SBI Car Loan EMI Calculator

Angel One brings to you its carefully crafted online SBI car loan EMI calculator that assists you in calculating the EMI that you would be paying monthly after purchasing a car against a specific loan amount. The simplistic design of the online SBI car loan EMI calculator helps you try various combinations to determine which combination works best for your financial horizons. This car loan calculator makes your financial planning easy and helps you avoid any missed payments or delays in loan repayment by aligning your loan to your budget.

Whether you're planning to buy a new car or a used one, the SBI car loan EMI calculator is an easy-to-use tool that provides the necessary information to make an informed decision.

The EMI on your car loan depends on three main factors. They are the principal or the loan amount, interest rate, and repayment tenure. The car loan EMI calculator uses these as inputs to calculate the monthly payment amount of your car loan. All you need to do is enter these values, and the car loan EMI calculator will generate the estimates instantly.

• The formula considers all the listed factors and forms the SBI car loan EMI calculator formula:

• 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

Here’s how to use the SBI car loan EMI calculator:

• Visit Angel One and navigate to the SBI car loan EMI calculator page.
• Enter the car loan amount.
• Specify the loan tenure in years.
• Enter the applicable interest rate.

You can also use the sliders to adjust the values. Once you have entered the above details, the online SBI car loan EMI calculator will display the monthly instalment amount.

To understand the concept better, let us take a look at an example:

Assume you decide to take a loan of Rs. 10 lakh with an interest rate of 10% with a repayment tenure of 10 years. The calculator will consider these numbers for EMI calculation. The monthly EMI will amount to Rs. 13,215. The total payable amount will be Rs. 15,85,809, with an interest of Rs. 5,85,809.

The benefits of using the SBI car loan EMI calculator are listed below:

• Accurate calculations: The online SBI car loan EMI calculator uses a preprogrammed formula to accurately calculate the EMIs payable on your car loan. It delivers instant error-free results.
• Cost-effective tool:The SBI car loan EMI calculator is highly efficient and completely free. This makes it an invaluable resource for financial planning and management.
• User-friendly interface: The online SBI car loan EMI calculator features a simple and intuitive design that allows you to navigate and operate it efficiently.
• Comprehensive insights:The SBI car loan EMI calculator provides a complete breakdown of the EMI amount, total interest payable over the loan term, and the overall cost of borrowing.
• Enhanced loan comparison: Using the online SBI car loan EMI calculator, you can compare EMIs for different combinations of principal and tenure. It allows you to evaluate various loan terms and select the option that best aligns with your budget.
• Time-saving convenience:The SBI car loan EMI calculator offers quick results by eliminating the need for manual calculations. This enhances efficiency but also minimises the chances of calculation errors, enabling you to make well-informed decisions promptly.

SBI offers a range of car loans. Some popular car loans provided by SBI are given below:

• New Car Loan Scheme: This loan scheme applies to the purchase of new passenger- cars, multi-utility vehicles, SUVs, etc. It finances up to 90% of the ‘on-road’ price and offers a repayment tenure of 7 years. There are no prepayment charges.
• SBI Green Car Loan: You can avail of this loan if you fall between 21 and 70 years. The repayment tenure ranges from 3 to 8 years. The maximum loan amount varies depending on your income and other criteria.
• Certified Pre-Owned Car Loan: This scheme offers loans ranging from Rs. 3 lakh to Rs. 100 lakh. The repayment tenure is determined by subtracting the vehicle age from 10 years, with a maximum age limit of five years. To be eligible, you must be between 21 and 67 years old, and the loan must be fully repaid before you reach the age of 70 years.
• SBI Easy Ride: Under this loan scheme, you can borrow an amount ranging from Rs. 0.20 lakh to Rs. 3 lakh. You get a repayment tenure of up to 48 months. Moreover, you can obtain a loan of up to 85% of the vehicle's on-road price, based on your eligibility.