SBI Car Loan EMI Calculator
Individuals in India look for a trusted financial institution when applying for a car loan. SBI car loan EMI calculator is a great and highly beneficial tool that aids individuals in computing their EMI. The EMI refers to the amount one must pay every month to repay their entire car loan amount. This self-help SBI car loan EMI calculator enables individuals to plan their EMIs conveniently to make an informed decision. SBI is one such reputed institution that offers different financial assistance to all its clients. They help to channelise the customer's savings for years. Besides offering different facilities like deposit accounts, SBI also offers different types of loans to customers. The popularity of car loans has gained much traction owing to their affordable interest rates. Now, you may quickly calculate car loan EMIs using the SBI car loan EMI calculator. Learn everything you must know about the SBI car loan EMI calculator here.
- ₹ 1L
- ₹ 1Cr
- 1Yr
- 30Yr
- 7%
- 17.5%
- Interest Amount
- Principle Amount
- Monthly EMI
- ₹8,653
- Principle Amount
- ₹4,80,000
- Interest Amount
- ₹3,27,633
- Total Amount to Pay
- % 8.00
| Year | Interest Paid | Principle Paid | Outstanding Loan Balance |
|---|---|---|---|
| 2023 | ₹ 120,000 | ₹ 8,093 | ₹ 128,093 |
Bank Car Loan Calculators
| Bank Names | Interest Rates |
|---|---|
| Bank of Baroda Car Loan EMI Calculator | 8.80% |
| Axis Bank Car Loan EMI Calculator | 9.20% |
| PNB Car Loan EMI Calculator | 9.25% |
| ICICI Car Loan EMI Calculator | 10.75% |
| HDFC Bank Car Loan EMI Calculator | 8.70% |
| SBI Car Loan EMI Calculator | 8.85% |
Three primary criteria determine your auto loan's interest rate. These are the loan amount, interest rate, and payback period, or principle. These are the inputs that the auto loan emi calculator SBI uses to determine how much your monthly loan payment will be. Input these numbers, and the SBI car loan EMI calculator will get estimations right away.
The auto loan emi calculator SBI formula is created by taking into account each of the specified factors:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
• where,
• P is the principal loan amount
• R is the interest rate per month
• N is the loan tenure in months
Following are some of the key benefits of utilising auto loan emi calculator SBI:
• It makes planning more manageable if you want to take out a loan.
• Assists in selecting the ideal EMI for your needs.
• Using an EMI calculator for vehicle loan SBI saves time as opposed to doing calculations by hand.
• The results are shown right away.
• Using the EMI calculator for vehicle loan SBI is a simple process.
The SBI car loan eligibility criteria are as follows:
1. Age Eligibility: 21-67 years. The loan must be fully repaid before the borrower turns 70 years old.
2. Minimum Loan Amount: ₹3 lakhs
3. Maximum Loan Amount: ₹100 lakhs
4. Minimum Income:
◦ Salaried Individuals: NAI - ₹3 lakhs and above
◦ Self-Employed, Professionals & Others: NAI - ₹3 lakhs and above
◦ Individuals engaged in Agriculture & allied activities: NAI - ₹4 lakhs and above
(NAI – Net Annual Income)
5. Repayment Period: 10 years minus the age of the vehicle (maximum five years)
6. Loan-to-Value Ratio (LTV): 85% of the ex-showroom price
The following is a list of advantages of utilising the EMI calculator for vehicle loan SBI:
• Accurate calculations: The SBI auto loan application online The SBI car loan installment calculator computes your auto loan's EMIs precisely using a pre-programmed algorithm. It produces results without errors instantly.
• Cost-effective tool: The SBI car loan installment calculator is 100% free and very effective. Because of this, it's a priceless tool for managing and preparing finances.
• User-friendly interface: You can easily access and use the online SBI car loan calculator because of its user-friendly interface.
• Comprehensive insights: The whole breakdown of the EMI amount, total interest paid during the loan duration, and total cost of borrowing are provided by the loan calculator SBI car loan.
• Enhanced loan comparison: You are able to compare EMIs for various principle and tenure combinations by using the online SBI car loan calculator. It lets you compare several loan conditions and choose the one that fits your budget the best.
• Time-saving convenience: By doing calculations manually, the SBI car finance calculator provides fast results. This not only increases productivity but also reduces the possibility of computation mistakes, allowing you to make well-informed judgements quickly.
These are the required documents to submit to avail the car loan from SBI Bank:
• Car loan application form
• Bank statement for the last 6 months
• ID and Address Proof
• 2 passport-sized photographs
• Income proof: Salary Slip, Form 16, and ITR for 2 years
| Car loan amount | Tenure of a car loan | Rate of interest | EMI in Rs. |
| Rs. 5 Lakh | 1 year | 8.7% | Rs. 43,656 |
| Rs. 5 Lakh | 4 years | 8.7% | Rs. 12,371 |
| Rs. 10 Lakh | 1 year | 8.7% | Rs. 87,312 |
| Rs. 10 Lakh | 4 years | 8.7% | Rs. 24,743 |
| Rs. 15 Lakh | 1 year | 8.7% | Rs. 130,969 |
| Rs. 15 Lakh | 4 years | 8.7% | Rs. 37,114 |
People may utilise the auto loan SBI calculator in a much easier manner to calculate their respective car loan EMI against their choice of loan option.
Even though SBI offers loans up to 90% of an automobile's on-road price, there are a lot of variables that might affect how much you can borrow. Several of these elements consist of:
• Credit score: An applicant's creditworthiness is shown by their credit score. Better creditworthiness is indicated by a higher credit score, which increases your chances of being approved for a loan.
• Age: Applying for an SBI auto loan is not available to anybody under the age of 21 or over 65. Furthermore, the applicant must repay the vehicle loan before turning 65. As a result, both the amount of the loan and your eligibility for it depend on your age.
• Income level: Your eligibility for a loan is mainly determined by your income, which also affects your capacity to repay the loan. When you apply, you must provide documentation of your income. If your income is not sufficient to meet the eligibility requirements, you may submit a co-applicant whose income will be added to yours in order to determine eligibility.
• Debt: Your eligibility will also be affected by any outstanding debts you may have since they have an obligation to your income. Paying off all outstanding debts is a good idea before requesting a new loan.
Your CIBIL score is a comprehensive reflection of your financial history related to credit and lending, encompassing factors such as existing debts, EMIs, credit card bills, and upcoming payments. SBI has set a minimum CIBIL score requirement of 750 for those seeking a car loan. Hence, it is crucial to ensure a high CIBIL score when applying for a car loan from SBI, as a lower score may result in the rejection of your loan application.
The principal amount, interest rates, and total duration are used to compute the EMI. You may use this car loan calculator india SBI to get the annual percentage rate (EMI) for personal, auto, and house loans.
Simply choose the tenure from the dropdown menu and input the loan amount and interest rate. In a matter of seconds, the equivalent monthly installments will be computed.
While there are some formulae you can use to compute the amount of interest on your loan and the amount of EMI you will pay, these formulae are complex and may not return accurate results. SBI has a car loan eligibility and car finance calculator SBI facility on its website, which you can use to determine your eligibility and compute the amount of interest and EMI.
Frequently Asked Questions
Your car loan rates at car EMI calculator SBI are fixed, meaning they won't alter in the upcoming year regardless of rate fluctuations, in contrast to the majority of other PSU banks that provide floating rates.
Interest on the loan will be assessed at monthly pauses at the currently applicable fixed rate of interest on the daily decreasing balance.
State Bank of India provides car loans at competitive interest rates, with a maximum payback term of seven years.
If you want to make part prepayments within 24 months of the date of disbursement, you will be charged 1% of the part payment amount (plus GST) quarterly on fixed-interest rate auto loans.
The lowest EMI limit for an SBI car loan is Rs. 1,622 per lakh.
SBI allows you to pre-pay or pay a portion of your loan amount at once. This decreases the outstanding principle and, consequently, the EMI for the remainder of the loan term.
The State Bank of India applies a processing fee of 0.40% on the loan amount, with a minimum charge of Rs. 1000 plus GST and a maximum limit of Rs. 7500 plus GST.
While some banks and other financial institutions might permit unrelated individuals or distant family members to co-sign a car loan, there are lenders with highly stringent requirements who only accept co-signers who live in the same residence as the borrower.
Yes, individuals can pre-pay their SBI bank car loan at a specific charge.
Disclaimer: The calculator available on the 5paisa website is intended for informational purposes only and is designed to assist you in estimating potential investments. However, it is important to understand that this calculator should not be the sole basis for creating or implementing any investment strategy. View More..