If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    SBI Car Loan EMI Calculator

    The State Bank of India offers great car loan products at low interest rates and minimal paperwork. At 7 years, it has one of the longest tenure of repayment. It finances up to 85% of your vehicle price. SBI doesn’t charge any foreclosure fee or prepayment penalty. Any individual aged between 21 to 65 years can apply for SBI Car Loan

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    How to use BankBazaar SBI Car Loan Calculator to understand your Car Loan Repayment

    You can calculate your EMIs and understand the whole process of loan repayment by using the Car Loan EMI Calculator at the BankBazaar website. This is a very simple tool that provides you with the exact amount of your monthly repayments along with a loan amortization tables that further helps you to visually analyse your debt repayment schedule over a period of time.

    Calculate your Car Loan EMI

    SBI Car Loan EMI Calculator – How does it Work?

    You will have to provide certain basic details to calculate your EMIs using the BankBazaar SBI Car Loan EMI Calculator. These include:

    • You can drag the pointer on a scale to arrive at the amount of loan you are requesting.
    • Drag the pointer to rest at the loan tenure.
    • You will then need to enter the interest rate in the particular field.
    • Enter the processing fee in percentage. The processing fee will be a particular percentage of the loan amount.
    • There are two options for prepayment:
      • If you do not want to make any prepayment, 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 pre-payment applies

    You can then click on the ‘Calculate’ button to get a detailed breakup of the total amount payable.

    • 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 SBI 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 pre-payments 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
    10 Lakhs 9.25% Rs.1,500 Rs.31,916 Rs.25,004 Rs.20,880 Rs.18,150 Rs.16,216
    15 Lakhs 9.25% Rs.1,500 Rs.47,874 Rs.37,506 Rs.31,320 Rs.27,225 Rs.24,324
    20Lakhs 9.25% Rs.1,500 Rs.63,832 Rs.50,008 Rs.41,760 Rs.36,300 Rs.32,432
    25 Lakhs 9.25% Rs.1,500 Rs.79,791 Rs.62,510 Rs.52,200 Rs.45,375 Rs.40,541
    30 Lakhs 9.25% Rs.1,500 Rs.95,749 Rs.75,012 Rs.62,640 Rs.54,450 Rs.48,649
    35 Lakhs 9.25% Rs.1,500 Rs.1,11,707 Rs.87,514 Rs.73,080 Rs.63,525 Rs.56,757
    40 Lakhs 9.25% Rs.1,500 Rs.1,27,665 Rs.1,00,016 Rs.83,520 Rs.72,599 Rs.64,865

    SBI Car Loan EMI Calculator - Features and Benefits

    The SBI 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 comes with a loan amortization table.
    • You can get in touch with the customer support team of BankBazaar to resolve the problem, incase you face any issues while using the tool.
    • The tool is free.
    • It 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.
    • 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.
    • You can avoid making manual calculations with this calculator.

    SBI Car Loan EMI Calculator FAQs

    1. 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 pre-payments that you make towards the loan.

    1. What is a car loan amortization table?

      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.

    2. Where will I find the EMI calculator on BankBazaar website?

      You can check out the EMI Calculator on the website of BankBazaar by going to the ‘Financial Tools’ section on the homepage.

    3. What are the main features of an SBI Car Loan?

      Lowest EMI. Quick loan disbursement. On-Road price including yearly maintenance contract, registration charges, cost of accessories, extended warranty and insurance.

    4. Do I have to login at BankBazaar website to access the EMI calculator?

      No, the BankBazaar.com 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.

    Not to be missed - SBI EMI Calculator

    5 best cars with great resale value in India

    Buying a car is always an ecstatic experience. But after a few years you might want to replace your old car with a new one. If you don’t purchase the car wisely now then there are chances that you will get very less resale amount in future. Hence, while buying a car you need to keep its resale value in mind as well.

    This article lists the top 5 cars namely Maruti-Swift, Honda-City, Wagon-R, Hyundai Verna and Mahindra Scorpio which will have great resale value in future. Here you will get all the information and specifications of these cars required to make the best pick.

    All eyes set on SBI to declare interest rates on Car Loans

    As the deadline for SBI to declare their car loan interest rates approaches, other banks are keeping a close watch on the SBI’s moves. A number of these banks follow a system of competitive pricing as they do not want to lose their customers to SBI that could offer a better deal. According to Abizer Diwanji, Head of Financial Services at KPMG, SBI holds 40-45% of the total market share and can easily wipe away the competition on terms of pricing by having the lowest base rate.Read on to know more about car loan interest rates.

    Reduction in car loan rates

    In India, the idea of offering financial incentives to customers is very popular, especially in the car loan industry. However, the method of giving these incentives is not standardised. A bank usually quotes only the rack rates, the rate at which the bank lends to customers. However, the truth is that the actual interest rate will be much lower. A car dealer decreases the interest on customers according to the commission that is decreased. This reduction can be determined only by the auto dealer. You can get a car loan at a good rate by comparing various loan options online. Learn everything about a decrease in car loan rates here.

    Your car loan needs to be in a safe zone

    When there is a credit crunch and interest rates are constantly increasing, it is not recommended to rely solely on interest for your car loan. You should ideally finance at least 30% of your car price and take a loan for the remaining amount. Before you buy a car, you should save funds at least for 2 to 3 years. This will help you manage your EMIs efficiently. While choosing a car and its features, make sure you select safety, maintenance cost, fuel efficiency, etc. over luxury features or exterior features. You can also negotiate with your lender sensibly to get a good interest rate for your car loan. Check out the complete checklist here 

    Car Loan Reviews

    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this car loan and the loan amount which they had provided has been sufficient as well. The interest rate with them was around 9.25% which was nominal when compared with the market rate. The charges which they had made has been nominal as well, and even their customer support has been responsive as well.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my car loan with State bank of India, they have given me sufficient loan amount, and i am satisfied with the loan amount , and the rate of interest they have charged me up to 9.45% which is bit high compare to other bank,i have asked for 9 % but its okay, and the processing fee they have charged me was nominal,overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my car loan in State Bank of India by last year. The charges are normal. I have spend down payment nearly 1L out of 7L. The branch is near to my residence so will never contact the customer service. The process was immediate and it was completed within 2 days.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 12, 2019
    • SBI Car Loan
      "Super Fast Service"
      0.5 5.0/5 "Blown Away!"
      Within two hours of time, SBI have approved my car loan. The actual on road price of the car is around Rs. 5 lakhs. But I requested the loan amount of Rs. 3.95 lakhs, the process was very instant and easy, the bank gave me the interest rate around 9.85% its low.
      Was this review helpful? 7
      , kanpur
      Reviewed on Jan 05, 2019
    • SBI Car Loan
      "Got the loan on time"
      0.5 4.0/5 "Great!"
      My car loan was purchased from SBI. I bought this loan in January 2018. Dealer has selected the SBI car loan options. I was taken the loan amount of Rs. 6 lakhs. I have been paying the EMI of Rs. 50000. I have selected the tenure period of 4 years. Documentation process was really fine.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience was good with SBI, the loan amount was based on my requirement and the process was smooth. I am happy with the customer support and their response was good. Rate of interest was nominal and i have taken this car loan for 5 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience with car loan from SBI, they give loans at very nominal interest rate when compared to other banks. Customer service was very good and they followed up on time. Loan amount was sufficient and the tenure period for this loan is 7 years.
      Was this review helpful? 3
      , pune
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan with SBI and i am satisfied with the service which received. The interest rates compare to market rate it is very much reasonable. I have also experienced the customer service and i feel like they are pretty much good in customer handling.
      Was this review helpful? 6
      , noida
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I have got a car loan from State bank of India. The flexibility of the loan services from SBI, i have selected this loan. The processing fee was convenient and the interest rates very less when i compared to other banks. I have done the pre-closure for this loan with no charges. The service from State bank of India is fine.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with State bank of India from past 1 year, the loan amount they have given me was sufficient, and the rate of interest they have charged me was bit high, and for processing fee they have charged me up to 1200-1300 it is nominal,overall service is good.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 27, 2018
    • SBI Car Loan
      "Very Good loan"
      0.5 5.0/5 "Blown Away!"
      I bought my car loan from State bank of India. 3 years ago, i have got this loan. I pay the EMI amount of Rs.10,800 for the loan amount of Rs. 6.5 lakhs. I have chosen the tenure period of 7 years. The documentation process was quite simple and easy.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 24, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan through STATE BANK OF INDIA , they offered sufficient loan amount to me . I receive my loan within few days the process was very prompt with this bank . . The tenure period is good and rate of interest it is nominal in the market .
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 22, 2018
    • SBI Car Loan
      "Good in Service"
      0.5 4.0/5 "Great!"
      I was looking for car loan and thats when i went applying with SBI as i have a savings account in SBI. While applying there was not much documentation work and my request was processed on time. When it comes to interest charges, it is pretty much high. Hence the settlement of my loan has been done.
      Was this review helpful? 8
      , bangalore
      Reviewed on Dec 19, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time and the experience with them has been simple and smooth. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal when compared with the market rate. The charges which they had made also has been nominal.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 19, 2018
    • SBI Car Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      State bank of India is giving good service for the car loan where they took some week time for the approval and documentation . Am pretty happy with the service where they have explained the terms and conditions . Am making the payment through Ecs mode. Where they have given good rate of interest where they charges nominal processing fees of Rs 750.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 16, 2018
    • SBI Car Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan from the state bank of India . They have give good rate of interest and am happy with it . They took only 1 week for the approval and documentation . There charges some nominal amount for processing fees . Overall am satisfied with my car loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 12, 2018
    • SBI Car Loan
      "GOOD BANKING"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA where the process is very quick and very fast process. The loan amount is satisfactory also the rate of interest is 8.75% also there is a pre closer charges applicable and 5 years to repay the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 12, 2018
    • SBI Car Loan
      "Nice loan from SBI"
      0.5 3.5/5 "Pretty good"
      I have purchased the car loan from SBI. The details given about the car loan was good. I have taken the loan amount of Rs. 2.5 lakhs. They have provided me a interest rate of 9% and there was some processing fee. I have been paying the EMI of Rs. 5700 and I'm making the payment through ECS.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 11, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my experience was good, it was a new car and the loan amount was for Rs 7.6 lacs with nominal interest rate when compared to others. Customer service was good and the tenure period is 5 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 11, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my car loan with state bank of India from past 1 year, the loan amount they have give me was sufficient for me , but there service is not up to the mark, they took long procedure to get loan, the rate of interest they have charged me is less comparing to other bank, and there are no hidden charges .
      Was this review helpful? 2
      , hosur
      Reviewed on Dec 08, 2018
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