Buying a car is a big dream for many, and with the SBI Loyalty Car Loan Scheme, that dream becomes easier to achieve — especially if you are already an SBI home loan customer. This special car loan from the State Bank of India (SBI) rewards loyal customers by offering attractive loan terms, flexible repayment, and a simple application process.
Let’s understand everything about the SBI Loyalty Car Loan Scheme in simple language.
What is the SBI Loyalty Car Loan Scheme?
The SBI Loyalty Car Loan Scheme is a special car loan designed only for existing SBI home loan borrowers. It allows you to purchase a new or used car at attractive interest rates and flexible repayment terms.
The main advantage of this scheme is that you can get up to 100% of the car’s ex-showroom price financed — meaning you may not have to pay anything upfront!
Key Features of SBI Loyalty Car Loan
Here are the main highlights of this scheme:
| Feature | Details |
| Eligible Borrowers | Existing SBI home loan customers |
| Minimum Annual Income | ₹2 lakh (Net Income) |
| Loan Amount | Up to 100% of the car’s ex-showroom price |
| Repayment Tenure | Maximum 7 years (84 months) |
| Interest Rate | 8.95% p.a. – 9.90% p.a.* |
| Processing Fee | ₹750 + GST to ₹1,500 + GST |
| Security | As per bank’s instructions |
| Purpose | Purchase of a new or used car |
(*Interest rates are subject to change as per SBI’s latest guidelines. Check the SBI website for current rates.)
Eligibility Criteria for SBI Loyalty Car Loan
To apply for this loan, you need to meet the following conditions:
- You must already have a home loan from SBI.
- You should have paid EMIs on time for at least one year after the moratorium period.
- You must have taken possession of the house.
- A valid equitable mortgage should be created.
- You should have maintained a security margin of at least 15% for the purchase or construction of your home/plot.
- All terms and conditions of the housing loan must be completed properly.
If you meet all these conditions, you are eligible to apply for the SBI Loyalty Car Loan Scheme.
Documents Required for SBI Loyalty Car Loan
Here’s the list of documents you’ll need while applying for the loan:
1. Identity Proof
- Aadhaar Card
- PAN Card
- Passport
- Driving Licence
- Voter ID Card
2. Age Proof
- Birth Certificate
- 10th or 12th Standard Marksheet
3. Income Proof
- Latest 3 months’ Salary Slips
- Form 16 or Income Tax Returns
- Bank Statement (Last 3 months)
4. Address Proof
- Ration Card
- Utility Bills (Telephone or Electricity Bill)
5. Additional Documents Based on Loan Amount
- For loans up to ₹5 lakh: A letter authorizing SBI to keep your home loan title deeds until the car loan is fully repaid.
- For loans above ₹5 lakh: The equitable mortgage of your home loan will be extended to cover the car loan.
Once you have all the documents ready, visit your nearest SBI branch, fill out the car loan application form, and submit it with the required proofs.
The bank will verify your details and process the loan quickly. Upon approval, the loan amount will be disbursed directly to your account or to the car dealer.
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Interest Rates and Charges
The interest rate for the SBI Loyalty Car Loan ranges from 8.95% p.a. to 9.90% p.a., depending on your credit profile and loan amount.
The processing fee is very affordable — just ₹750 + GST to ₹1,500 + GST, making it one of the most cost-effective car loan options in the market.
Security for the Loan
The security requirement depends on your loan amount:
- For loans up to ₹5 lakh, SBI will retain the home loan title deeds under lien until your car loan is fully paid.
- For loans above ₹5 lakh, the equitable mortgage of your home loan will be extended to cover the car loan amount.
This provides additional safety to the bank and makes the process simpler for the borrower.
Benefits of SBI Loyalty Car Loan
Here’s why the SBI Loyalty Car Loan Scheme stands out:
- Exclusive for loyal SBI home loan customers
- Up to 100% financing – no need for a down payment
- Competitive interest rates starting from 8.95% p.a.
- Long repayment tenure up to 7 years
- Quick approval and disbursal process
- Minimal paperwork since your home loan details are already with SBI
FAQs on SBI Loyalty Car Loan Scheme
1. What is the SBI Loyalty Car Loan Scheme?
It’s a special car loan for SBI home loan customers to help them buy new or used cars easily, with up to 7 years of repayment time.
2. Who is eligible for the scheme?
Only those who have an existing SBI home loan, have paid EMIs regularly for at least a year, and have taken possession of their home.
3. What is the maximum loan amount available?
You can get up to 100% of the car’s ex-showroom price, depending on your eligibility and credit score.
4. What are the interest rates?
Interest rates range between 8.95% p.a. and 9.90% p.a., depending on your profile.
5. What documents are required?
You’ll need ID proof, address proof, income proof, age proof, and home loan-related documents.
Final Thoughts
The SBI Loyalty Car Loan Scheme is an excellent choice for existing SBI home loan customers who want to purchase a car with ease and convenience. With up to 100% financing, low interest rates, and minimal documentation, it offers great value and flexibility.
If you’re already an SBI home loan borrower, this scheme lets you enjoy loyalty benefits and drive home your dream car without financial stress.
Visit your nearest SBI branch or check the official SBI website to apply today!