State Bank of India New Car Loan
State Bank of India, a bank headquartered in Mumbai and established in 1955, offers a car loan at a floating interest rate ranging from 8.7% to 9.85%. The processing fee ranges from ₹750 to ₹1,500, though the lender's own special-features copy states a waived processing fee on new-car loans as a promotional offer. There is no prepayment penalty. Loan amounts range from ₹1 lakh to ₹1 crore, with tenures from 12 to 84 months.
Up to 90% of the on-road price can be financed, and the lender offers flexible EMI options. Eligible applicants — salaried, self-employed, or professional — need a minimum CIBIL score of 700, must be aged 21 to 70, and salaried applicants need a minimum monthly salary of ₹25,000. Documentation includes PAN Card, Aadhaar Card, three months of salary slips, six months of bank statements, and address proof.
At 8.7%, State Bank of India has one of the lowest starting rates of the 12 lenders we track for new car loans.
Documents required
- PAN Card
- Aadhaar Card
- 3 months salary slips
- 6 months bank statement
- Address proof
As published by State Bank of India. Your branch may ask for more.
Best for: PSU/government employees buying new ICE or EV cars — Q4 FY25-26 mean rate 8.78%, EV scheme starts 8.75% with 10bps green concession.
Eligibility
Loan terms
- Zero processing fee on new cars (promotional)
- Up to 90% of on-road price financed
- Flexible EMI options
Fees & charges
FAQ
Used-car loans price higher than new-car loans because of the collateral risk — see the separate used-car page. Salary-account customers often get a small rate discount on new cars.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.
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