SBI Loyalty Car Loan: How It Works
This scheme is reserved for SBI's own home loan customers, a genuine loyalty discount rather than a rate open to everyone. If you've held an SBI home loan and paid every EMI on time for at least a year past the moratorium period, you qualify for preferential car loan pricing and a tenure of up to 84 months.
Eligibility: Must already hold an SBI home loan in good standing (on-time EMIs for 12+ months post-moratorium, and the financed house occupied). New-to-SBI customers use SBI's standard New Car Loan instead.
A "Flexi-pay" option lets you pay just 50% of the EMI for the first 6 months, easing the initial cash-flow hit right after a big purchase. The EMI above assumes a starting rate near 9.2%, adjust the slider to match whatever rate SBI actually quotes you, since car loan pricing shifts based on your credit score, the car's on-road price, and whether it's new or used.
Frequently Asked Questions
What is SBI Loyalty Car Loan?
This scheme is reserved for SBI's own home loan customers, a genuine loyalty discount rather than a rate open to everyone. If you've held an SBI home loan and paid every EMI on time for at least a year past the moratorium period, you qualify for preferential car loan pricing and a tenure of up to 84 months.
Am I eligible for this specific scheme?
Must already hold an SBI home loan in good standing (on-time EMIs for 12+ months post-moratorium, and the financed house occupied). New-to-SBI customers use SBI's standard New Car Loan instead.
Does SBI finance used cars too?
Most banks, SBI included, offer separate new-car and used-car loan products with different rates and lower loan-to-value ratios on used cars. Check which product this calculator's default rate applies to before comparing it against another lender's used-car quote.
Disclaimer: CalculatorWala is not affiliated with State Bank of India. Scheme names, rates, and eligibility criteria are based on publicly available information and change periodically. Please verify current terms directly with SBI before making any decision.