SBI Car Loan Interest Rate November 2026: 8.55% to 9.50% Fixed
The SBI car loan interest rate is 8.55% to 9.50% p.a. on a new car, fixed for the whole term. Your CIC score picks the row: 800 and above gets 8.55% on a 3 to 5 year loan, 650 to 699 pays up to 9.50%. Electric cars start at 8.45%, used cars at 10.60%.
SBI car loan in 2026: four schemes, one fixed price list
SBI sells its new car loan under several names. The SBI Car Loan, NRI Car Loan and Assured Car Loan (for term deposit customers) share 8.55% to 9.50%; the Loyalty Car Loan for SBI home loan borrowers is 8.50% to 9.45%; the Green Car Loan for electric cars 8.45% to 9.50%; the Certified Pre-owned scheme 10.60% to 15.75%.
Every SBI auto loan is fixed: the rate at disbursement holds for the full term, and no floating option is published. Funding goes up to 100% of on-road price over up to 7 years (8 for an electric car).
One trap: SBI's quick-links panel shows "Auto Loan 8.45% p.a.", the Green Car Loan floor; a petrol or diesel car starts at 8.55%. The rate page, last updated 15 October 2026, prints no "with effect from" date. Every lender's band is on our car loan hub.
SBI car loan EMI
Loan amount: ₹8,00,000 at SBI's published rate range. Reducing-balance EMI; processing fees and insurance are extra.
Compare car loan ratesYour monthly EMI
₹16,433
for 60 months
₹9,85,951
Total payable
₹8,00,000
₹1,85,951
Interest is 18.9% of what you repay. A shorter tenure cuts it; a lower rate cuts it more.
SBI car loan interest rate: who gets 8.55% and who pays 9.50%
SBI prices off its 3-month MCLR of 8.40% and adds a spread set by your CIC score and term. A score of 800 and above earns 8.55% on a 3 to 5 year loan and 8.65% beyond 5 years; 775 to 799 pays 8.70% or 8.80%; the bottom row, 650 to 699, pays 9.40% or 9.50%. First-time borrowers are priced on SBI's RSM score instead, at 8.80% to 9.15%.
Electric cars get a further 25 basis points off: 8.45% to 9.50%. Certified used cars are priced off the 1-year MCLR of 8.85%, at 10.60% to 15.75%; see our used car loan guide.
SBI's disclosed mean auto loan rate for the second quarter of FY 2026-27 is 8.9%, so most borrowers land above the floor. On our car loan interest rates table of 30 lenders, SBI's floor ranks 17th, just above the 8.50% median.
Fixed means fixed, both ways
The RBI's repo rate rise of 25 basis points to 5.50% on 7 October 2026 changes nothing for a running SBI car loan; nor would a cut. The RBI's 2025 directions on pre-payment charges (loans sanctioned from 1 January 2026) ban foreclosure charges only on floating-rate loans, so a fixed loan may still carry one.
A worked EMI
₹10 lakh over 5 years at 8.55%: EMI ₹20,541, total interest ₹2,32,438. Over 7 years the EMI falls to ₹15,862 but interest climbs to ₹3,32,378; the extra 2 years cost ₹3,32,378 minus ₹2,32,438, which is ₹99,940. Try yours in the car loan EMI calculator.
SBI car loan rates as published
| New car | 8.55% to 9.5% p.a. |
|---|---|
| Who gets the lowest rate | CIC Score 800 & above, term of loan 3-5 years (SBI Car Loan, NRI Car Loan, Assured Car Loan) |
| Rate basis | Fixed (3-month MCLR 8.40%) |
| Used car | 10.6% to 15.75% p.a. |
| Electric car | 8.45% to 9.5% p.a. |
| Read on | 9 November 2026 |
SBI's published rate table
Finer pricing for New Car Loans based on CIC scores - Rate of Interest (%) by term of loan
| CIC Score | 3-5 Years | Above 5 Years |
|---|---|---|
| 800 & above | 8.55 | 8.65 |
| 775-799 | 8.70 | 8.80 |
| 757-774 | 8.80 | 8.90 |
| 721-756 | 9.05 | 9.15 |
| 700-720 | 9.30 | 9.40 |
| 650-699 | 9.40 | 9.50 |
Based on RSM Score - NTC (101-200): RSM Score >=71: 8.80 (3-5 Years) / 8.90 (Above 5 Years); RSM Score 41-70: 9.05 / 9.15. Other scheme rows on the same page: Loyalty Car Loan Scheme From 8.50% to 9.45%; SBI Green Car Loan (For Electric Cars) From 8.45% to 9.50%. Mean Rate for Auto Loans for Quarter 2 (FY 26-27): 8.9%. Page 'Last Updated On : Thursday, 15-10-2026'.
EMI at SBI's published rates
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,270 interest ₹1,16,200 | ₹7,931 interest ₹1,66,204 |
| ₹10 lakh | ₹20,541 interest ₹2,32,460 | ₹15,862 interest ₹3,32,408 |
| ₹15 lakh | ₹30,811 interest ₹3,48,660 | ₹23,792 interest ₹4,98,528 |
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,501 interest ₹1,30,060 | ₹8,172 interest ₹1,86,448 |
| ₹10 lakh | ₹21,002 interest ₹2,60,120 | ₹16,344 interest ₹3,72,896 |
| ₹15 lakh | ₹31,503 interest ₹3,90,180 | ₹24,516 interest ₹5,59,344 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Fees and charges on an SBI car loan
The processing fee is flat by loan size, lower for salaried borrowers and pensioners: ₹500 or ₹750 plus GST up to ₹5 lakh, ₹1,000 or ₹1,250 up to ₹10 lakh, ₹1,500 or ₹2,000 above that, the second figure for non-salaried. The NRI, Loyalty, Green and Assured schemes charge nothing.
Closing early
Part-prepayment is free. Full foreclosure is free after 2 years; inside 24 months SBI takes 2% of the closure amount plus GST. Close a ₹10 lakh loan with ₹7 lakh outstanding in month 18 and the charge is 2% of ₹7 lakh, or ₹14,000, plus GST. The RBI permits this on a fixed-rate loan if it is computed on the amount prepaid and printed in your sanction letter and Key Facts Statement.
Everything else
Late payment on a loan above ₹25,000 draws 2% a month on the overdue amount; SBI's 2024 MITC calls this penal interest, though RBI's 2023 penal charge rules have required a separate charge since 1 April 2024; check your KFS. More on car loan processing fees and charges.
SBI car loan fees and charges
| Processing fee | SBI CAR LOAN (For New Vehicle), by loan amount - Processing Fee (Salaried customers incl. Pensioners) / Processing Fee (Non-Salaried customers): Up to Rs 5 Lakh: Rs 500/- + GST / Rs 750/- + GST; > 5 Lacs and up to 10 Lacs: Rs 1000/- + GST / Rs 1250/- + GST; Above Rs 10 Lacs: Rs 1500/- + GST / Rs 2000/- + GST. SBI NRI - CAR LOAN SCHEME (For New Vehicle), SBI LOYALTY CAR LOAN SCHEME (For Home Loan Borrowers), SBI GREEN CAR (Electric Vehicle), Assured Car Loan: NIL. |
|---|---|
| Prepayment and foreclosure | New Car Loan Scheme page: 'No prepayment charges', 'No foreclosure charges after 2 year'. MITC (PDF dated 17.02.2024): 'Pre-Payment penalty: NIL in new car loan'; 'Foreclosure charges for new car Loan under fixed rate of Interest will be recovered @2% on closure amount (plus GST) will be levied if foreclose within 24 months from the disbursement of loan.' |
| Certified Pre-owned Car Loans processing fee | 1.50% of Loan Amount + GST; Maximum PF Rs 10,000/- + GST; Minimum PF Rs 3,000/- + GST |
| Penal interest (MITC) | Not charged for loans up to Rs 25,000/-; above that, if the irregularity exceeds the EMI amount for one month, 2% p.m. (over and above the applicable interest rate) on the overdue amount for the period of default |
| Bounced cheque/NACH or SI dishonour (MITC) | Rs 250/- + GST per instance |
| Cheque/ECS swap charges (MITC) | Rs 400/- per instance + GST |
| Duplicate NOC charges (MITC) | Rs 300/- per instance + GST |
| Revalidation of NOC (MITC) | Rs 400/- per instance + GST |
| Pre-payment statement charges (MITC) | Rs 100/- + GST |
| Amortization schedule charges (MITC) | Rs 100/- per instance + GST |
| Duplicate statement of account (MITC) | Rs 112/- + GST (monthly statement free) |
| Vahan search charges (MITC) | Rs 50 per instance + GST |
| Note | Processing Fees page 'Last Updated On : Monday, 12-10-2026'. The MITC PDF (https://sbi.bank.in/documents/16012/75685/210224-MITC_17.02.2024.pdf) is older and prints a single flat-fee column (Rs 750 / Rs 1250 / Rs 1500 + GST) and 'Maximum LTV ratio is 85% of on road price (Maximum Loan amount is 100% of ex-showroom price)', which contradicts the live scheme page's 'Financing Upto 100% of On-road Price'; the live pages were used. Other charges (MITC) are from the 17.02.2024 PDF. |
Who can get an SBI car loan
You must be 21 to 70 and fit one of three groups: Central Public Sector Enterprise employees and holders of SBI's defence, paramilitary and coast guard salary packages; professionals, the self-employed and business owners who file an income tax return; and farmers, who need no ITR.
Income floors are yearly: ₹3,00,000 for salaried applicants, co-applicant included; ₹3,00,000 of net profit or gross taxable income for the self-employed; ₹4,00,000 for farmers; ₹2 lakh under Loyalty.
How much SBI will lend
SBI prints no rupee cap, only multiples: 48 times net monthly income for the PSE and defence group, 4 times net profit or gross taxable income for the self-employed, 3 times net annual income for agriculture; for other salaried applicants, ask the branch. Funding is up to 100% of on-road price (ex-showroom under Loyalty). SBI's 2024 MITC says 85% instead; we go with the live scheme page.
Documents
SBI prints no checklist, so expect PAN and Aadhaar, a photograph, salary slips or the latest ITR, recent bank statements, and the dealer's proforma invoice.
SBI car loan eligibility and limits
| Who can apply | Individuals aged 21 to 70 years belonging to one of 3 categories: (1) Regular employees of Central Public Sector Enterprises (Maharatnas/Navratnas/Miniratnas), Defence Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) customers and Short Commissioned Officers of various Defence establishments; (2) Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses; (3) Persons engaged in agriculture and allied activities (Income Tax return not required). NRI Car Loan available for NRI borrowers. |
|---|---|
| Age | 21 to 70 years |
| Income | Net Annual Income of applicant and/or co-applicant together minimum Rs. 3,00,000/- (salaried category); Net Profit or Gross Taxable income of Rs. 3,00,000/- p.a. (professionals/self-employed/businessmen, co-applicant income can be clubbed); Net Annual income of applicant and/or co-applicant together minimum Rs. 4,00,000/- (agriculture and allied activities) |
| Loan amount | Max. Loan Amount: 48 times of the Net Monthly Income (regular employees of Central PSEs, Defence/Para Military/Indian Coast Guard salary package customers and Short Commissioned Officers); 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans (professionals, self-employed, businessmen, firms and other income tax assesses); 3 times of Net Annual Income (persons engaged in agriculture and allied activities) |
| Tenure | Longest Repayment Tenure (7 years) |
| Funding | Financing Upto 100% of 'On-road Price' (On-Road price includes Registration & Insurance) |
How to apply for an SBI car loan
Apply through the official link on this page, at any SBI branch, or via a dealer's finance desk that works with SBI. Mention an existing SBI home loan or term deposit, which opens the Loyalty or Assured scheme. SBI advertises no pre-approved digital variant or sanction timeline.
SBI also offers flexi pay: on a term of 36 months or more, the first 6 EMIs can be 50% of the regular EMI; on 60 months or more, 50% for 6 months and 75% for 6 more, with higher EMIs later.
How to choose, and what to check before you sign
Choose on three numbers: the rate for your score row, the fee on your loan size and the exit charge. The Key Facts Statement, which every bank must give you before signing since 1 October 2024, rolls them into one APR. Check the rate type says fixed and the foreclosure clause reads 2% plus GST within 24 months, nil after. Common mistakes: taking a headline floor as your rate (SBI's 8.45% is the EV rate), stretching to 7 years for a smaller EMI, and missing a scheme you already qualify for.
Apply on SBI's siteOpens the lender's own page. BankCreds is not a lender and takes no part in the application.
Who the SBI car loan suits, and how it compares
SBI suits a buyer scoring 775 or better who wants a 3 to 5 year loan, full on-road funding and a rate that cannot move; an SBI home loan customer does better under Loyalty: 5 basis points off, no fee. Electric car buyers get 8.45%, 8 years and no fee.
Look elsewhere if your score is below 650, where the grid ends, or if you may repay in full within 2 years. If you expect rate cuts, a floating loan at a public sector rival starts lower and can be closed free under the RBI's 2025 directions on pre-payment charges.
SBI against HDFC Bank, PNB and Bank of Baroda
HDFC Bank starts at 8.40%, with no ceiling, no grid, no stated rate basis and three floors across its pages (8.25%, 8.40%, 9.40%). Fees are heavier: 0.5% of the loan, ₹3,500 to ₹8,000, and 5% foreclosure on loans from 1 December 2025. It offers 8 years and a 30-minute Xpress Car Loan.
PNB offers floating at 7.90% to 9.95% over an RLLR of 8.35%, or fixed at 8.90% to 10.95%; women get 7.90% whatever their score, others need CIBIL 750 or more. Floating has no prepayment charge and processing is waived till 31 December 2026, but standard funding stops at 85%.
Bank of Baroda runs floating at 7.85% to 11.55% over a BRLLR of 8.15% and fixed at 8.50% to 11.20%, minimum CIBIL 701. Processing is ₹1,500 plus GST up to ₹10 lakh, funding 90%, and floating individuals pay nothing to close.
Pros
- Fixed for the full term; the rate never resets.
- Up to 100% of on-road price funded.
- Tight 8.55% to 9.50% band with a low ceiling.
- No processing fee on Loyalty, Green, Assured and NRI schemes.
- Part-prepayment free from day one.
Cons
- No floating option, so a rate cut passes you by.
- 2% plus GST foreclosure charge in the first 24 months.
- The grid stops at a CIC score of 650.
- SBI's 8.45% panel figure is the electric car rate.
- Used cars: 85% of valuation, 5-year cap, rates from 10.60%.
SBI against HDFC Bank and PNB and Bank of Baroda
| What | SBI | HDFC Bank | PNB | Bank of Baroda |
|---|---|---|---|---|
| New car rate | 8.55% to 9.5% p.a. | from 8.4% p.a. | 7.9% to 10.95% p.a. | 7.85% to 11.55% p.a. |
| Who gets the lowest rate | CIC Score 800 & above, term of loan 3-5 years (SBI Car Loan, NRI Car Loan, Assured Car Loan) | Depending on loan amount, tenure & bureau score (no grid; rate set on the borrower's profile) | Women (Irrespective of CICs Score), PNB PRIDE, Corporate, Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only), Others Individual with CIBIL TU or equivalent 750 & above: RLLR+ BSP-0.45% i.e. 7.90% p.a. (Presently), floating, other than e-vehicle | Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum cut off score is 701. CIBIL Score (-1) will also be considered. (No per-score grid published.) |
| Used car rate | 10.6% to 15.75% p.a. | from 9.75% p.a. | 9.7% to 11.8% p.a. | 10.9% to 14.65% p.a. |
| Electric car rate | 8.45% to 9.5% p.a. | from 8.15% p.a. | 7.85% to 10.9% p.a. | 8.5% to 11.05% p.a. |
| Rate basis | Fixed | Not stated | Fixed or floating | Fixed or floating |
| Maximum tenure | Up to 7 years | Up to 8 years | Up to 7 years | Up to 7 years |
| Funding | Up to 100% of on-road price | Up to 100% of on-road price | Up to 85% of on-road price | Up to 90% of on-road price |
| Processing fee | By loan amount | By loan amount | By loan amount | By loan amount |
| Prepayment | New Car Loan Scheme page: 'No prepayment charges', 'No foreclosure charges after 2 year' | Premature closure charges (for full payment): 6% of Principal Outstanding for pre-closures within 1 year from 1st EMI | Floating Rate: NO pre-payment charges | Pre-closure charges - For Floating Rate: Individual Nil |
| Read on | 9 November 2026 | 9 November 2026 | 9 November 2026 | 9 November 2026 |
Frequently asked questions
What is the SBI car loan interest rate today?
Is there an SBI car loan EMI calculator on this page?
What is the SBI car loan eligibility?
What is the SBI car loan processing fee?
How do I apply for an SBI car loan?
Does SBI give a loan for a used car?
What is the SBI Green Car Loan rate for electric cars?
Does SBI charge for foreclosure or prepayment of a car loan?
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- Bank of Baroda Car Loan Interest Rate November 2026: Fixed or Floating Bank of Baroda car loan interest rate is 7.85% to 11.55% p.a
Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- SBI: State Bank of India, Auto Loans Interest Rates
- HDFC Bank: HDFC Bank, Car Loan Fees & Charges (November 2026) - HDFC Bank Car Loan interest rates and charges
- PNB: Punjab National Bank, Interest Rates - Retail Advances (A. Retail Loans), 2.1 Car Loan (New Car) / 2.2 Car Loan (Old Car)
- Bank of Baroda: Bank of Baroda, Retail Loans Interest Rates - Baroda Auto Loan (Interest Rate linked to BRLLR / linked to MCLR)
Last verified: 9 November 2026
Written by Rashmi Mandana, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.