SBI Car Loan 2026
India’s largest bank publishes a CIBIL-tiered car loan rate card and offers dedicated variants for EVs, NRIs and existing customers through its branch network and YONO app. Interest rate 8.40% – 9.35%, loan Up to 100% of on-road price (select models), tenure Up to 7 years (Green Car Loan up to 8 years).
Rates as of 16 Sep 2026 · Checked 27 September 2026SBI Car Loan at a glance
- Low, transparent CIBIL-tiered rates
- Flat processing fee of ₹500 – ₹2,000 + GST instead of a percentage
- Green Car Loan with 8-year tenure for EVs
- Best rate only for CIBIL 800+
- Branch paperwork can be slower than private banks
SBI car loan interest rate & charges
| Feature | SBI |
|---|---|
| Interest rate | 8.40% – 9.35% |
| Rate details | Official SBI auto-loan rates effective 16 Sep 2026, linked to the 3-month MCLR (8.25%) and tiered by CIBIL score — 8.40% is for scores of 800+ on 3–5 year loans. Loyalty Car Loan 8.35% – 9.30%; Green Car Loan (EV) 8.30% – 9.35%. Some aggregators still show an older 8.70% – 9.85% band. |
| Processing fee | Up to ₹5 lakh: ₹500 (salaried) / ₹750 (others); ₹5 – 10 lakh: ₹1,000 / ₹1,250; above ₹10 lakh: ₹1,500 / ₹2,000 — all + GST |
| Loan amount | Up to 100% of on-road price (select models) |
| Tenure | Up to 7 years (Green Car Loan up to 8 years) |
| Prepayment / foreclosure | No prepayment charge; foreclosure charge waived after 2 years |
| Rate type | MCLR-linked (3-month MCLR 8.25%) |
| Minimum income | ₹3 lakh a year (salaried or self-employed); ₹4 lakh for agriculturists |
| Other variants | Assured Car Loan 8.40% – 9.35%; NRI Car Loan 8.40% – 9.35%; Flexi Pay option |
Special schemes & features
8.30% – 9.35% — a 25 bps concession for electric cars, up to 100% on-road funding, 3 – 8 years
8.35% – 9.30% for eligible existing SBI customers
8.40% – 9.35%
8.40% – 9.35% for non-resident Indians
Lower EMIs in the early part of the loan
Source: sbi.bank.in, 16 Sep 2026. Rates are indicative; your rate depends on your profile. Always check the Key Facts Statement (KFS) for the APR before signing.
EMI at SBI’s rates
| Loan amount | EMI @ 8.40% | EMI @ 8.88% | EMI @ 9.35% |
|---|---|---|---|
| ₹5,00,000 | ₹10,234 | ₹10,350 | ₹10,464 |
| ₹8,00,000 | ₹16,375 | ₹16,560 | ₹16,743 |
| ₹12,00,000 | ₹24,562 | ₹24,840 | ₹25,114 |
Tenure 5 years, reducing-balance method. Total interest on ₹8,00,000 at 8.40%: ₹1,82,482.
SBI car loan EMI calculator
Eligibility
- Age 21 – 70 years is typical; confirm with the branch
- Salaried, self-employed, professionals and agriculturists
- Minimum income ₹3 lakh a year (₹4 lakh for agriculturists)
- CIBIL 800+ gets the lowest rate
Documents required
- Application form with photographs
- KYC: PAN (mandatory) and Aadhaar / passport / voter ID / driving licence
- Income proof — salaried: last 3 salary slips and Form 16; self-employed: 2 years’ ITR with computation, P&L and balance sheet
- Bank statements for the last 6 months
- Proforma invoice / quotation from the dealer showing on-road price
- Employment or business continuity proof
- After purchase: RC copy with hypothecation, insurance policy naming the bank, and final invoice
How to apply for SBI Car Loan
- Pick the car and get a quoteAsk the dealer for an itemised on-road quotation — ex-showroom, road tax, registration, insurance, TCS and accessories.
- Compare offersCheck rate, rate type (fixed / floating), processing fee, foreclosure charges and the APR in each lender’s Key Facts Statement.
- ApplyOnline, through the bank app, at a branch or at the dealership; many banks give pre-approved offers to existing customers.
- SanctionThe bank checks your credit report, income and the car’s price, then issues a sanction letter and KFS.
- Sign and pay marginSign the loan agreement, set up NACH/e-mandate for EMIs and pay your down payment to the dealer.
- Disbursal and registrationThe bank pays the dealer directly; the RTO registers the car with the bank’s hypothecation on the RC. Submit the RC and insurance copies to the bank.
SBI vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹8,00,000 |
|---|---|---|---|---|
| Canara Bank Car Loan | 7.45% – 15.00% | 0.25% of loan (min ₹1,000, max ₹5,000) + GST; 50% waiver from 1 Jul to 30 Sep 2026 | Up to 84 months (7 years) | ₹16,011 |
| Bank of Baroda Car Loan | 7.60% – 11.30% | Up to ₹10 lakh: ₹1,500 + GST; above ₹10 lakh: ₹2,000 + GST; ₹500 + GST for government / PSU employees | Up to 84 months (7 years) | ₹16,068 |
| PNB Car Loan | 7.60% – 9.70% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 84 EMIs (7 years) | ₹16,068 |
| Union Bank of India Car Loan | 7.60% – 10.00% | ₹1,000 + GST (aggregator); often waived for electric vehicles | Up to 84 months (7 years) | ₹16,068 |
| HDFC Bank Car Loan | 8.15% onwards | Up to 0.5% of loan (min ₹3,500, max ₹8,000) per BankBazaar; ClearTax shows 1% (min ₹3,500, max ₹9,000) — plus GST | 12 – 84 months | ₹16,279 |
| ICICI Bank Car Loan | 8.40% onwards | Up to ₹8,500 + GST | 12 – 84 months | ₹16,375 |
| SBI Car Loan | 8.40% – 9.35% | Up to ₹5 lakh: ₹500 (salaried) / ₹750 (others); ₹5 – 10 lakh: ₹1,000 / ₹1,250; above ₹10 lakh: ₹1,500 / ₹2,000 — all + GST | Up to 7 years (Green Car Loan up to 8 years) | ₹16,375 |
| Axis Bank Car Loan | 8.95% – 11.75% | ₹3,500 – ₹5,500 + GST | 12 – 96 months (up to 8 years) | ₹16,587 |
Frequently asked questions
What is the SBI Car Loan car loan interest rate?
SBI car loan rates start at 8.40% and go up to 9.35% p.a. (as of 16 Sep 2026). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹8,00,000 from SBI?
At 8.40% for 5 years the EMI is about ₹16,375, with total interest of ₹1,82,482.
What is the processing fee?
SBI: Up to ₹5 lakh: ₹500 (salaried) / ₹750 (others); ₹5 – 10 lakh: ₹1,000 / ₹1,250; above ₹10 lakh: ₹1,500 / ₹2,000 — all + GST. GST at 18% applies on fees.
What is the maximum tenure?
SBI: Up to 7 years (Green Car Loan up to 8 years).
Can I prepay or foreclose the loan?
SBI: No prepayment charge; foreclosure charge waived after 2 years.
Does SBI charge extra for an electric car loan?
No — the SBI Green Car Loan is 25 bps cheaper (8.30% – 9.35%) and allows up to 8 years.
How does my CIBIL score change SBI’s rate?
SBI prices car loans by credit score band; 8.40% applies to scores of 800 and above for 3–5 year loans, and the rate rises for lower bands up to 9.35%.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with SBI Car Loan. Terms change — confirm with the lender.