SBI Car Loan: How Much Salary Needed for Rs 10 Lakh Loan & EMI Details
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News18•22-01-2026, 13:33
SBI Car Loan: How Much Salary Needed for Rs 10 Lakh Loan & EMI Details
- •SBI offers car loans starting at 8.7% interest rate, making them more affordable after RBI repo rate cuts.
- •To qualify for an SBI car loan, a minimum monthly salary of Rs 25,000 (or annual salary of Rs 3 lakh) is required.
- •SBI provides car loans up to 48 times the customer's monthly salary; a Rs 25,000 salary can fetch a Rs 12 lakh loan.
- •For a Rs 10 lakh car loan over 5 years at 8.7% interest, the EMI will be approximately Rs 20,613.
- •Loan tenure options range up to 7 years, with a 7-year EMI for Rs 10 lakh being Rs 15,937, though total interest paid increases with longer terms.
Why It Matters: Secure a Rs 10 lakh SBI car loan with a Rs 25,000 monthly salary; EMIs vary by tenure.
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