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SBI Car Loan Calculator : Compare & Save with India's Top Banks

SBI Car Loan Calculator - Compare Top Banks
Latest Rates Updated: RBI Repo Rate Decrease (June 6, 2025)

Calculate Your Car Loan

Car

Hyundai Creta

Starting from ₹11.00 Lakh

Popular

Compare With Other Banks

State Bank of India
HDFC Bank
ICICI Bank
Axis Bank

Results

Your Estimated Monthly Payment
₹16,372
for a ₹8,00,000 loan over 5 years
Total Interest
₹1,82,320
Total Payment
₹9,82,320
Processing Fee
₹4,000

Bank Comparison

Bank Interest Rate EMI Total Cost
SBI 8.40% ₹16,372 ₹9,82,320
HDFC Bank 8.65% ₹16,475 ₹9,88,500
ICICI Bank 8.75% ₹16,520 ₹9,91,200
Axis Bank 8.90% ₹16,592 ₹9,95,520

Why Choose SBI Car Loan?

Lowest Interest Rates

Starting at 8.40% after RBI rate cut

Zero Processing Fee

Limited time offer until July 2025

Quick Approval

Get approval within 48 hours

No Prepayment Penalty

Pay off your loan anytime

Premium Features

Free Version
Pro Version (₹499/year)

Basic Calculator

EMI calculation for one bank

Included

Bank Comparison

Compare top 4 banks

Included

EMI Breakdown

Interest vs principal visualization

Included

PDF Report

Basic summary report

Limited

Advanced Comparison

Compare with 10+ banks & NBFCs

Included

Custom Loan Scenarios

Compare tenure vs down payment

Included

Personalized Offers

Pre-approved loan offers

Included

Detailed PDF Report

With amortization schedule

Included

Drive Your Dream Car Today

With SBI's lowest interest rates and flexible repayment options, owning your dream car has never been easier. Apply online in minutes!

Frequently Asked Questions

What is the current car loan interest rate at SBI?
After the recent RBI repo rate cut on June 6, 2025, SBI is offering car loans starting from 8.40% per annum for new cars. The exact rate may vary based on your credit profile, loan amount, and tenure.
How does SBI compare to other banks for car loans?
As of June 2025, SBI offers the most competitive rates among leading banks:
  • SBI: 8.40% - 9.00%
  • HDFC Bank: 8.65% - 9.25%
  • ICICI Bank: 8.75% - 9.35%
  • Axis Bank: 8.90% - 9.50%
SBI also offers lower processing fees and flexible repayment options.
What documents are required for an SBI car loan?
The main documents required are:
  • Completed loan application form
  • Identity proof (PAN card, Aadhaar, Passport)
  • Address proof (Utility bill, Aadhaar)
  • Income proof (Salary slips, Form 16, bank statements)
  • Car quotation from dealer
  • Passport size photographs
Can I prepay my SBI car loan without penalty?
Yes, SBI allows prepayment of car loans without any penalty charges. This is a significant advantage over many private banks that charge 2-5% prepayment penalty.
Disclaimer: The interest rates and calculations shown are for illustrative purposes only. Actual rates may vary based on the applicant's credit profile, loan amount, tenure, and other factors. Processing fees and other charges may apply. The information is updated as of June 9, 2025, after the RBI repo rate cut announcement.

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