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.

    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.

    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 

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