State Bank of Travancore (SBT) is one of the prestigious banks in India that belongs to the SBI group. It extends a wide range of banking services including loans, deposits, cards, and many more. If you are in need of a car loan to finance your car purchase, you can visit any of the SBT branches. The bank provides great car loans at affordable interest rates.
Your car loan will get processed very quickly if you submit relevant documents accurately. You can apply online on the official website of SBT and even track the status of your application.
Before you fix your car loan amount, you should ideally get an idea about your loan expenses. You can achieve this by calculating your EMIs by utilising the State Bank of Travancore car loan EMI calculator. You can also try out the BankBazaar State Bank of Travancore Car Loan EMI Calculator to compute your EMIs quickly.
How to use BankBazaar’s State Bank of Travancore Car Loan EMI Calculator to understand your car loan repayment
The BankBazaar web portal has an amazing EMI calculator that can provide you with your monthly payment details. You can compare different EMIs by entering various loan tenures and loan amounts. After you compare these EMIs, you can fix your loan amount. This will help you have a smooth and stress-free loan repayment process. If you take a car loan without being aware of how much you will have to spend, you may end up struggling while clearing your loan.
The BankBazaar State Bank of Travancore Car Loan EMI Calculator is a user-friendly online calculator that offers quick and accurate services. All you need to do is key in your relevant loan details in the calculator and then you will receive results.
With the BankBazaar State Bank of Travancore Car Loan EMI Calculator, you will not dread taking a loan. Many individuals tend to avoid taking a loan due to the calculations and repayment planning involved in the process. When you use the calculator, you do not have to worry about complex calculations and you can plan your monthly expenditures proficiently.
The BankBazaar State Bank of Travancore Car Loan EMI Calculator works with a simple slider. You only need to move it across different fields according to your preference. You can choose your loan amount and your loan tenure by simply moving this slider. For the calculator to work, you will need to input certain information regarding your car loan.
You can clear your loan step by step by paying in installments (EMIs). In the beginning of your loan period, your EMI payment will chiefly comprise interest. As you continue to make your EMI payments, the interest component will come down in your EMI and the rest of your repayment will have the principal amount mainly.
Example: Now, we will take a look at the following table to get a clear understanding about the EMIs that you will have to pay for clearing your full car loan. The interest rate charged by State Bank of Travancore for a car loan of up to Rs.10 lakh is 10.70% and for a loan of Rs.10 lakh or more is 10.45%.
To calculate EMIs for different loan amounts and different loan tenures under this illustration, we will assume that the interest rate is 10.45%. We will also assume that the processing fee for the loan is 2% which will not be returned to the loan applicant in any case. Also, we will assume that the customer will not be going for any prepayment. In that case, a State Bank of Travancore car loan applicant’s EMIs will look like this:
|Loan amount (Rs.)||Processing Fee (Rs.)||Interest rate (Mean)||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.)|
The State Bank of Travancore Car Loan EMI Calculator offered by the BankBazaar website comes with a wide array of advantages and features. You can enjoy a convenient lending process by using this calculator.
Yes, you can make use of this EMI calculator even on your smartphone on the BankBazaar app which is offered to both Android and iOS users.
The formula used by this calculator is:
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.
For State Bank of Travancore 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.
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.
No, you do not have to register or create an account with the BankBazaar website.