Car Loan Calculator India SBI

SBI Car Loan EMI Formula:

\[ PMT = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1} \]

Monthly Payment (EMI):

Total Interest Payable:

Total Payment (Principal + Interest):

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1. What is SBI Car Loan EMI Calculator?

The SBI Car Loan EMI Calculator helps you estimate your monthly Equated Monthly Installments (EMI) for a car loan from State Bank of India. It calculates your payment based on loan amount, interest rate, and loan tenure.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( PMT \) — Monthly payment (EMI)
\( P \) — Principal loan amount (₹)
\( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
\( n \) — Loan term in months

Explanation: The formula accounts for compound interest over the loan period to calculate fixed monthly payments.

3. Importance of EMI Calculation

Details: Calculating EMI helps you plan your finances, compare loan offers, and choose the right loan tenure that fits your budget.

4. Using the Calculator

Tips: Enter loan amount in ₹, SBI's current interest rate (%), and loan tenure in years (1-7 years). The calculator will show your EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What is SBI's current car loan interest rate?
A: As of 2023, SBI offers car loans at 8.75% p.a. onwards. Rates vary based on loan amount, tenure, and applicant profile.

Q2: What is the maximum tenure for SBI car loan?
A: SBI offers car loans for up to 7 years, depending on the vehicle type and age.

Q3: Are there any processing fees?
A: SBI charges 0.35% of loan amount as processing fee (min ₹1,500, max ₹10,000 + GST).

Q4: What is the maximum loan amount?
A: SBI offers up to 90% of on-road price for new cars (depending on model) and up to ₹20 lakhs for used cars.

Q5: Can I prepay my SBI car loan?
A: Yes, SBI allows prepayment after 12 EMIs with nominal charges (1% of outstanding amount + GST).