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SBI Car Loan EMI Calculator

Lowest EMI Rs. 1640 with Interest Rate at 9.60%, Tenure upto 7 years

SBI Car Loan EMI Calculator

What is SBI Car Loan EMI?

  • car Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to SBI against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With SBI offering car Loans with loan tenure upto 7 years, the loan EMI can be as low as Rs. 1,640 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by SBI are as low as 9.60%. You can check EMI for other tenures using our SBI car Loan EMI calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does Car Loan EMI calculator calculate EMI?

  • This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance

SBI Car Loan: Features

Some of the key features of SBI car loan are listed below:

  • Age limit : SBI offers loan to borrowers with minimum age of 21 years and a maximum age of 65 years.
  • Interest Rates : SBI offers competitive interest rates and quick processing of your loan. car loans are offered in the interest rate ranging from 9.60% to 9.65%.
  • Processing fee : SBI offers processing fee 0.51% . Min Rs. 1020 Max Rs. 10200
  • Prepayment Charges : Under certain schemes, SBI offers Nil.
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