SBI New Car Loan
SBI offers financing for new passenger cars with fixed rates between 8.90% to 9.85% p.a. for up to 100% of the on-road price.
Last checked on June 11, 2026. We may earn a commission when you click through.
SBI New Car Loan
Updated 4 months agoAPR Range
8.9–9.85%
Amount
₹100k
Term
12–84 months
Type
car_finance
You'll be redirected to sbi.co.in
Our Verdict
SBI's New Car Loan provides competitive rates and flexible terms, making it a solid choice for car buyers.
Best For
This loan is best for individuals with a stable income looking to finance a new vehicle.
Watch Out
Be mindful of the strict income and age requirements to qualify for this loan.
Pros
- Fixed interest rates from 8.90% to 9.85% p.a.
- Finances up to 100% of on-road price
- Flexible terms up to 84 months
- Quick approval and disbursement
- Robust customer support
Cons
- Strict eligibility criteria
- Minimum income requirement of ₹3 lakh
- Potential hidden fees
- Less flexible for lower credit scores
- Age limit may exclude younger applicants
Full Review
For those considering a new car, SBI's New Car Loan stands out with fixed interest rates ranging from 8.90% to 9.85% p.a.. The loan covers up to 100% of the on-road price, making it accessible for many buyers. With terms extending up to 84 months, there is flexibility in repayment options.
Our editorial team noted that the eligibility criteria include being aged between 21 to 70 years and having a net annual income of at least ₹3 lakh. This could limit options for younger or lower-income applicants. Approval is quick, typically leading to rapid disbursement following eligibility verification.
Customer service reviews suggest that SBI generally offers reliable support, but users should be aware of potential hidden fees that may arise during the loan process. Unlike some competitors, SBI's loan terms may not be as flexible for those with less-than-perfect credit histories, which could be a drawback for some applicants. For more details, visit SBI's official page here.
Who Is This For?
Ideal for individuals aged 21 to 70 with a stable income seeking to finance a new car.
What Borrowers Say
Borrowers generally praise SBI's customer service but note concerns regarding strict eligibility criteria.
Summary
SBI's New Car Loan offers a competitive solution for financing a new car, though it may not suit everyone due to its stringent requirements.
About This Loan
Requirements
- Aged 21 to 70
- Net annual income at least ₹3 lakh
- Regular income and credit assessment
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