The State Bank of India (SBI) Car Loan EMI Calculator tool can be used to calculate the amount you need to pay as Equated Monthly Instalment (EMI) towards the repayment of your car loan. Calculating the EMI will help you in planning your monthly budget better as you will be aware of how much of your earnings will be spent in repaying the loan each month. You can then make an informed decision on whether you will be able to afford repaying the car loan.
- Receive monthly installment at a nominal rate of Rs.1,629 per lakh.
- The lowest car loan rate of interest currently offered by SBI is 9.40% as of 10 May 2019.
- For a loan tenure of 6 years, get an optimum EMI of Rs.1,822 per lakh.
- For a loan tenure of 5 years, get an optimum EMI of Rs.2,095 per lakh.
- The factors determining a car loan EMI are rate of interest, loan tenure, and loan quantum.
- The EMI for multiple tenures can be checked using the Bankbazaar EMI Calculator.
What is a car loan EMI calculator?
A car loan EMI calculator is basically a tool that you can use to ascertain the precise amount you have to pay on a monthly basis. All you have to do is enter certain basic details such as the loan amount you plan to apply for, the tenure across which you would repay the loan, the interest rate offered by the bank, and the processing fee levied by the bank.
SBI offers an online EMI calculator on its official website where you can conveniently calculate the EMI. If you find that the EMI is too high, you can always choose to lower the loan amount or increase the loan tenure. This way, you can ensure the EMI stays in your budget.
You can also use the EMI calculator offered by BankBazaar and head over to the loan section where you can compare the different loans offered and choose the best-suited loan plan.
Given below are a few examples of EMI for varied loan amounts and loan tenures:
|Loan amount||Loan tenure||Interest rate||Processing fee||EMI|
|Rs.5 lakh||1 year||9.40%||0%||Rs.43,819|
|Rs.5 lakh||5 years||9.40%||0%||Rs.10,477|
|Rs.10 lakh||1 year||9.40%||0%||Rs.87,637|
|Rs.10 lakh||5 years||9.40%||0%||Rs.20,953|
|Rs.15 lakh||1 year||9.40%||0%||Rs.1,31,456|
|Rs.15 lakh||5 years||9.40%||0%||Rs.31,430|
Car loan EMI calculator for new car & used car
The Car Loan EMI Calculator can be used to calculate the EMI payable towards a new car loan or a used car loan. The values to be entered may differ due to the change in interest rates or loan amount. Ensure you enter the correct details so that the EMI calculator can tell you exactly how much the EMI is going to be.
The EMI calculator tool
Here’s how to use the online EMI calculator on BankBazaar:
- Use the slider to select the preferred loan amount and loan tenure.
- Enter the interest rate applicable and the processing fee.
- Click on “Calculate”.
The calculator will then display the EMI payable under the loan. You can then scroll down and click on the plus sign below “Your Amortization Details” to see a graphical representation of the amounts being paid and the year-wise, as well as, the month-wise breakup of the loan repayment schedule.
Car loan EMI – EMI changes in case of prepayment
SBI allows you to pre-pay or pay a fraction of your loan amount at once. This reduces the principal outstanding and hence the EMI for the remaining loan tenure. You can also opt to reduce the loan tenure and pay higher EMIs so that you can repay your loan at the earliest.
SBI also has a prepayment calculator which will help you understand how your loan schedule can change after pre-payment. You can use the calculator and decide the amount you want to pre-pay and find out the EMI amount payable after that.
- What is the formula for calculating car loan EMI?
- What is a car loan amortization table?
- Where will I find the EMI calculator on BankBazaar website?
- What are the main features of an SBI Car Loan?
- Do I have to log in to the BankBazaar website to access the EMI calculator?
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.
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.
The main features of the SBI Car Loan are: Low EMIs, quick loan disbursement, on-road price including yearly maintenance contract, registration charges, cost of accessories, and extended warranty and insurance.
No, the BankBazaar car loan EMI calculator is 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.