# SBI Car Loan EMI Calculator: Calculate Car Loan EMIs

The State Bank of India is a nationalized bank that offers great car loan products at a low rate of interest and with minimal paperwork. It offers one of the longest tenors for repayment at 7 years.  It finances up to 85% of the vehicle price. There are no foreclosure charges in case you decide to pre-pay the loan. Anyone at the age of 21 to 65 years can apply for a car loan from SBI.

### SBI Car loan EMI calculator

The SBI car loan EMI calculator is a tool that helps the borrowers calculate the exact number of monthly installments for the car loan without any manual help. It is easy to use the tool and gives accurate EMI calculation.

The Formula for State Bank Car Loan EMI Calculator

The SBI car loan EMI calculator formula for calculating the EMI is either by using excel or by a mathematical formula

EMI Is calculated using the following formula:

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],

Where P is the principal amount, R is the interest rate levied monthly, and N is the number of installments.

Prepayment calculations are not considered with this formula.

Change the tenor or loan amount to calculate the variable EMI and make the right choice.

### Factors affecting the EMI

As is obvious from the above, the EMI or the monthly installment the borrower must pay every month. In case the EMI is not paid, they are liable to be penalized. Hence, it is important to know the different factors affecting the EMI

1. Principal Amount – This is the amount of the loan that will be sanctioned for the purchase of a car. A higher EMI is equated with the higher principal amount.
2. Interest Rate – The yearly interest rate which the borrower pays to the bank. Once again, the borrower will have to pay a higher EMI if a high rate of interest is levied.
3. Tenor – The period for which the taking the borrower is taking the SBI car loan. This is the opposite of the above two factors – the longer the tenor, the lower is the monthly payment to be made to the bank.
4. CIBIL Score – Many borrowers tend to ignore their creditworthiness while selecting a loan. But, it can affect the loan amount and interest rate, thus affecting the EMI.

### Benefits of the State Bank of India Car Loan EMI Calculator

You can calculate and understand the complete process of repayment of a loan by using the SBI car loan EMI calculator. The benefits of the tools are:

• It is a very easy to use tool that gives the repayment schedule chart
• The SBI car loan EMI calculator is a free tool
• The tool shows the breakup of the payable amount and the repayment schedule in graphical representation making it attractive and easy to understand
• The tool can be used to calculate multiple times, by changing the variables, till you get an EMI that is most suitable to your needs.
• You can also choose the loan amount based on the EMI you can repay.
• It is accurate and gives precise calculations

### Using the SBI Car Loan EMI Calculator

The SBI car loan EMI calculator is an easy-to-use tool that enables you to calculate the car loan best suiting your requirement.  Some basic details are required to be keyed in to calculate the EMI using the SBI car loan EMI calculator. These are as follows:

• Drag the pointer on the scale to the right to arrive at the amount of loan required
• Drag the pointer to select the tenor of the loan
• Enter the interest rate in the field given in the calculator
• Enter the processing fee in the percentage of the loan amount to be taken.
• Select the prepayment option in case you wish to prepay the SBI car loan before the tenor.
• Click on ‘Calculate’ tab.
• You get a page giving the complete breakup of the total amount that you will be paying as an EMI
• If you chose the prepayment option, then some additional information will be required to be given
1. Prepayment frequency
2. Prepayment fee
3. Prepayment amount
4. How will the pre-payment apply

You can then click on the ‘Calculate’ button to get a detailed breakup of the total amount payable.

• You will then get the results in the form of the chart that will give the monthly car loan EMI.   For any further information click on the ‘+’ tab. Here, you can see a pie chart representation of the breakup of the total amount that you will pay.
• The repayment results can also be seen below this section.  You get both monthly and yearly details. You can also see the bar chart representation showing the principal paid, interest paid and the outstanding balance amount of the loan.

#### FAQs-  SBI Car Loan

1. What is a car loan repayment/amortization table?

A car loan repayment table shows the exact payment schedule of your loan amount in a table form.  It shows the breakup of the principal amount, rate of interest, amount paid and outstanding amount on the loan

2. What are the SBI Car Loan features?

The best features of the SBI Car Loan are:

• The lowest rate of interest with lowest EMI
• Easy documentation with quick loan disbursement
• It covers on-road price, yearly maintenance contract, registration charges, cost of accessories, extended warranty, and insurance, etc.

3. Is there a login required to access the SBI Car Loan calculator?

No, the car loan EMI calculator is 100% free to use. Sign in is not required to use this calculator.

#### Glossary

1) Interest Rate- This is the amount that the borrower pays over and above the actual loan amount

2) Tenor – This is the number of months that the loan is sanctioned for

3) Principal amount – This is the amount the loan is taken for.

4) EMI Calculator – It is a tool used to calculate EMI of a loan

5) EMI – It is the equated monthly installment of the loan taken.  It includes the principal and the interest amount

#### Processing Fees for SBI car loan EMI calculator

The State Bank of India offers one of the lowest interest rates on the Car loans.  The current rate of interest on a car loan that the bank is offering is 9.25%. A processing fee of Rs.1,000 is applicable for the loan up to Rs.6 lakh and Rs.1,500 for loan amount above Rs.6 lakh

Table showing a comparison of SBI car loan EMI amount offered in different tenor.

 Loan Amount Interest Rate Processing Fee EMI for 3 Years EMI for 4 Years EMI for 5 Years EMI for 6 Years EMI for 7 Years 10 Lakhs 9.25% Rs.1,500 Rs.31,916 Rs.25,004 Rs.20,880 Rs.18,150 Rs.16,216 15 Lakhs 9.25% Rs.1,500 Rs.47,874 Rs.37,506 Rs.31,320 Rs.27,225 Rs.24,324 20Lakhs 9.25% Rs.1,500 Rs.63,832 Rs.50,008 Rs.41,760 Rs.36,300 Rs.32,432 25 Lakhs 9.25% Rs.1,500 Rs.79,791 Rs.62,510 Rs.52,200 Rs.45,375 Rs.40,541 30 Lakhs 9.25% Rs.1,500 Rs.95,749 Rs.75,012 Rs.62,640 Rs.54,450 Rs.48,649 35 Lakhs 9.25% Rs.1,500 Rs.1,11,707 Rs.87,514 Rs.73,080 Rs.63,525 Rs.56,757 40 Lakhs 9.25% Rs.1,500 Rs.1,27,665 Rs.1,00,016 Rs.83,520 Rs.72,599 Rs.64,865

#### Conclusion

A car is a necessity not only as a means of transport but also to assert your social standing in society. Hence, buying it requires careful consideration, especially if you are taking a car loan. The loan must be repaid to the bank, without compromising your daily expenses. Hence, using the car EMI calculator SBI become essential, so you can avoid being a defaulter and enjoy your car without worries!

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