SBI Pre-owned Car Loan 2026
India’s largest bank finances pre-owned cars up to 85% of valuation, with credit-score-linked pricing and a certified pre-owned variant. Interest rate 10.45% – 15.60%, loan ₹2 lakh – ₹150 lakh, tenure Up to 5 years (car age + tenure ≤ 10 years).
Rates as of 16 Sep 2026 · Checked 27 September 2026SBI Pre-owned Car Loan at a glance
- High funding (85% of valuation)
- Transparent MCLR-linked, score-based pricing
- Large loan size range
- Wide rate band — weaker scores pay up to 15.60%
- Tenure capped by the 10-year car-age rule
- Minimum loan ₹2 lakh
SBI used car loan interest rate & charges
| Feature | SBI |
|---|---|
| Interest rate | 10.45% – 15.60% |
| Rate details | Linked to SBI’s 1-year MCLR (8.70%); the spread depends on your credit (CIC) score. Range 10.45% – 15.60% p.a. as of 16 Sep 2026. |
| Processing fee | 1.50% of loan + GST (min ₹3,000, max ₹10,000 + GST) |
| Loan amount | ₹2 lakh – ₹150 lakh |
| Tenure | Up to 5 years (car age + tenure ≤ 10 years) |
| Prepayment / foreclosure | No charge on floating-rate loans to individuals; check the KFS for fixed-rate terms |
| Funding | Up to 85% of the car’s valuation |
| Vehicle age | Age of car at loan end must not exceed 10 years |
| Minimum income | ₹3 lakh net annual income |
Special schemes & features
For cars bought from certified pre-owned dealers / manufacturer programmes
Higher CIC score = lower spread over MCLR
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 @ 10.45% | EMI @ 13.03% | EMI @ 15.60% |
|---|---|---|---|
| ₹3,00,000 | ₹7,674 | ₹8,053 | ₹8,441 |
| ₹5,00,000 | ₹12,790 | ₹13,421 | ₹14,068 |
| ₹8,00,000 | ₹20,463 | ₹21,474 | ₹22,509 |
Tenure 4 years, reducing-balance method. Total interest on ₹5,00,000 at 10.45%: ₹1,13,902.
SBI used car loan EMI calculator
Eligibility
- Salaried, self-employed, professionals and agriculturists
- Minimum net annual income ₹3 lakh
- Car age plus loan tenure must not exceed 10 years
- Credit score drives the rate — check yours before applying
Documents required
- KYC: PAN and Aadhaar / passport / voter ID / driving licence
- Income proof: last 3 salary slips and Form 16, or 2 years’ ITR with financials for self-employed
- Bank statements (usually last 6 months)
- Copy of the car’s RC, valid insurance and PUC
- Sale agreement or dealer invoice / proforma
- Seller’s KYC and signed Form 29 and Form 30 for RC transfer
- If the car had a loan: previous financier’s NOC and Form 35
- Valuation / inspection report (arranged by the lender)
How to apply for SBI Pre-owned Car Loan
- Check eligibilityKnow your credit score and how much EMI your income supports; get a pre-approval if your bank offers one.
- Shortlist and check the carVerify RC, pending finance, challans, service and accident history; get an inspection.
- ValuationThe lender’s empanelled valuer inspects the car; funding is a % of this valuation, not the asking price.
- Sanction and KFSCompare the Key Facts Statement (APR, fees, foreclosure terms) — it stays valid for at least 3 working days.
- PaperworkSign the loan agreement, Form 34 (hypothecation) and RC transfer forms; pay your down payment.
- Disbursal and RC updateThe lender usually pays the seller or dealer; the RC is transferred to you with the new lender’s hypothecation noted.
SBI vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹5,00,000 |
|---|---|---|---|---|
| PNB Used Car Loan | 9.45% – 10.55% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 5 years (60 EMIs) | ₹12,550 |
| Indian Bank Pre-owned Car Loan | 9.55% – 11.65% | As per the bank’s service-charge schedule — ask the branch | Up to 6 years (72 months) | ₹12,574 |
| ICICI Bank Pre-owned Car Loan | 9.75% onwards | 2% of loan, max ₹20,000 + GST | Up to 7 years | ₹12,621 |
| Bank of Baroda Pre-owned Car Loan | 10.20% – 12.95% | 0.50% of loan + GST (min ₹2,500, max ₹10,000 + GST) | Up to 5 years (car age from invoice + tenure ≤ 96 months) | ₹12,729 |
| SBI Pre-owned Car Loan | 10.45% – 15.60% | 1.50% of loan + GST (min ₹3,000, max ₹10,000 + GST) | Up to 5 years (car age + tenure ≤ 10 years) | ₹12,790 |
| Tata Capital Used Car Loan | 10.49% onwards | Up to 2.95% of loan + GST | 12 – 72 months | ₹12,799 |
| HDFC Bank Used Car Loan | 11.25% onwards | As per sanction — see the KFS (not published on sources checked) | 12 – 60 months | ₹12,984 |
| Sundaram Finance Used Car Loan | 12.50% onwards | About ₹2,500 (aggregator) | Up to 4 years (48 months) | ₹13,290 |
Frequently asked questions
What is the SBI Pre-owned Car Loan used car loan interest rate?
SBI used car loan rates start at 10.45% and go up to 15.60% 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 ₹5,00,000 from SBI?
At 10.45% for 4 years the EMI is about ₹12,790, with total interest of ₹1,13,902.
What is the processing fee?
SBI: 1.50% of loan + GST (min ₹3,000, max ₹10,000 + GST). GST at 18% applies on fees.
What is the maximum tenure?
SBI: Up to 5 years (car age + tenure ≤ 10 years).
Can I prepay or foreclose the loan?
SBI: No charge on floating-rate loans to individuals; check the KFS for fixed-rate terms.
How old a car will SBI finance?
SBI caps the car’s age at loan maturity at 10 years, so a 6-year-old car can get at most a 4-year loan, and the overall tenure limit is 5 years.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with SBI Pre-owned Car Loan. Terms change — confirm with the lender.