SBI is one of the most trusted financial institutions in India that has been extending financial assistance to its customers and has helped channelise savings for years. In addition to offering facilities of deposit accounts, SBI also extends loans to its customers. It also offers them tools like an SBI loan EMI calculators for offering their additional assistance.
An SBI car loan EMI calculator is one such tool that helps individuals calculate the amount they would have to pay each month against their car loan. It acts as a self-help tool and assists individuals to plan their monthly payments better and at the same time helps them analyse if such amount is affordable for them or not.
SBI extends several car loan schemes, each of which caters to the specific requirements of the applicants.
Each of these SBI car loan options can be availed for different tenure and is extended at a different rate of interest.
This being said, the tenure, loan amount and rate of interest tend to influence the EMI amount that individuals have to pay. For instance, borrowers have to pay a higher amount as EMI when they avail a loan with a shorter tenure.
The table below offers a glimpse of the same.
|Car loan amount||Tenure of a car loan||Rate of interest||EMI in Rs.|
|Rs. 5 Lakh||1 year||8.7%||43,656|
|Rs. 5 Lakh||4 years||8.7%||12,371|
|Rs. 10 Lakh||1 year||8.7%||87,312|
|Rs. 10 Lakh||4 years||8.7%||24,743|
|Rs. 15 Lakh||1 year||8.7%||130,969|
|Rs. 15 Lakh||4 year||8.7%||37,114|
To calculate their respective car loan EMI against their choice of loan option, individuals can use the SBI car loan calculator for a much hassle-free way experience.
The SBI Car Loan EMI Calculator uses the below-mentioned formula to determine the EMI amount-
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
In the said formula,
It must be noted that the formula does not take into account the amount that was extended as pre-payment towards the amount received as an SBI car loan.
The example below will help you understand how the SBI car loan calculator works –
Mr J availed an SBI car loan of Rs. 5 Lakh at the rate of 8.7% p.a. for a term of 5 years.
By using the above formula,
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
EMI= [500000 x 0.725% x (1+0.725%) ^ [(1+0.725%) ^ (60-1)]
EMI= Rs. 10,307
Individuals can avail themselves of several advantages by using Groww’s calculator. A few of them are listed below:
Therefore, before availing of an SBI Car Loan, make sure to find out the most convenient EMI amount with the help of Groww’s SBI Car Loan EMI calculatorat the earliest. It will ensure that you can plan your budget in a much effective way.
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Que. Who can avail of SBI Car Loans?
Ans. Both salaried and non-salaried individuals who are between 21 years to 65 years of age can avail of SBI car loans.
Que. What is the minimum EMI limit for SBI Car Loan?
Ans. The minimum EMI limit for the SBI Car loan is Rs. 1,622 / Lakh. The amount paid as EMI is inclusive of both principal sum and interest amount.
Que. What is the tenure for SBI Car Loan?
Ans. The maximum tenure for SBI car loans is 7 years.
Que. Is there a penalty on the prepayment of SBI car loans?
Ans. No, there is no penalty charge on prepayment of such loans.
Que. What are some key features of using Car loan Calculator for SBI?
Ans. The ease of using this loan calculator proves helpful for individuals who do not like complex calculations. Additionally, it extends the following benefits –
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