SBI car loan interest rate and EMI calculator
State Bank of India car loans are at 8.55% to 9.50% a year (fixed rate). The average rate that it charged in Jul–Sep 2026 was 8.90%. The calculator starts at that rate. The calculator also shows the processing fee, the annual percentage rate (APR) and the foreclosure charge. Verification date: 27 Oct 2026.
SBI car loan interest rate and charges
| Interest rate | 8.55% to 9.50% a year (fixed for the whole loan; 3-month MCLR 8.40% + spread, by CIBIL score and tenure) |
| Average rate charged | 8.90% (Jul–Sep 2026) |
| Processing fee | Flat, by loan amount: up to ₹5 lakh ₹500 (salaried) or ₹750 (others); ₹5–10 lakh ₹1,000 or ₹1,250; above ₹10 lakh ₹1,500 or ₹2,000 + GST |
| Close early / part-payment | Close the loan within 24 months: 2% of the amount that you repay, plus GST. After 24 months: nil. Part-payment: nil. |
| Loan amount and tenure | Up to 100% of the on-road price (registration and insurance included); up to 7 years; up to 48 times net monthly income |
SBI car loan rate by borrower
| Borrower | 3–5 years | Over 5 years |
|---|---|---|
| CIBIL 800 or more | 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% |
| New to credit, SBI score 71 or more | 8.80% | 8.90% |
| New to credit, SBI score 41–70 | 9.05% | 9.15% |
SBI Car Loan, NRI Car Loan and Assured Car Loan. For SBI home loan borrowers, the Loyalty Car Loan is at 8.50% to 9.45%. For electric cars, the Green Car Loan is at 8.45% to 9.50%. Rates on the SBI page, last changed on 15 Oct 2026.
SBI car loan EMI table
EMI at 8.90% (the average rate that it charged in Jul–Sep 2026). The loan is the on-road price less your down payment.
| Loan | 3 yrs | 4 yrs | 5 yrs | 6 yrs | 7 yrs |
|---|---|---|---|---|---|
| ₹3,00,000 | ₹9,526 | ₹7,451 | ₹6,213 | ₹5,393 | ₹4,812 |
| ₹5,00,000 | ₹15,877 | ₹12,419 | ₹10,355 | ₹8,988 | ₹8,019 |
| ₹7,00,000 | ₹22,227 | ₹17,386 | ₹14,497 | ₹12,583 | ₹11,227 |
| ₹8,00,000 | ₹25,403 | ₹19,870 | ₹16,568 | ₹14,381 | ₹12,831 |
| ₹10,00,000 | ₹31,753 | ₹24,838 | ₹20,710 | ₹17,976 | ₹16,038 |
| ₹12,00,000 | ₹38,104 | ₹29,805 | ₹24,852 | ₹21,571 | ₹19,246 |
| ₹15,00,000 | ₹47,630 | ₹37,256 | ₹31,065 | ₹26,964 | ₹24,058 |
| ₹20,00,000 | ₹63,506 | ₹49,675 | ₹41,420 | ₹35,952 | ₹32,077 |
Cost of the rate on ₹8 lakh for 5 years
APR includes the highest processing fee with GST. It shows the full cost of the loan for each year.
| Rate | EMI | Total interest | APR |
|---|---|---|---|
| Lowest rate (8.55%) | ₹16,433 | ₹1,85,951 | 8.63% |
| Average rate, Jul–Sep 2026 (8.90%) | ₹16,568 | ₹1,94,073 | 8.98% |
| Highest rate (9.50%) | ₹16,801 | ₹2,08,089 | 9.58% |
Foreclosure: cost to close the loan
5-year loan at 8.90%. The charge is on the balance that you repay, and you also pay GST.
| Loan | EMIs paid | Balance | Charge |
|---|---|---|---|
| ₹5,00,000 | 6 | ₹4,59,374 | ₹10,841 (2%) |
| ₹5,00,000 | 18 | ₹3,72,512 | ₹8,791 (2%) |
| ₹5,00,000 | 30 | ₹2,77,597 | Nil |
| ₹10,00,000 | 6 | ₹9,18,747 | ₹21,682 (2%) |
| ₹10,00,000 | 18 | ₹7,45,025 | ₹17,583 (2%) |
| ₹10,00,000 | 30 | ₹5,55,194 | Nil |
SBI and other banks
The data comes from the site of each bank. If a bank shows the average rate that it charged, that rate is the most accurate guide to the rate that a usual borrower gets.
| Lender | Rate | Average charged | Processing fee | Close early |
|---|---|---|---|---|
| State Bank of India | 8.55%–9.50% fixed | 8.90% Jul–Sep 2026 | ₹500–₹2,000 flat | 2% in first 2 years, then nil; part-payment nil |
| HDFC Bank | 7.60%–14.00% fixed | 8.63% Apr–Jun 2026 | 0.5% (₹3,500–₹8,000) + ₹700 | 5% (any time) |
| ICICI Bank | 8.00%–11.20% fixed | 8.92% Jul–Sep 2026 | Up to ₹8,500 | 3% / 2%; nil after 24 months |
| Axis Bank | 8.80%–11.70% fixed | Not published | Up to 2% + ₹700 | 5% (any time) |
| Punjab National Bank | 7.90%–10.95% floating | Not published | 0.25% (₹1,000–₹1,500); waived to 31 Dec | Nil (floating) |
| Bank of Baroda | 7.85%–11.30% floating | Not published | ₹1,500 / ₹2,000 flat | Nil (floating) |
| Canara Bank | 7.75%–10.95% floating | Not published | 0.25% (₹1,000–₹5,000); waived to 31 Dec | Nil |
| Union Bank of India | 7.85%–10.25% floating | Not published | ₹1,000 flat | Nil (own funds) |
| Bank of India | 7.85%–8.95% floating | Not published | 0.25% (₹2,500–₹10,000) | Nil (floating, RBI rule) |
Frequently asked questions
What is the SBI car loan interest rate?
State Bank of India car loans are at 8.55% to 9.50% a year. This is a fixed rate for the full loan tenure: 3-month MCLR 8.40% + spread, from the CIBIL score and tenure. The average rate that SBI charged in Jul–Sep 2026 was 8.90%. The bank sets your rate from your credit score, income, the car and the tenure.
What is the EMI for an ₹8 lakh SBI car loan?
At 8.90%, the EMI is ₹16,568 for 5 years and ₹12,831 for 7 years. At 8.55%, it is ₹16,433 for 5 years.
What is the processing fee for a SBI car loan?
A flat fee, from the loan size. Up to ₹5 lakh: ₹500 (salaried) or ₹750 (other borrowers). ₹5–10 lakh: ₹1,000 or ₹1,250. More than ₹10 lakh: ₹1,500 or ₹2,000. You also pay GST at 18%. On an ₹8 lakh loan, the highest fee with GST is ₹1,475.
Can I prepay a SBI car loan?
Yes. SBI does not charge for a part-payment. To close the loan in the first 24 months after disbursement, SBI charges 2% of the sum that you repay, plus GST. After 24 months, there is no charge to close the loan.
Is the SBI car loan rate fixed or floating?
SBI car loans are at a fixed rate: your rate stays the same for the full loan tenure. The RBI rule that prevents prepayment charges applies only to floating-rate loans. Thus, SBI can charge you to close the loan before the end of the tenure.
Sources
- SBI: Auto loans interest rates (last changed on 15.10.2026). Read on 27 Oct 2026.
- SBI: Processing fees. Read on 27 Oct 2026.
- SBI: New Car Loan scheme. Read on 27 Oct 2026.
- SBI: Auto loans – Most Important Terms and Conditions (foreclosure charge). Read on 27 Oct 2026.
Banks frequently change these rates. We examine them each month. Your sanction letter and Key Facts Statement show the rate and charges that you pay. Use the KFS / APR checker to examine them.