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SBI Car Loan EMI Calculator May 2017

Last Updated 26th 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
Car Loan Calculator
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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

Emi 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

What is the lowest EMI per lakh offered by SBI on Car loan?

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
Agra 979-350-2211
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad 973-001-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhiwadi 973-001-2211
Bhopal 989-328-2211
Bhubaneswar Cuttack 977-745-2211
Bikaner 979-933-2211
Chandigarh 977-916-2211
Chennai 979-094-2211
Cochin 999-539-2211
Coimbatore 979-191-2211
Dehradun 976-020-2211
Delhi 995-880-2211
Durg 989-328-2211
Faridabad 995-880-2211
Gandhinagar 972-434-2211
Ghaziabad 995-880-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Hyderabad 995-919-2211
Indore 989-328-2211
Jabalpur 989-328-2211
Jaipur 979-933-2211
Jalandhar 977-916-2211
Jodhpur 979-933-2211
Kanpur 979-350-2211
Karnal 999-637-2211
Kolhapur 973-001-2211
Kolkata 974-842-2211
Kota 979-933-2211
Kozhikode 999-539-2211
Lucknow 979-350-2211
Ludhiana 977-916-2211
Madurai 979-191-2211
Meerut 976-020-2211
Mehsana 972-434-2211
Mohali Sas Nagar 977-916-2211
Mumbai 998-755-2211
Mussoorie 976-020-2211
Nagpur 973-001-2211
Nashik 973-001-2211
Noida 995-880-2211
Noida Extn 995-880-2211
Panipat 999-637-2211
Patna 995-595-2211
Pondicherry 979-191-2211
Pune 973-001-2211
Raipur 989-328-2211
Rajkot 972-434-2211
Ranchi 995-595-2211
Rohtak 999-637-2211
Roorkee 976-020-2211
Salem 979-191-2211
Shimla 980-509-2211
Sonepat 999-637-2211
Surat 972-434-2211
Trichy 979-191-2211
Udaipur 979-933-2211
Vadodara 972-434-2211
Varanasi 979-350-2211
Vijaywada 995-919-2211
Vizag 995-919-2211
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SBI Car Loan News - May 2017
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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