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    State Bank of Mysore Car Loan EMI Calculator

    When a person does not have the finances to purchase a new car of their own, the best possible step to take to obtain the finances required is to approach a bank or lender for a car loan. State Bank of Mysore is one of India's top private operated banks that offers a wide portfolio of pocket-friendly car loans to its large customer base. The interest rates which are offered by State Bank of Mysore vary depending on market rates which is why it's offered as a floating interest rate. Their customers can avail the best possible deals which are offered on car loans depending on the make and model of the car.

    How to use BankBazaar State Bank of Mysore Car Loan EMI Calculator to understand your car loan repayment

    A customer can visit the official website of BankBazaar and they can use the EMI Calculator that’s offered by BankBazaar to calculate the Equated Monthly Installments EMI which would have to be paid after taking a car loan from State Bank of Mysore. This is a simple calculator to use and is easy to understand and comprehend making it a very user-friendly tool. The State Bank of Mysore Car Loan EMI Calculator also provides an amortization graph to make it easier for the user to visually analyze and understand their loan repayment procedure and timetable over the repayment tenure.

    Calculate your Car Loan EMI

    State Bank of Mysore Car Loan EMI Calculator – How does it work?

    The State Bank of Mysore Car Loan EMI Calculator will require a few details pertaining to your car loan to come to a better conclusion on the EMI that you will have to pay towards your loan. The details which are required are as follows:

    • You will have to use a cursor to select the loan amount that you are looking for on the State Bank of Mysore Car Loan EMI Calculator offered on the BankBazaar website
    • After providing the loan amount, you will have to enter the processing fee which is charged by the bank
    • Enter the interest rate which is offered by State Bank of Mysore on a car loan
    • After this, you will have to select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab
    • An individual can make a pre-payment towards their loan by selecting the appropriate option that’s available next to the “Pre-payment’ tab.
    • If you select "Yes", the following details will be required to give you a better idea of the repayment of your loan:
      • Pre-payment frequency
      • How the pre-payment applies
      • Pre-payment fee
      • Pre-payment amount
    • If you do not intend on making any pre-payments towards your car loan, you can select "No" and then click the "Calculate" button which is available. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.

    After this, you can select the "Calculate" button which provides a detailed breakup of the total loan amount that is payable. Details of your loan amount along with the amortization table will be provided on this webpage.

    Example: Let us now analyze the EMIs (for various tenures) on car loans using the BankBazaar State Bank of Mysore Car Loan EMI Calculator. The interest rate currently offered by State Bank of Mysore is 9.70% and processing fee is up to 2% of the total loan amount and is non-refundable. The example below assumes that no pre-payments are made towards the loan.

    Loan amount (Rs.) Interest rate Processing fee EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 lakh 9.70% 2% 46,007 32,127 25,219 21,100 18,375 16,447
    15 lakh 9.70% 2% 69,010 48,190 37,828 31,650 27,562 24,670
    20 lakh 9.70% 2% 92,013 64,253 50,438 42,199 36,750 32,893
    25 lakh 9.70% 2% 1,15,016 80,316 63,047 52,749 45,937 41,116
    30 lakh 9.70% 2% 1,38,020 96,380 75,656 63,299 55,125 49,340
    35 lakh 9.70% 2% 1,61,023 1,12,443 88,266 73,849 64,312 57,563
    40 lakh 9.70% 2% 1,84,026 1,28,506 1,00,875 84,399 73,500 65,786

    *Interest rates are subject to change following the inclusion of GST from July 1, 2017.

    State Bank of Mysore Car Loan EMI Calculator – Features and Benefits

    The State Bank of Mysore 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 comes in handy when an individual is confused about the loan amount that they need to apply for. The EMI Calculator gives you a sense of far-sight when it comes to the EMIs that you will have to pay towards your loan.
    • BankBazaar has a very reliable customer support team who ensure that every customer’s query and problem is addressed and resolved.
    • No charge is levied on a user for using the tool.
    • The BankBazaar State Bank of Mysore Car Loan EMI Calculator 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.
    • This tool can be used a number of times until the customer arrives at the desired value that they are looking for.
    • The tool helps to calculate your EMI that you have to pay for a car loan even if you intend of making any pre-payments on your loan.

    State Bank of Mysore Car Loan EMI Calculator FAQs

    1. Do I have to register myself on the BankBazaar website to utilise the EMI calculator for State Bank of Mysore car loans?
    2. No, you do not need to register on the website. You only need to key in your loan details and you are good to go.

    3. Could you tell me the formula for computing a car loan EMI?
    4. Given below is the formula for computing EMI:

      EMI (E) = [P x r x (1+r)^n]/[(1+r)^n-1]

      Here, ‘E’ stands for EMI, ‘r’ is the rate of interest, ‘P’ is the principal, and ‘n’ is the loan tenure.

    5. Is there any limit for the EMI ratio?
    6. For State Bank of Mysore car loans, the EMI ratio should not go above 50% for a normal car loan. A normal car loan is one with a loan amount lower than Rs.10 lakh.

    7. When I use the BankBazaar State Bank of Mysore Car Loan EMI Calculator, can I enter the number of months for my loan period?
    8. Yes, you can enter the exact number of months and years as your loan tenure. This will help you get the exact EMI amount for the loan that you plan to take.

    9. Will State Bank of Mysore return my processing fee if my car loan application is denied after I apply for a car loan by calculating my EMIs?
    10. No, a processing fee is generally non-refundable. You will not get it back even if your loan application is rejected.

    Car Loan Reviews

    • State Bank of Mysore Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the car loan with the STATE BANK OF MYSORE where the process is easy and simple to get the car loan for the new car. They have offered with the 10% of rate of interest with this bank which is satisfactory with this bank. I have cleared this loan and it is with good experience.
      Was this review helpful? 5
      , bangalore
      Reviewed on Dec 14, 2018
    • State Bank of Mysore Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the car loan service from the STATE BANK OF MYSORE around 8years ago and they have disbursed the loan amount within a weeks time. The customer support service is good with the STATE BANK OF MYSORE. The rate of interest and the charges are high with the STATE BANK OF MYSORE car loan process.
      Was this review helpful? 0
      , mysore
      Reviewed on Jan 22, 2018
    • State Bank of Mysore Car Loan
      "Secured Bank"
      0.5 4.0/5 "Great!"
      State bank of Mysore takes much time in documentation and verification process. They approved my car loan and disbursed with in one week of time. I can say it is an average service when compared with sundaram finance. The rate of interest and fee and charges are nominal when compared with Sundaram finance.
      Was this review helpful? 0
      , bellary
      Reviewed on Mar 29, 2017
    • State Bank of Mysore Car Loan
      "Very good car loan process"
      0.5 5.0/5 "Blown Away!"
      I love the process followed by SBM for my car loan. They were able to offer 80% of the road value. The rate of interest offered 17.01% diminishing interest rate. I am holding this SBM car loan for about 5 years. No issues nor any challenges till date. No additional nor any extra charge levied on my car loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 29, 2016
    • State Bank of Mysore Car Loan
      "Faster process"
      0.5 5.0/5 "Blown Away!"
      I do have a car loan with State bank of Mysore and the interest rate was around 10%. Customer service is an excellent one with them like, everything happens immediately. Manager of State Bank of Mysore have helped me a lot to in order for me to get the funds.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 29, 2016
    • State Bank of Mysore Car Loan
      "Happy with them..."
      0.5 5.0/5 "Blown Away!"
      I am the existing customer of SBM in terms of car loan. So, I got my car loan within a day. They do not taken much time since they are government bank but they are provided good service. Charges and interest part an all good in SBM Bank. I would recommend them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2016
    • State Bank of Mysore Car Loan
      "Great Experience"
      0.5 5.0/5 "Blown Away!"
      I submitted the documents directly by visiting the branch of state bank of Mysore and the car loan was approved in 45 minutes which was very fast. They offered the best rate of 10.25% and the processing fee was very minimal. 100% loan amount was disburses.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 22, 2015
    • State Bank of Mysore Car Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the State Bank of Mysore. The rate of interest is around 10.75% and am happy with them. The loan got disbursed within 48 hours of time because I am the priority customer with them. The process got very smoothly done with them. Customer service is not good with them like they are not sending the loan statement of mine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 21, 2015
    • State Bank of Mysore Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      SBM car loan process was very good. I have paid only 2.5 lakhs . Its still ongoing now .Interest rate offered by them was a fixed one, I am getting payment alerts from them on time. I normally make the cash payment and there is no charges or challenges as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • State Bank of Mysore Car Loan
      "Loans Offered In Short Period...."
      0.5 4.0/5 "Great!"
      State bank of Mysore offered me a car loan. The loan was processed and cleared in just 7 working days. They collected less documents. The rate of interest was little bit high but its okay. I got a preference since I had my salary account with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2015
    • State Bank of Mysore Car Loan
      "Attractive rate..."
      0.5 4.5/5 "Excellent!"
      On car loan the State Bank of Mysore offered me 8.5% of interest rate. I have an account of the same bank so they processed the car loan easily. The lockin period to pre close the loan is 18months and service charge is of 3%. The sanctioned amount was 1.5lakhs and the bank fulfilled all the commitments.
      Was this review helpful? 1
      , mysore
      Reviewed on Sep 18, 2015
    • State Bank of Mysore Car Loan
      "Great Support"
      0.5 5.0/5 "Blown Away!"
      I knew the manager at State of Mysore personally and his support during my Car Loan application was beyond expectation. It took hardly 24 hours to have the loan processed. Documentation was also very simple and hassle free I had taken the loan around 2-3 years back. Bank offered me the loan at floating interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 14, 2015
    • State Bank of Mysore Car Loan
      "Improvement Needed"
      0.5 4.0/5 "Great!"
      I have taken a car loan from state bank of Mysore. The process was quite faster. The communication on EMI part was missing. Still they did not inform the same. The loan amount was disbursed in just 2 days. They should improve the technology part in communication. I may think before recommending this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2015
    • State Bank of Mysore Car Loan
      "Excellent customer service!!!!!!!!"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from state bank of mysore with better interest rate as 12% which was very low when compared to other banks.I liked the customer service and documentation part which has been done for me within 2 days . The best part was they do each and every process in my convenient time
      Was this review helpful? 3
      , hosur
      Reviewed on Oct 27, 2014
    • State Bank of Mysore Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was through the car dealer I have availed the car loan from State bank of Mysore. Everything went smooth and my loan was disbursed within 3 days of time once the documentation process complete. They offered me a good rate of interest around 10.5%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 01, 2014
    • State Bank of Mysore Car Loan
      "Good Service Overall"
      0.5 5.0/5 "Blown Away!"
      SBM Car Loan Prompt response and very fast service it was very good experience, follow up from staffs was excellent, interest rate was 10.25% it could be have been less, i got everything done in 10 days. If documentation charges could have been less it might be great.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2014
    • State Bank of Mysore Car Loan
      "Way To Go "
      0.5 4.0/5 "Great!"
      Customer service provided my State of Mysore is good.I am very satisfied. They did not ask for too many documents for my car loan, as they are following the RBI bank norms.however to set up my ECS, there was a delay .but I do understand that they have to follow a procedure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 03, 2014
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