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.
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.
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.