State Bank of India Used Car Loan Calculator 2026
Verified SBI used car loan rates starting from 10.45% – 15.6% p.a. — calculate your exact EMI, down payment, total interest & loan amortization.
Six Lakhs rupees
One Lakh Fifty Thousand rupees
| Particulars | Amount |
|---|---|
| On-Road Car Price | ₹6,00,000 |
| Down Payment Paid | ₹1,50,000 |
| Loan Principal | ₹4,50,000 |
| Total Interest Cost | ₹1,29,667 |
| Total Cost of Ownership | ₹7,29,667 |
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SBI Used Car Loan Rates & Charges (2026)
Comprehensive schedule of interest rate range, processing fees, tenure, and prepayment terms
Every figure below is taken directly from State Bank of India's officially published rate card and is periodically verified by our automated rate tracker.
| Particulars | SBI Used Car Loan Terms |
|---|---|
| Interest Rate | 10.45% - 15.60% p.a. |
| Rate Benchmark | Fixed (CIC-score based grid) |
| Processing Fee | 1.50% of loan amount + GST, min Rs. 3,000 + GST, max Rs. 10,000 + GST |
| Maximum Funding (LTV) | Up to 85% of the car's valuation |
| Maximum Tenure | 5 years (60 months) |
| Maximum Vehicle Age | 5 years at purchase |
- Only lender-certified pre-owned dealer channels are eligible
SBI Used Car Loan Scheme-wise Rates
SBI prices used car loan variants separately based on the specific loan program and applicant credit tier.
| Loan Scheme / Segment | Interest Rate (p.a.) |
|---|---|
| Certified Pre-owned Car Loan SchemeCIC-based rates | 10.45% - 15.60% |
Compare SBI with Other Used Car Loan Providers (2026)
Used car loan interest rates across banks and NBFCs, from each lender's official rate card, sorted by lowest starting rate.
| Lender | Interest Rate (p.a.) | Est. Monthly EMI | Calculated Processing Fee | Total Payable (incl. fees & interest) |
|---|---|---|---|---|
| 8.70% - 10.85% | ₹9,276 | ₹1,328 | ₹5,57,888 | |
| from 8.86% | ₹9,311 | Up to ₹18,000 | ₹5,76,660 | |
| 9.45% - 11.55% | ₹9,440 | Not published | ₹5,66,400 | |
| 9.45% - 13.00% | ₹9,440 | ₹1,500 | ₹5,67,900 | |
| 9.50% - 17.00% | ₹9,451 | Up to ₹4,500 | ₹5,71,560 | |
| 9.50% - 29.00% | ₹9,451 | ₹11,948 | ₹5,79,008 | |
| 9.50% - 11.15% | ₹9,451 | Not published | ₹5,67,060 | |
| 9.55% - 11.65% | ₹9,462 | Not published | ₹5,67,720 | |
| 9.70% - 12.20% | ₹9,495 | Not published | ₹5,69,700 | |
| 9.75% - 16.90% | ₹9,506 | ₹10,620 | ₹5,80,980 | |
| 9.80% - 16.05% | ₹9,517 | Not published | ₹5,71,020 | |
| 10.00% - 21.00% | ₹9,561 | Not published | ₹5,73,660 | |
| 10.00% - 36.00% | ₹9,561 | Up to ₹22,500 | ₹5,96,160 | |
| 10.00% - 18.25% | ₹9,561 | Up to ₹13,275 | ₹5,86,935 | |
| 10.15% - 14.00% | ₹9,594 | ₹5,000 | ₹5,80,640 |
Live figures calculated for ₹4,50,000 over 60 months. Rates and fee formulas sourced directly from each lender's official website (last verified 10 Sept 2026) and auto-refreshed. GST at 18% is added where charged by the lender.
SBI Used Car Loan Calculation Walkthrough
Illustrative breakdown for ₹4,50,000 @ 10.45% p.a. over 60 months (5 yrs)
Itemized Cost & Disbursal Breakdown:
SBI Used Car Loan Eligibility Criteria
Key qualification parameters for salaried & self-employed buyers
Applicant must meet the minimum age at loan origination.
Higher thresholds may apply for luxury vehicle segments or co-borrower loans.
Credit score decides your starting rate in SBI's 10.45% – 15.6% bracket.
At least 6–12 months in current employment or 2+ years of business continuity.
All existing monthly loan installments plus the new car EMI should not exceed 50% of take-home pay.
Documents Required for SBI Used Car Loan
Checklist for paperless verification & fast disbursal
Proof of Identity & Signature (Any one)
PAN Card (Mandatory), Aadhaar Card, Passport, Voter ID, or Driving License.
Proof of Residence (Any one)
Aadhaar Card, Utility Bill (Electricity / Water / Piped Gas < 3 months), Registered Rent Agreement, or Passport.
Income Proof
Salaried: Latest 3 months salary slips, Form 16 / ITR for the previous financial year.
Self-Employed: Last 2 years ITR with computation of income, audited balance sheet & P&L.
Vehicle Documentation
Copy of vehicle RC (Registration Certificate), insurance certificate, and seller valuation inspection report.
How to Get the Lowest SBI Used Car Loan Interest Rate
1. Keep CIBIL Above 750
Auto loan interest rate cards are tiered heavily by credit scores. Maintaining 750+ unlocks SBI's lowest rack rate starting at 10.45% p.a.
2. Make a Higher Down Payment
Paying 20%–30% upfront lowers your Loan-to-Value (LTV) ratio, reduces interest outgo, and decreases the lender's risk margin.
3. Check Existing Relationship
If you hold a salary, savings, or wealth account with SBI, look for pre-approved car loan offers with zero processing fees and instant sanction.
Car Loan Hypothecation (HP): Process, Fees & Removal Guide
Understanding the legal lender endorsement on your vehicle Registration Certificate (RC)
When you purchase a vehicle using a car loan from SBI, the car acts as primary collateral. Under the Motor Vehicles Act, a legal lien called Hypothecation (HP) is endorsed on your vehicle's Registration Certificate (RC) and registered with the Regional Transport Office (RTO) via Form 34. This gives SBI legal ownership rights until the loan is paid off in full.
1. HP Addition (At Loan Disbursal)
- • RTO Endorsement Fee: Standard RTO charge of ₹500 – ₹1,500 (varies by state and Parivahan portal fees).
- • Stamp Duty / Documentation: Approx. ₹200 – ₹500 for state-level agreement stamp paper.
- • Process: The dealer/bank files Form 34 so your Smart Card RC prints: “Hypothecated to State Bank of India”.
2. HP Termination (After Loan Closure)
- • Bank NOC: SBI issues a No Objection Certificate (NOC) + 2 signed copies of Form 35 upon final EMI clearance.
- • RTO Cancellation Fee: ₹100 – ₹500 for smart card reissue without the lender lien.
- • Important: You must submit the NOC to your RTO within 90 days to obtain a clean RC for hassle-free resale or insurance claims.
State Bank of India Used Car Loan FAQs
Frequently asked questions about SBI used car loan interest rates, EMI calculation, hypothecation, charges, and loan terms in 2026.