SBI Car Loan Eligibility Calculator

*SBI offers financing up to 100% of the on-road price of the car through the SBI New Car Loan Scheme

Factors affecting the SBI Car Loan Eligibility

Listed below are the key factors that affect the SBI Car Loan eligibility:

1. The Loan Tenure Chosen by the Applicant: The smaller the loan tenure chosen by the applicant, the better are the chances of the car loan application being approved. 

1. The Age of the Applicant: The age of the applicant is also one of the main factors that affect the SBI car loan eligibility. Most SBI car loan schemes have a minimum and maximum age cut-off, with the minimum age being 21 years old and the maximum age set at 65 years old. 

1. The Credit Score of the Individual: To be eligible for the car loan, the applicant should have a good credit score. Anything above 750 is regarded as a good credit score. 

1. The EMI/NMI (Net Monthly Income) Ratio:  Depending on the car loan scheme chosen by the applicant, SBI takes into consideration the debt-to-income ratio to ensure the individual will be able to pay the monthly installments and will not face financial strain due to the EMI amount. 

1. Income of the Individual: SBI takes into consideration the income of the individual prior to approving the car loan. By assessing the net annual income of the individual, SBI decides whether the individual will be able to repay the car loan. 

Documents required for SBI Car Loan Eligibility

Listed below are the documents required for the various car loan schemes offered by SBI:

SBI New Car Loan Scheme

Listed below are the documents salaried, self-employed and individuals engaged in agricultural activities have to submit:

Salaried Individuals 

1. Last 6 months' bank statements. 

1. 2 recent passport-size photographs. 

1. Identity proof - Aadhaar card, Passport, Voter ID card, etc. 

1. Address proof - Utility bills, Ration Card, Aadhaar card, etc. 

1. Latest salary slip. 

1. Form 16. 

1. IT Returns of the last 2 years. 

Self-employed individuals 

1. Identity proof - Aadhaar card, Passport, Voter ID card, etc. 

1. Address proof - Utility bills, Ration Card, Aadhaar card, etc. 

1. Last 6 months' bank statements. 

1. 2 recent passport-size photographs. 

1. Latest salary slip. 

1. Form 16. 

1. Establishment registration certificate. 

1. Audited balance sheet. 

1. IT Returns of the last 2 years. 

Individuals engaged in agricultural activities 

1. 2 recent passport-size photographs. 

1. Last 6 months' bank statements. 

1. Identity proof - Aadhaar card, Passport, Voter ID card, etc. 

1. Address proof - Utility bills, Ration Card, Aadhaar card, etc. 

1. Government approved proof of agricultural activity

SBI Certified Pre-Owned Car Loan

Those applying for the SBI Certified Pre-Owned Car Loan have to submit the following documents:

1. Copy of the seller's car registration certificate.
2. Copy of the car insurance certificate of the seller.
3. Sale agreement between the seller and buyer.
4. Undertaking certificate between the car dealer and SBI.
5. Hypothecation clearance certificate by the financier of the vehicle.
6. Correspondence form from the insurer regarding change of name of the insured person and the financier.

SBI Loyalty Car Loan Scheme

Customers applying for the SBI Loyalty Car Loan Scheme have to submit the following documents:

1. Last 6 months' bank statements.
2. 2 recent passport-size photographs.
3. Identity proof - Aadhaar card, Passport, Voter ID card, etc.
4. Address proof - Utility bills, Ration Card, Aadhaar card, etc.
5. Latest salary slip
6. Form 16
7. IT returns of the last 2 years
8. Housing loan certificate
9. Authorization letter from the borrower to the bank to retain title deeds till completion of the car loan.

SBI Assured Car Loan Scheme

Customers applying for the SBI Assured Car Loan Scheme have to submit the below-listed documents:

1. Identity proof - Aadhaar card, Passport, Voter ID card, etc.
2. Address proof - Utility bills, Ration Card, Aadhaar card, etc.
3. Last 6 months' bank statements.
4. 2 recent passport-size photographs.
5. Necessary documents for charge on FD by the bank.

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