SBI Car Loan Calculator with Bank Comparison
SBI Car Loan Calculator
Compare & Save with India's Top Banks
Latest Rates Updated: RBI Repo Rate Decrease (June 6, 2025)
Calculate Your Car Loan
Compare With Other Banks
SBI
State Bank of India
HDFC
HDFC Bank
ICICI
ICICI Bank
AXIS
Axis Bank
Results
Your Estimated Monthly Payment
₹19,965
for a ₹10,00,000 loan over 5 years
Total Interest
₹1,97,900
Total Payment
₹11,97,900
Processing Fee
₹5,000
Bank Comparison
| Bank | Interest Rate | EMI | Total Cost |
|---|---|---|---|
| SBI | 8.40% | ₹20,468 | ₹12,28,080 |
| HDFC Bank | 8.65% | ₹20,594 | ₹12,35,640 |
| ICICI Bank | 8.75% | ₹20,650 | ₹12,39,000 |
| Axis Bank | 8.90% | ₹20,740 | ₹12,44,400 |
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
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%
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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