State Bank of Bikaner and Jaipur has a great car loan scheme with low interest rates. The loan product is popular as it requires minimal paperwork. The Bank offers this product in collaboration with the State Bank of India. SBBJ offers upto 85% quantum of finance for the on-road price of a car. Another feature of SBBJ car loan is that it charges no prepayment fees or foreclosure fees.
How to use BankBazaar SBBJ Car Loan Calculator to understand your Car Loan Repayment
SBBJ has one of the lowest car loan EMIs in the country. SBBJ Car Loan EMI can be calculated using the EMI Calculator on the website of BankBazaar. Loan aspirants can calculate their EMIs for different tenures, interest rates and loan amounts. It is a simple tool with an interactive interface. BankBazaar also provides an amortization graph with the tool, allowing loan seekers to thoroughly analyse their loan repayment schedule.
SBBJ Car Loan EMI Calculator - How does it Work?
You will have to provide certain basic details to calculate your EMIs using the BankBazaar SBBJ Car Loan EMI Calculator. These include:
- Loan amount - You can drag the pointer on a scale to arrive at the amount of loan you are requesting.
- Tenure - Drag the pointer to rest at the loan tenure.
- Interest rate - You will then need to enter the interest rate in the particular field.
- Processing fee - Enter the processing fee in percentage. The processing fee will be a particular percentage of the loan amount.
Pre-payment - There are two options here:
- If you do not want to make any pre-payment, you can select the appropriate option and click on the ‘Calculate’ button. You will get a page with a breakup of the total amount that you will be paying. The page will also have your car loan details and amortization schedule.
- If you choose to make prepayments, you will have to provide additional information, such as:
- Prepayment frequency
- Prepayment amount
- Prepayment fee
- How the prepayment applies
You can then click on the ‘Calculate’ button to get a detailed breakup of the total amount payable. The page will also show your loan details and amortization schedule in a graph.
Additionally, the tool provides you some insight on the loan amount and tenure with the option of prepayment and without it.
- You will now get your results. You will get your monthly car loan EMI. This will be the monthly amount that needs to be paid to your car loan lender. If you want further information, you can click the ‘+’ button. Here, you can see a pie chart with the breakup of the total amount that you will need to pay.
- You can also check your amortization details below this section. You will get both yearly and monthly details. For your clarity, you can check the bar diagram that will show the principal paid, interest paid, and outstanding loan balance amount.
Let us analyse the EMIs (for various tenures) on car loans using the BankBazaar SBBJ Car Loan EMI Calculator. The lowest interest rate currently offered by the bank is 9.25% and processing fee is Rs.1,000 for the loan amount up to Rs.6 lakh and Rs.1,500 for loan amount more than Rs.6 lakh. The example below assumes that no prepayments are made towards the loan.
|Loan Amount||Interest Rate||Processing Fee||EMI for 3 Years||EMI for 4 Years||EMI for 5 Years||EMI for 6 Years||EMI for 7 Years|
SBBJ Car Loan EMI Calculator – Features and Benefits
The State Bank of Bikaner and Jaipur Car Loan EMI Calculator is a very useful tool as it performs complicated calculations at the click of a button. Some of the key features of this tool include:
- The tool is very user-friendly and displays EMI and amortization details instantly.
- In case you face any issues while using the tool, you can get in touch with the customer support team of BankBazaar to resolve the problem.
- The tool is available absolutely free of cost.
- The BankBazaar SBBJ Car Loan EMI Calculator displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand as well.
- The tool can be used multiple times till you arrive at the right combination of tenure and principal, and an EMI that can be afforded.
- The tool enables you to calculate the EMI even if you intend to prepay a part of the loan.
- When you are aware of the EMIs that you need to repay, you can choose your loan amount sensibly. This will also help in making your repayments hassle-free.
- With knowledge about loan EMIs, you can plan your expenses competently. It is always good to select your car loan amount and car loan period after using an EMI Calculator.
- You can avoid making manual calculations with this calculator. This will eliminate all kinds of errors while computing your loan EMIs.
SBBJ Car Loan EMI Calculator FAQs
- What is the formula for calculating car loan EMI?
- EMI is calculated using the following formula:
- EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
- Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of installments.
- This formula does not take into account the prepayments that you make towards the loan.
- What is a car loan amortization table?
- Where will I find the EMI calculator on BankBazaar website?
- Do I have to login on the BankBazaar website to access the EMI calculator?
A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
You can check out the EMI calculator on the website of BankBazaar by going to the ‘Financial Tools’ section on the homepage.
No, the BankBazaar car loan EMI calculator is 100% free to use. You need not sign up or apply for a car loan to use this calculator. Just visit BankBazaar and access the car loan EMI calculator tool to compute your EMIs.