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.