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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
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    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
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. My loan was approved on Ex-showroom price and it was a new car. There are no charges on preclosure and i have completed 50% of the tenure period. I have to pay an EMI for 4 years for this loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to others. My loan was approved on ex-showroom price and the customer service was good. There are no foreclosure charges and there is no particular tenure period for this loan as the loan can be closed anytime.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience i had with them for getting this car loan. The process was very simple and easy where it took very less time in getting the loan. The loan amount which they had provided me had been satisfactory and the interest rate also had been nominal and there has not been any extra charges which had been taken for the process or anything so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 12, 2018
    • SBI Car Loan
      "Interest rates are very less"
      0.5 4.0/5 "Great!"
      I have applied for a car loan services in SBI. But compared to other banks the car loan is very cheap ant they have offered me interest rate of 9.4%. I have visited the branch and the response is very good. They have given a break up for the car loan but i have never look up on it. I have just received the quotations. I have to submit the documents of basic things. There are no much documents required,
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2018
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 1 year back. The loan amount was 10 lakhs and the interest rate was satisfactory . The tenure period was 5 years . The customer service and responses was good. The documentation was very smooth and there are no issues faced so far. They have sanctioned the loan within the time limit
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The process in getting the loan had been easy and smooth and it has taken just 2-3 days in getting it. There has been some good discounts and offers provided where the rate of interest has also been less. They had given a loan amount of six lakhs which has been satisfactory. It has been a hassle free experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 09, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been good and the loan amount which they had given had been satisfactory. They had given the loan with the best rate of interest and there has not been any delay in any of their process. Their customer support had also been responsive.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 07, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got my car loan from Sbi bank , they did quick for documentation and approval . Rate of interest is nominal as that time it was OK when comparing to other banks .they gave tenure period of 5 years with processing fees of Rs 4000. I paid Emi through Ecs , and there customer service and response is Average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 03, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI and my loan experience was good, i have taken a new car worth Rs 4.2 lakhs and my loan was approved on Ex-showroom price. The rate of interest was nominal when compared to other banks. Customer service was good and the tenure for this loan is 7 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 01, 2018
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the SBI. The agent came and collected documents got the loan with in 2 days. After clearance of the loan till now they haven't provided the certificate. The loan amount was 2.5 lacs. The whole process was smooth. The Internet rate was normal when I took the loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 29, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan has been very good and i had a very good experience with them. It has been a simple process. The loan amount which they had given had given has been satisfactory and the interest also had been good as well. There has not been any issues faced with the banking services offered by them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 29, 2018
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The experience with them had not been that good and the process in getting the loan has been lengthy. The interest rate with them had been good and the loan amount which they ahd given had been satisfactory. There has been some extra charges which they had been making and the services which they had been providing has not been up to the mark.
      Was this review helpful? 0
      , hubli
      Reviewed on Jun 25, 2018
    • SBI Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I am having the car loan with the State bank of India and the interest is around 10.75%, also the customer service is good too. I would like to say that the response is also good too. I am happy with them till now.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2018
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan with the STATE BANK OF INDIA. I have been using since 2015 and it is very comfortable by using the loan. The rate of interest is 8.5% at the beginning and from January it is 9.5%. The loan amount is satisfied. I have got quickly the loan for my car.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan experience has been good with them. Where the whole process in getting this loan has been smooth and easy. The rate of interest has been okay with them and the loan amount which they had provided has been satisfactory as well. There has not been any issues faced and it went well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 11, 2018
    • SBI Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 5 years back. The loan mount was 6 lakhs and the interest rate was satisfactory .The customer service and responses was up to the mark.The processing fee was nominal. They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good loan experience with them, where the whole process has been very easy. It took just two days in getting this loan. The loan amount had been satisfactory and they had been offering a good interest rate as well. Their customer support also had been good so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2018
    • SBI Car Loan
      "Easy to get"
      0.5 4.0/5 "Great!"
      I have not chance to go through their banking statement. The interest rates very less like 9.75 for the new car buyers. They have their own rules and term and conditions. It was one time payment and processing fee was less compared to other banks. I got car loan of Rs. 6 lakhs and I'm making the EMI of Rs. 10000.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 05, 2018
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The loan experience had been very good, the process has been fast in getting this loan and there has not been any delay. The rate of interest which they have been offering also had been very good and i can say it was not too high. The loan amount which they had offered also had been satisfactory.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 04, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience in taking this loan, three months back i have closed this loan amount. The rate of interest of them has been good as well, and the process has went pretty good. Even the loan amount which they had provided has been satisfactory as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 04, 2018
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