Car Loan Calculator for

SBI

SBI Car Loan EMI Calculator

The State Bank of India has been offering a wide range of credit facilities and loans apart from its savings instruments. The country’s largest lender provides SBI loan EMI calculators for personal loans, car loans, home loans, and bike loans.

If you are looking forward to availing a financing facility for buying a car, the SBI car loan EMI calculator can help you compute the equated monthly instalment (EMI) you will need to pay for your borrowing. The SBI car loan EMI calculator helps to calculate the exact payments to be made every month towards your loan.

What is the SBI Car Loan EMI Calculator?

The SBI car loan EMI calculator is an online tool designed to help you figure out the monthly payments that you need to make after availing of a vehicle loan. The SBI car loan EMI calculator easily gives you the exact equated monthly instalment (EMI) to be paid towards the loan based on the loan amount, interest rate, and loan tenure. Getting an estimate of the EMI amount is an essential step before availing of the car loan. The online SBI car loan EMI calculator enables you to choose the best loan offer and plan your repayments better.

How to Use the SBI Car Loan EMI Calculator?

The SBI car loan EMI calculator is quite easy to use. You need to simply feed in the loan amount, interest rate, and loan tenure to get the EMI amount.

• Go to the SBI car loan EMI calculator page
• Adjust the slider to choose the loan amount or enter the amount in the given box.
• Choose the interest rate
• Select loan tenure

The EMI amount and the total interest payment will appear on screen.

Factors that Affect SBI Car Loan EMIs

The State Bank of India takes into account several factors before approving a car loan. The factors likely to affect your SBI car loan EMIs could be the loan amount, interest rate, loan tenure, and interest rate.

Also, the fixed or floating interest rate may also affect the EMI amount. In a fixed interest rate loan, the interest rate remains unchanged for the entire loan repayment period. However, in the case of a floating interest rate, the EMI amount will be affected every time SBI revises the lending rate due to policy changes.

Benefits of Using SBI Car Loan EMI Calculator

• The SBI car loan EMI calculator can help you choose the best loan offer after evaluating all variables.
• The SBI car loan EMI calculator enables you to choose the type of interest rate, your loan tenure, and the loan amount based on your ability to repay.
• You can plan your loan repayment better without disturbing your monthly budget by using the SBI car loan EMI calculator.

Understanding Car Loan EMI and Its Components

The SBI EMI calculator uses three important components: principal amount, interest rate, and tenure or repayment duration.

The principal part of the EMI is the amount that you are paying in parts every month to repay your loan. Typically, at the beginning of the loan term, the interest part is larger than the principal part in an EMI. However, with time, the principal part becomes larger and the interest part becomes smaller in an EMI. The interest part of an EMI is calculated based on the loan balance and the interest rate of the loan.

The SBI car loan EMI calculator uses the following formula to compute the monthly instalment:

EMI = P x R x (1 + r)^n / (1 + r)^n - 1

Where P is the amount borrowed, R is the interest rate, and n is the loan tenure.

Common Mistakes to Avoid While Using SBI Car Loan EMI Calculator

• The SBI calculator can give the exact monthly repayment amount only when you use the accurate loan details. So, don’t enter the wrong loan amount, interest rate, or loan tenure while using the SBI car loan EMI calculator.
• Don’t settle for the car loan offer you get. Use the SBI car loan EMI calculator for different combinations of loan amount, interest rate, and tenures. This will help you choose the best offer as per your need.
• The down payment you make for buying your car should be excluded from the car’s purchase price while availing of the loan. You should calculate the EMI amount based on the amount you borrow, not the total payment made for buying the car.

Conclusion

Before you plan to take a car loan, you must have clarity about the amount that you will be paying as EMIs. The SBI car loan EMI calculator can help you figure out the exact monthly repayment and save you from future financial burden.