Sbi Car Loan Interest Rate 2022 Emi Calculator

Monthly EMI: ₹

Principal amount: ₹

Total interest: ₹

Total amount: ₹

The SBI car loan EMI calculator is a useful tool for individuals to determine their monthly payment amount for their car loan. It helps them plan and analyze if the payment is affordable for them.

What is the monthly installment for a 10 lakh car?

To calculate the EMI, you need to consider three factors:

1. Principal Amount (P): This is the loan amount that you want to borrow, which in this case is Rs 10 lakh.

2. Rate of Interest per month (R): The annual interest rate needs to be converted into a monthly rate by dividing it by 100 and then by 12. In this case, it will be 12/100/12.

Using these values in the formula provided:

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

By substituting the values:

EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1]

EMI = Rs 47,073

So according to this calculation method and example given above, if you take a car loan of Rs 10 lakh from SBI at an interest rate of 12%, your approximate monthly installment or EMI will be around Rs 47,073 for a period of two years or twenty-four months.

How Can SBI Car Loan EMI Calculator Prove Helpful?

SBI offers a variety of car loan options that are designed to meet the specific needs of borrowers.

SBI offers various car loan schemes for different needs. The SBI New Car Loan Scheme is designed for those who want to buy a new car. If you are looking to purchase both a two-wheeler and a four-wheeler, the SBI Combo Loan Scheme is available. Individuals interested in buying certified pre-owned cars can opt for the SBI Certified Pre-Owned Car Loan. Borrowers of SBI home loans can also avail the SBI Loyalty Car Loan Scheme. Lastly, there is the SBI Nano Youth Car Loan Scheme which specifically targets Indian youth and aims to promote Tata Nano cars among them.

You might be interested:  Tracking SBI ATM Card by Account Number: A Step-by-Step Guide

The SBI car loan options have varying repayment periods and are offered at different interest rates.

The duration of the loan, the amount borrowed, and the interest rate all play a role in determining the monthly EMI payment. If a borrower chooses a shorter tenure for their loan, they will have to pay a higher EMI amount.

Here are some examples of car loan amounts, tenure, interest rates, and corresponding EMIs in Indian Rupees:

– For a car loan amount of Rs. 5 lakh with a tenure of 1 year and an interest rate of 8.7%, the EMI is Rs. 43,656.

– If the same loan amount is taken for a longer tenure of 4 years at the same interest rate, the EMI reduces to Rs. 12,371.

– A car loan amount of Rs. 10 lakh with a tenure of 1 year and an interest rate of 8.7% results in an EMI of Rs.87,312.

– Extending the tenure to 4 years for this amount brings down the EMI to Rs.24,743.

– Lastly, for a higher car loan amount like Rs.15 lakh with a tenure of either one or four years at an interest rate of 8.7%, the respective EMIs would be approximately Rs130969 andRs37 ,114.

Individuals in India can easily calculate their car loan equated monthly installment (EMI) using the SBI car loan calculator. This convenient tool allows borrowers to determine their EMI based on their preferred loan option, making the process hassle-free and efficient.

SBI Car Loan EMI Calculation: A Guide for 2022

The EMI amount for SBI Car Loan is calculated using a specific formula, which is mentioned below.

  • ‘P’ stands for the principal amount or the loan amount.
  • ‘R’ stands for the monthly rate of interest that is applicable.
  • ‘N’ stands for the number of instalments.
You might be interested:  The Duration for Clearing Cheques in SBI: A Comprehensive Analysis

Please be aware that the calculation method does not consider any pre-payment made towards the SBI car loan amount.

The following illustration will provide you with a clear understanding of the functioning of the SBI car loan calculator.

Mr. J obtained a car loan from SBI worth Rs. 5 Lakh with an annual interest rate of 8.7% for a duration of 5 years.

Advantages of Using Groww’s SBI Car Loan EMI Calculator 2022

Individuals can avail themselves of several advantages by using Groww’s calculator. A few of them are listed below:

1. Complicated computations can be swiftly resolved.

2. The fractional interest rate is effortlessly calculated to provide precise outcomes.

3. Assists in determining a convenient EMI amount and repayment duration.

4. Permits multiple adjustments to suit individual preferences.

Therefore, before availing of an SBI Car Loan, make sure to find out the most convenient EMI amount with the help of Groww’s SBI Car Loan EMI calculatorat the earliest. It will ensure that you can plan your budget in a much effective way.

Are you interested in making investments? Begin your investment journey with Groww by opening an account and enjoy the benefits of investing directly, without any charges.

SBI Car Loan EMI Calculator is a useful tool provided by State Bank of India to help individuals in India calculate their car loan EMIs easily and conveniently. With this online calculator, borrowers can determine the monthly installment amount they need to pay towards their SBI car loan. It simplifies the process of budgeting and planning for repayment, allowing customers to make informed decisions when it comes to purchasing a new or used car with an SBI car loan.

You might be interested:  Find the nearest SBI insurance office

Calculating car loan EMI from SBI: A step-by-step guide

In India, when calculating the EMI (Equated Monthly Installment) for an SBI car loan, there are three important variables to consider:

1. Principal Amount (P): This refers to the total loan amount that you borrow from SBI.

2. Monthly Rate of Interest (R): This represents the interest rate charged by SBI on a monthly basis for your car loan.

3. Number of Instalments (N): This indicates the total number of monthly instalments over which you will repay your car loan.

By considering these variables and using an EMI calculator, you can determine the exact amount you need to pay each month towards your SBI car loan repayment.

Is SBI car loan beneficial or detrimental?

SBI Car Loan offers the perfect financing solution for purchasing your new vehicle. With a tenure range of 7 years, SBI provides a longer repayment period compared to other lenders who typically limit it to 5 years. This extended tenure allows borrowers more flexibility in managing their monthly installments and makes owning a car more affordable.

Using an EMI calculator can be highly beneficial when planning for your car loan from SBI. This tool helps you estimate your monthly installment amount based on factors like loan amount, interest rate, and repayment tenure. By using this calculator, you can assess whether the proposed EMI fits within your budget and make informed decisions about borrowing from SBI.

Does SBI car loan interest rate remain constant?

– SBI Car Loan Interest Rate for New Car Loans starts at 8.75% p.a.

– SBI Car Loan Interest Rate for Used Car Loans starts at 11.40% p.a.

– These interest rates are fixed and considered to be one of the most affordable in India.