SBI Car Loan EMI Calculator May 2017
SBI Car Loan Calculator
Lowest EMI on SBI Car Loan - Rs. 1,640 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,596||Rs. 3,208||Rs. 2,105||Rs. 1,640|
|Rs. 300,000||Rs. 13,788||Rs. 9,624||Rs. 6,315||Rs. 4,919|
|Rs. 500,000||Rs. 22,980||Rs. 16,040||Rs. 10,525||Rs. 8,198|
|Rs. 1,000,000||Rs. 45,961||Rs. 32,080||Rs. 21,051||Rs. 16,395|
Factors affecting SBI Car Loan EMI
- Borrower age should be between 21 years to maximum 65 years
- Maximum car loan amount offered by SBI is up to 85.00% of on-road price
- Interest rates starts @ 9.60% depending upon down payment, net income and other factors
- Processing fee in SBI may be 0.51% of loan amount Min Rs. 1,020 Max Rs. 10,200
SBI Car Loan EMI
- Car Loan EMI (or equated monthly installment) 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 84 years, the loan EMI can be as low as Rs. 1 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%.
- 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.
SBI Car Loan Calculator Formula
Here is an illustration of how SBI Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 85.00% of on-road price
n = tenure in month. For SBI, this can be 84 months
Car Loan EMI Calculator SBI - How it works?
SBI Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- SBI Car loan 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.
Car Loan EMI – EMI changes in case of prepayment
In case you prepay your car loan, the outstanding balance on your car loan reduces. SBI gives you two options:
- Reduce your loan tenure and keep your car EMI same
- Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the SBI in this option.
Frequently Asked Questions on SBI EMI Calculator
SBI offers car loan at 9.60% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,640.Can I prepay my SBI car loan?
SBI offers you an option of prepayment at Nil charges.Is there any processing charge on Car loan from SBI?
Car Loan from SBI charges a processing fee of 0.51% of loan amount Min Rs. 1,020 Max Rs. 10,200.
SBI Car Loan Customer Care Number, Email, Application Status, Branches
SBI Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||977-916-2211|