Buying a car is a major decision, and choosing the right financing option is equally important. The SBI car loan interest rate is one of the most competitive in India, making State Bank of India a trusted lender for vehicle financing. Whether you’re buying a petrol car, a diesel SUV, or an electric vehicle, SBI offers attractive interest rates and flexible repayment terms.
In this article, we will cover everything you need to know about SBI auto loan interest rate, including EMI calculation, interest for EVs, and offers for salaried customers. We also provide a detailed comparison with other banks so you can make a well-informed decision.
📉 SBI Car Loan Interest Rate – 2025 Highlights
The car loan rate in SBI depends on several factors such as loan amount, tenure, applicant’s credit score, and type of vehicle. In 2025, the interest rate for new car loans ranges between 8.65% to 9.40% per annum.
| Feature | Details |
|---|---|
| Interest Rate | 8.65% – 9.40% per annum |
| Loan Tenure | Up to 7 years |
| Processing Fee | 0.5% of loan amount (min ₹2,000) |
| Loan-to-Value (LTV) Ratio | Up to 90% of on-road price |
| Prepayment Charges | Nil after 6 months |
| Minimum Loan Amount | ₹1 Lakh |
| Maximum Loan Amount | Based on income and car value |
The SBI rate of interest car loan is fixed or floating depending on the scheme. For salaried customers and EV buyers, the bank also offers special benefits.
🧮 SBI Car Loan EMI Calculator
To help customers plan better, SBI provides a user-friendly SBI car loan EMI calculator. With this tool, you can:
- Enter loan amount, interest rate, and tenure
- Instantly calculate monthly EMI
- Know the total repayment and interest payable
Here is an example of EMI for a ₹7 lakh loan:
| Loan Amount | Tenure | Interest Rate | EMI (Approx) | Total Repayment |
|---|---|---|---|---|
| ₹7,00,000 | 5 years | 8.75% | ₹14,470 | ₹8,68,200 |
| ₹7,00,000 | 7 years | 9.00% | ₹11,381 | ₹9,56,052 |
This shows how the SBI car loan EMI calculator helps visualize payments over time. A longer tenure means lower EMI but more interest.
👨💼 SBI Car Loan Interest Rate for Salary Account Holders
If you have your salary account with SBI, you may get preferential interest rates. The SBI car loan interest rate for salary account customers may start as low as 8.65%, depending on your credit profile and employer category.
Benefits for Salary Account Holders:
- Lower processing fees
- Faster loan approval
- Pre-approved loan offers in many cases
- Flexible documentation
If you are employed in a PSU, government, or a reputed private company, you might receive better rates and terms.
⚡ SBI Car Loan Interest Rate for EVs (Electric Vehicles)
To support green mobility, SBI has introduced special schemes for EV buyers. The SBI car loan interest rate for EV is usually 20–25 basis points lower than for regular petrol/diesel vehicles.
| Vehicle Type | Interest Rate | Tenure | Other Benefits |
|---|---|---|---|
| Electric (EV) Car | 8.40% – 8.75% | Up to 8 years | Lower margin money & EMI |
| Petrol/Diesel Car | 8.65% – 9.40% | Up to 7 years | Standard EMI plans |
This makes EV loans from SBI attractive for environmentally conscious customers.
📊 Comparison: SBI vs Other Banks – Car Loan Interest Rates
Here’s how the SBI car loan interest percentage compares with other popular banks in 2025:
| Bank Name | Interest Rate (New Cars) | Max Tenure | Processing Fee |
|---|---|---|---|
| SBI | 8.65% – 9.40% | 7 years | 0.5% (min ₹2,000) |
| HDFC Bank | 9.25% – 10.50% | 7 years | 1% – 1.5% |
| ICICI Bank | 9.10% – 10.25% | 7 years | 1% of loan amount |
| Axis Bank | 9.00% – 10.00% | 7 years | 1% of loan amount |
| Bank of Baroda | 8.75% – 9.25% | 7 years | 0.5% – 1% |
Clearly, the SBI online car loan interest is among the lowest in the market, especially with benefits for EV and salaried customers.
EMI Calculator
📝 Documents Required for SBI Car Loan
To apply for an SBI car loan, you need the following:
- Identity Proof (Aadhaar, PAN, etc.)
- Address Proof
- Income Proof (Salary slips, ITRs)
- Bank Statement (last 6 months)
- Quotation or Proforma Invoice of the Car
- Passport-size photographs
You can apply online or visit the nearest SBI branch. Pre-approved offers are also available for eligible account holders.
⏱️ SBI Car Loan Interest Rate for 7 Years
If you’re planning a longer tenure to reduce EMI, the SBI car loan interest rate for 7 years is applicable for most new car loans.
The rate ranges from 8.75% to 9.40%, and this tenure suits those looking for manageable EMIs.
| Loan Amount | Tenure | Interest | EMI (Approx) |
|---|---|---|---|
| ₹6,00,000 | 7 years | 8.90% | ₹9,761 |
| ₹10,00,000 | 7 years | 9.00% | ₹16,259 |
Using the SBI car loan EMI calculator, you can experiment with various tenure and rate combinations.
🎯 Final Thoughts
The SBI car loan interest rate offers a mix of affordability and flexibility. Whether you’re a salaried person, an EV buyer, or simply looking for a reliable bank to finance your car, SBI’s offerings are strong. With rates starting from 8.65%, easy EMI options, and online tools like the SBI car loan EMI calculator, it’s easier than ever to own a car.
Customers with salary accounts in SBI and good credit scores can expect better terms. The bank also stands out by supporting electric mobility through reduced SBI car loan interest rate for EVs.
Before applying, always check your eligibility, prepare documents, and use the calculator to estimate monthly payments. Comparing rates with other banks can help ensure you’re making the smartest financial move.