The SBI Car Loan EMI Calculator is a tool that helps you calculate the amount of EMI (Equated Monthly Instalments) you must pay towards the SBI Car Loan. The tool is easy to use and just by entering a few details such as loan amount, interest rate, and repayment tenure, you can know the amount you need to pay each month. Before we give you the step-by-step process on how to use the SBI Car Loan EMI Calculator and how it works, let us first know what features make the car loans from SBI an attractive deal.
SBI Car Loan – Features and Benefits
To convert your dream of owning a car into reality, the State Bank of India offers car loans with affordable interest rates, quick disbursals, minimal paperwork, etc. The other features and benefits of SBI Car Loans have been listed below:
- SBI offers the longest repayment tenure of up to 7 years on its car loans.
- The interest on the car loans is computed on the Daily Reducing Balance.
- The bank does not charge any penalty on foreclosure or pre-payment.
- There is no need to make any advance EMI payments while availing a car loan from SBI.
- The car loans from SBI come with an optional SBI Life Insurance Cover.
- Funding of up to 90% of the car’s ‘On-Road Price’ will be offered.
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 visually analyse your debt repayment schedule over a period of time.
SBI Car Loan EMI Calculator – How does it Work?
You can calculate the EMI on the SBI Car Loan by using the SBI Car Loan EMI Calculator available on the BankBazaar site. To use the tool, just follow the below-given steps:
- Drag the pointer on the scale to arrive at the amount of loan you are requesting.
- Do the same on the ‘Interest Rate’ scale
- Drag the pointer to adjust the loan tenure.
- Enter the processing fee in percentage. SBI will not charge any processing fee till 31 March 2019 and hence, this column can be left blank.
- Click on the ‘Calculate’ button to get a detailed breakup of the total amount payable.
- 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 each month.
- 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 interest rate for the calculation will be taken as 9.30% which is the current rate charged on SBI Car Loan while the processing fees will be taken as zero. The example below assumes that no pre-payments are made towards the loan.
|Loan Amount||Interest Rate||EMI for 3 Years||EMI for 5 Years||EMI for 7 Years|
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, in case you face any issues while using the tool.
- The tool is free to use.
- It displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand.
- 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.
Factors Affecting SBI Car Loan EMIs
Loan Amount – The higher the amount of car loan you avail, the higher will be the amount that you will be paying each month as EMIs. You can reduce the EMI by opting for a longer repayment tenure, but it is not recommended as you may end up paying higher interest.
Repayment Tenure –As stated above, opting for a longer repayment tenure can lessen the EMI amount but it will mean that the interest you pay on the loan will be higher. However, if you still wish to extend the repayment tenure on your car loan, SBI will allow you to do that up to a tenure of 7 years.
Interest Rate – A lower interest rate on the car loan will translate to you having to pay lower EMIs. SBI car loans offer attractive interest rates ranging from 9.30% to 9.80% which you can avail and enjoy reduced EMI amounts.
SBI 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 pre-payments that you make towards the loan.
- 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.
- 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.
- 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.
- 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.