
Source
Auto Loan Key Facts Statement
Page / section
Page 2, Part 1 item 10(vii)–(x)
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Current fixed interest-rate range8.40%–9.35% (fixed at disbursement)View source
The current rate table explicitly groups Car Loan with Car Loan and Assured Car Loan at 8.40%–9.35% under 3-month of 8.25%. The page states that the rate fixed at disbursement remains unchanged for the loan period.
Source
Auto / Vehicle Loans Interest Rates
Page / section
Current scheme table; last updated 16-09-2026
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Rate-card reference8.25% 3-month MCLR reference; the scheme rate is fixed at disbursement and does not reset with MCLR.View source
The current scheme row falls under 3-month : 8.25%. The same page says the customer rate applied at disbursement remains fixed for the entire loan period.
Source
Auto / Vehicle Loans Interest Rates
Page / section
Rate-card grouping; last updated 16-09-2026
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Rate-card MCLR reference3-month MCLR: 8.25%; SBI’s NRI car-loan rate is fixed at disbursement and does not reset with MCLR.View source
The current scheme table explicitly groups Car Loan under 3-month of 8.25%; the page says the rate at disbursement remains fixed for the loan period.
Source
Auto / Vehicle Loans Interest Rates
Page / section
Car Loan rate group and table heading; last updated 16-09-2026
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Maximum financingUp to 90% of on-road priceView source
The -specific page defines on-road price as vehicle ex-showroom price plus registration and insurance. A separate shared says 85% on-road/100% ex-showroom and is shown as an unresolved source discrepancy.
Source
Car Loan -
Page / section
Features — up to 90% of on-road price; page last updated 11-07-2024
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Maximum amountUp to 90% of on-road priceView source
product-specific page states up to 90%; the shared Auto Loan (17-02-2024) states a general 85% on-road/100% ex-showroom limit. The sources are not reconciled; both are preserved on the product page.
Source
Car Loan -
Page / section
Features — financing up to 90% of on-road price
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Published LTV source differenceNRI product page: up to 90% of on-road price. Shared Auto Loan MITC: maximum 85% of on-road price and maximum loan 100% of ex-showroom price.View source
The expressly names Car Loan; the product-specific page was updated later, but publishes no explicit reconciliation or supersession note.
Source
Auto Loan Most Important Terms and Conditions
Page / section
Page 1 section compared with product page Features
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Required documentsNRI borrower: passport and visa page, work permit/job contract, income proof, employer ID, residence proof and 3 photos; resident co-applicant/guarantor: identity/address proof, banker signature identification and 2 photos. See the full source checklist.View source
The page lists separate document requirements for the borrower and resident co-applicant/guarantor; the complete checklist is reproduced in the product-page table.
Source
Car Loan -
Page / section
General documents; borrower; Resident Indian co-applicant/guarantor
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Application decision noticeThe linked application form says SBI will mail an acceptance/rejection notification within 15 days after receiving a completed application form with supporting documents.View source
This is the form’s application-notification statement, not a promise of loan disbursement within 15 days.
Source
Car Loan Application Form
Page / section
Page 6 acknowledgement slip
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Optional car-loan life coverOptional group car-loan life cover underwritten by SBI Life; the form says it may also be obtained from another provider and the premium can be paid once or added to the loan.View source
The form presents the cover as optional; this is not a compulsory condition for the car loan.
Source
Car Loan Application Form
Page / section
Page 5 — Life Insurance option
Accessed
6 Oct 2026
Confidence
high
Open official source ↗
Vehicle insurance requirementComprehensive cover for market value or at least 10% above outstanding loan, whichever is higher; note SBI’s financier interest and renew annually until all dues are repaid.View source
The shared states the vehicle must remain comprehensively insured through repayment and financier interest must be recorded.
Source
Auto Loan Most Important Terms and Conditions
Page / section
Page 2 — Insurance
Accessed
6 Oct 2026
Confidence
high
Open official source ↗

Benefits 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 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 stated -account relationship routes and repay through an 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
  • borrower: three photographs, passport and visa copy, valid work permit, employment contract with attested English translation where applicable, income proof, employer and residence proof
  • Resident guarantor: two photographs, banker signature identification, passport or voter or copy, and residence proof
  • Power of attorney in format, properly stamped and notarized or attested where required
  • Continuous Discharge Certificate where the guarantor is employed in the merchant navy

Related official documents

SBI Auto Loans Interest Ratesofficial-rate-table · current · accessed 11 Aug 2026
↗
SBI Auto Loan Key Facts Statement — APR and contingent chargesofficial-kfs-pdf · current · accessed 29 Aug 2026
↗
SBI Processing Fees — current Auto Loan sectionofficial-fee-page · current · accessed 6 Oct 2026
↗
SBI Processing Feesofficial-fee-table · current · accessed 11 Aug 2026
↗
SBI Auto / Vehicle Loans Interest Rates — current scheme and score tablesofficial-interest-rate-page · current · accessed 6 Oct 2026
↗
SBI Auto Loan Most Important Terms and Conditionsofficial-mitc-pdf · reviewed · accessed 6 Oct 2026
↗
SBI NRI Car Loan Application Form — current linked 6-page formofficial-application-form-pdf · current-link · accessed 6 Oct 2026
↗
SBI NRI Car Loan Power of Attorney — current linked 2-page formofficial-power-of-attorney-pdf · current-link · accessed 6 Oct 2026
↗
SBI NRI Car Loan — official product pageofficial-product-page-current-snapshot · current · accessed 6 Oct 2026
↗
SBI NRI Service Charges — earlier official PDF, historical fee referenceofficial-service-charge-pdf-historical · historical-reference · accessed 6 Oct 2026
↗

Plan before applying

Try the numbers

Private, instant and based on the values you enter.

Try your numbers

Loan repayment estimate

See what the loan could cost each month. Move any slider to try a different amount, rate or repayment time.

One monthly payment₹21,538twenty-one thousand five hundred thirty-eight rupees
Interest paid over the full loan₹26,69,027twenty-six lakh sixty-nine thousand twenty-seven rupees
Everything you repay₹51,69,027fifty-one lakh sixty-nine thousand twenty-seven rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

Use the published table

Find the exact published value

Choose a table, then pick its row and column. This shows the exact entry published by the bank or insurer without making you scan every cell.

· Standard auto loanNot published; field blank

This value is copied from Auto Loan — and prepayment treatment. Check the table notes before relying on it.

Source: Auto Loan Key Facts Statement · Pages 1–2, Part 1 item 10 and field Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 4 rows · 3 columnsSBI Auto Loan KFS — APR and prepayment treatmentThe KFS APR status and vehicle-loan prepayment/foreclosure rows, preserving the Certified Pre-Owned exception.View tableHide table

Scroll sideways to view every column

SBI Auto Loan KFS — APR and prepayment treatment
ItemStandard auto loanCertified Pre-Owned Car Loan
Not published; field blankNot published; field blank
Prepayment within 2 yearsNIL1% of pre-payment amount + , charged quarterly
Foreclosure within 2 years2% of theo-balance + 3% of theo-balance +
Seizure / parkingActual chargesActual charges
  • No is inferred from the fixed scheme rate or 1-year reference.
Auto Loan Key Facts Statement · Pages 1–2, Part 1 item 10 and field · accessed 29 Aug 2026Open official source ↗
Table 2 · 1 row · 3 columnsSBI NRI Car Loan — current interest rateExact scheme-specific rate and the MCLR group printed on SBI’s current fixed-rate table.View tableHide table

Scroll sideways to view every column

SBI NRI Car Loan — current interest rate
SchemePublished rateRate-card reference and treatment
Car Loan8.40%–9.35%3-month : 8.25%; fixed at disbursement
  • page labels these as fixed rates: the rate applied at disbursement remains the same for the entire loan period.
  • The rate table prints percentage values but does not append “p.a.” to the rows; this transcription does not add that unit.
  • Current page date: Last Updated On 16-09-2026.
Auto / Vehicle Loans Interest Rates · Scheme rows and relevant heading; last updated 16-09-2026 · accessed 6 Oct 2026Open official source ↗
Table 3 · 4 rows · 2 columnsSBI NRI Car Loan — documents published on the product pageParty-specific checklist transcribed from SBI’s NRI Car Loan page. The merchant-navy certificate bullet is reproduced with the page’s stated guarantor role.View tableHide table

Scroll sideways to view every column

SBI NRI Car Loan — documents published on the product page
Applicant / stagePublished documents
General loan documentsCar Loan application form; Hypothecation Agreement; Guarantee Agreement; Arrangement Letter; Power of Attorney if required; Declaration Form.
borrowerThree passport-size photographs; passport copy including visa-stamp page; valid work permit; employment contract (English translation attested by employer/consulate/embassy/ foreign office if not in English); original latest salary certificate or, for self-employed/professionals, foreign-country or Tax Residency Certificate; employer ; proof of residence (for example driving licence or utility bill); and Power of Attorney if required, in format, duly stamped and notarised/attested by Indian Embassy or Consulate.
Merchant Navy item (page wording)The page places this item in the applicant list but says “Copy of Continuous Discharge Certificate if guarantor is employed in merchant navy”; the role wording is retained as published.
Resident Indian co-applicant / guarantorTwo passport-size photographs; signature identification from banker; passport, voter or copy; proof of residence.
  • product page was last updated 11-07-2024 and was re-opened 06-10-2026.
  • The separate linked application form and Power of Attorney are listed as source documents; this table follows the current page’s explicit checklist.
Car Loan - — current official product page · Eligibility and document checklist; page last updated 11-07-2024, accessed 06-10-2026 · accessed 6 Oct 2026Open official source ↗
Table 4 · 8 rows · 2 columnsSBI Auto Loan processing-fee rows — current pageThe empty cells are preserved as empty source cells, not interpreted as NIL or assigned another scheme’s fee.View tableHide table

Scroll sideways to view every column

SBI Auto Loan processing-fee rows — current page
Auto Loan schemeFee printed on current page
CAR LOAN (For New Vehicle)Up to ₹5 lakh: salaried/pensioners ₹1,000 + ; non-salaried ₹1,500 + . Above ₹5 lakh up to ₹10 lakh: ₹2,000 / ₹2,500 + . Above ₹10 lakh: ₹3,000 / ₹4,000 + .
- CAR LOAN SCHEME (For New Vehicle)
LOYALTY CAR LOAN SCHEME (For Home Loan Borrowers)
GREEN CAR (Electric Vehicle)
Assured Car LoanNIL
Certified Pre-owned Car Loans1.50% of loan amount + ; maximum ₹10,000 + ; minimum ₹3,000 + .
Two-Wheeler Loan Scheme3.00% of loan amount + (50% waiver for Salary Package customers).
High Value Super Bike Loan2.00% of loan amount + ; maximum ₹10,000 + ; minimum .
  • Last Updated On 01-10-2026.
  • The , Loyalty and Green Car rows are named but have no fee amount in their cells. The product comparison cells for those schemes therefore remain blank.
  • The New Car, Assured, pre-owned, two-wheeler and Super Bike rows are transcribed with their printed fee terms.
Processing Fees · Auto Loan tab; complete scheme fee rows and page date, last updated 01-10-2026 · accessed 6 Oct 2026Open official source ↗
Table 5 · 2 rows · 2 columnsEarlier SBI NRI Service Charges PDF — historical car-loan fee rowsThe official PDF’s page 12 gives these amounts, but no current effective date is printed. The broader document contains an explicit 2017 fee-waiver marker, and SBI’s current fee page lists NRI Car Loan with an empty fee cell; these amounts are retained as historical evidence only.View tableHide table

Scroll sideways to view every column

Earlier SBI NRI Service Charges PDF — historical car-loan fee rows
Loan amountProcessing fee per applicant
Up to ₹6 lakh₹1,000 +
Above ₹6 lakh₹1,500 +
  • Do not treat these values as current or populate the comparison field from this undated historical schedule.
  • Current comparison value stays blank because the live page updated 01-10-2026 lists the scheme but gives no amount.
Service Charges — earlier official · page 12, Loan Processing Charges — Car Loan rows; pages 1–11 and 13–14 not fully reviewed because this dated/undated document is not used as current fee evidence · accessed 6 Oct 2026Open official source ↗
Table 6 · 1 row · 2 columnsSBI NRI Car Loan page — published finance limitProduct-specific NRI page figure, retained as the reported product-page value.View tableHide table

Scroll sideways to view every column

SBI NRI Car Loan page — published finance limit
Source / dateLimit
Car Loan product page (last updated 11-07-2024)Up to 90% of on-road price; the page defines on-road as ex-showroom price, registration and insurance.
  • The shared Auto Loan also names Car Loan but gives a different general limit; see the adjoining table. does not explain the difference on the reviewed page.
Car Loan - — current official product page · Features — financing up to 90% of on-road price; last updated 11-07-2024 · accessed 6 Oct 2026Open official source ↗
Table 7 · 1 row · 2 columnsSBI Auto Loan MITC — general LTV limitThe MITC expressly includes NRI Car Loan in its covered product list, then gives this general Car Loan limit.View tableHide table

Scroll sideways to view every column

SBI Auto Loan MITC — general LTV limit
Source / dateLimit
Auto Loan (17-02-2024)Maximum 85% of on-road price; maximum loan amount 100% of ex-showroom price.
  • The later -specific page states up to 90% of on-road price. Both statements are preserved because does not publish a reconciliation or explicit supersession note.
Auto Loan Most Important Terms and Conditions · Page 1 — product coverage and Loan to Value Ratio · accessed 6 Oct 2026Open official source ↗
Table 8 · 7 rows · 2 columnsSBI NRI Car Loan — application options and noticeValues and options transcribed from the currently linked six-page application form.View tableHide table

Scroll sideways to view every column

SBI NRI Car Loan — application options and notice
TopicPublished term
Application sectionsForms A and B collect personal, employment, income and financial details; Forms C and D cover vehicle/loan details and declaration. Applicant, co-applicant and guarantor sign the forms where applicable.
Application decision noticeThe acknowledgement says the request will be disposed of and acceptance/rejection notification mailed within 15 days after receives a completed application form with supporting documents. This is not a disbursal-time promise.
Optional credit-life coverThe form offers a group car-loan life cover underwritten by Life; the cover is optional for the loan and may also be obtained from another provider. If selected, the premium may be paid once or added to the car loan.
Borrower declarationsThe form requires accuracy of submitted information, permits verification directly or via a third party, states sanction is at discretion, and authorizes applicable fees, charges and interest to be debited to the car-loan account.
declarationThe borrower declares compliance with the Foreign Exchange Management Act, 1999 and applicable rules; the form requires notifying before permanent overseas employment/emigration or a nationality change.
Credit informationThe form includes consent for credit checks and disclosure of facility/default information to credit information agencies and other permitted credit grantors.
Separate response targetThe shared Auto Loan says complete applications are disposed within 2 days at urban centres and 4 days at rural centres. The linked form says a notice will be mailed within 15 days; does not reconcile these differently worded timelines.
  • The current product page links this six-page application form.
  • Timeline statements are kept separate because one says disposal and the other says a mailed acceptance/rejection notification; do not interpret either as a guaranteed loan disbursal date.
Car Loan Application Form · Pages 1, 5–6: form sections, optional life cover, acknowledgement and declarations; timing in its page 2 · accessed 6 Oct 2026Open official source ↗
Table 9 · 4 rows · 2 columnsSBI NRI Car Loan — Power of Attorney form scopeThe linked form limits the stated authority to execution and delivery of the guarantee agreement and related acts.View tableHide table

Scroll sideways to view every column

SBI NRI Car Loan — Power of Attorney form scope
termPublished detail
Who appoints and why guarantor(s) appoint a named attorney when they cannot promptly execute guarantee documents themselves.
Authority grantedExecute and deliver the Guarantee Agreement and documents needed for that purpose; pay stamp duty; appoint advocates/solicitors if considered fit; complete incidental acts needed for the guarantee.
Execution and enclosuresThe attorney-holder’s photograph is pasted in the form; executants attest it; signatures are before a Notary Public/Magistrate.
Guarantee formatThe note says should send the standard guarantee format to the guarantor electronically and a copy should accompany the Power of Attorney.
  • This linked concerns the guarantor’s authority; it does not replace specific eligibility or documentation rules on the product page.
Car Loan Power of Attorney · pages 1–2; accessed 06-10-2026 · accessed 6 Oct 2026Open official source ↗
Table 10 · 19 rows · 3 columnsSBI Auto Loan MITC — conditions, fees and service chargesText reviewed page-by-page from the 2-page official MITC; this table preserves the source’s exact distinctions between shared rules, new-car-only rules, and charges explicitly headed “under SBI Car Loan.”View tableHide table

Scroll sideways to view every column

SBI Auto Loan MITC — conditions, fees and service charges
TopicPublished termApplicability / source scope
Products named Car Loan; Loyalty Car Loan; Car Loan; Assured Car Loan; Two-Wheeler Loan; Super Bike Loan.Page 1 — explicit covered-product list
Car-loan purposePurchase of new/used cars, and .Page 1 — purpose
Maximum tenorUp to 84 months on fixed interest rate.Page 1 — loan tenure
General car-loan Maximum 85% of on-road price; maximum loan amount 100% of ex-showroom price.Page 1 — ; product-page discrepancy is recorded separately
Interest calculationDaily reducing balance with monthly rests; Car Loan rate is fixed and -based at sanction in this .Page 1 — rate and calculation
Penal interestFor loan amounts above ₹25,000, if irregularity exceeds the /installment amount for one month: 2% per month over the applicable rate on overdue amount for the default period; no penal interest for loans up to ₹25,000.Page 1 — penal interest
Cheque// dishonour₹250 + for each bounced cheque, or Standing Instruction dishonour; says the charge may vary.Page 1 — dishonour
Repayment setupSet the monthly repayment date to coincide with the borrower’s major income flow; bank may use when available.Page 1 — repayment
Prepayment and foreclosurePre-payment penalty NIL in new-car loan; gives 2% of closure amount + for fixed-rate new-car foreclosure within 24 months.Page 1 — prepayment/foreclosure; later Auto Loan provides current covered-scheme detail
Vehicle hypothecation / RCMark hypothecation in vehicle registration; submit the original RC for lien verification within 120 days; delay beyond 120 days may incur ₹2,500 + per month until registration/lien noting.Page 1 — security
InspectionInitial inspection; thereafter periodic inspections waived for a standard asset. After one monthly instalment defaults, inspection is required and costs ₹350 + each time.Page 1 — inspection
processing fee (new car fixed-rate wording)Up to ₹5 lakh: ₹750 + ; above ₹5 lakh to ₹10 lakh: ₹1,200 + ; above ₹10 lakh: ₹1,500 + . The current 01-10-2026 fee page now prints different New Car amounts and no amount in its /Loyalty/Green rows; do not apply this older schedule to those blank rows.Page 1 — fee schedule
Other charges scopeUnder the heading “Other charges under Car Loan”: VAHAN search ₹50 + ; cheque/ swap ₹400 + ; amortization schedule ₹100 + ; duplicate account statement ₹112 + ; pre-payment statement ₹100 + ; duplicate NOC ₹300 + ; petrol-to-/CNG conversion NOC ₹400 + ; NOC revalidation ₹400 + ; loan rescheduling ₹500 + .Page 1 — other charges under Car Loan; variant applicability is not separately mapped
Borrower-paid incidentals and taxBorrower bears valuer fees, insurance premium, stamp duty, registration/CERSAI registration, VAHAN hypothecation verification, /telecalling and other incidental costs; government taxes may be collected as applicable.Page 1 — incidentals/tax
Disbursement and Disbursement to supplier/dealer via / or after statutory compliance; all loans require verification before sanction.Page 1 — disbursement and
Comprehensive vehicle insuranceKeep the vehicle comprehensively insured for market value or at least 10% above outstanding loan, whichever is higher; note the bank’s financier interest; renew annually until all dues are repaid.Page 2 — insurance
Application disposition timeComplete applications with required documents: 2 days at urban centres and 4 days at rural centres. Keep separate from the linked form’s 15-day notice statement.Page 2 — TAT
Default reminders may send repayment reminders by post, fax, telephone, email, or appointed collection agencies.Page 2 — default
Credit bureau disclosure may inquire with credit bureaus and disclose account/credit/default data to authorized agencies under the terms stated in the .Pages 1–2 — disclosure
  • dated 17-02-2024 explicitly names six products; it does not name the Green Car Loan or Certified Pre-owned Car Loan.
  • The source labels the processing fee as a new-car fixed-rate schedule and other charges under Car Loan. Do not assume these amounts apply to , Loyalty, Assured, Two-Wheeler or Super Bike where the source does not specify.
  • The current fee page updated 01-10-2026 supersedes the older New Car processing-fee rows; the , Loyalty and Green rows are blank on that current page.
  • current page (updated 11-07-2024) says up to 90% of on-road price; this older, broader says max 85% of on-road and 100% ex-showroom. does not reconcile the difference.
  • The current Auto Loan already reviewed 29-08-2026 is retained as the newer source for product-specific /contingent-charge facts; this table does not replace it.
  • target timing (2 urban/4 rural days) and linked application-form mail notice (within 15 days) are preserved as separate statements.
Auto Loan Most Important Terms and Conditions · Pages 1–2; complete extracted page text manually reviewed; effective date 17-02-2024 · accessed 6 Oct 2026Open official source ↗

More from State Bank of India

Related products

SBI Aashray Home Loan

First-home finance for eligible urban applicants with regular income but little or no documented income proof; up to ₹20 lakh, with no processing fee and an application route through JanSamarth.

View product

SBI Assured Car Loan

A fixed-deposit-backed car loan from ₹1 lakh with no published maximum or upper age limit, nil processing fee, repayment from three to seven years and current fixed rates from 8.70% to 9.85%.

View product

SBI Certified Pre-Owned Car Loan

Fixed-rate used-car finance from ₹2 lakh to ₹1.5 crore, covering up to 85% of valuation for a maximum of five years, with -based rates from 10.45% to 15.60%.

View product

SBI Combo Home Loan

A combined loan for residential plot purchase and house construction, with one published journey and a maximum tenure of 30 years.

View product