SBI Car Loan EMI Calculator

Some of the details that must be entered to use a car loan EMI calculator are mentioned below:

1.  The rate of interest.
2. The loan repayment tenure.

1.  Loan amount.

1.  Processing fee.

 SBI Car Loan EMI Formula Explained with Example

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 on a monthly basis, and N is the number of installments.

This formula does not take into account the pre-payments that you make towards the loan.

A car loan EMI calculator is basically a tool that you can use to ascertain the precise amount you have to pay on a monthly basis. All you have to do is enter certain basic details such as the loan amount you plan to apply for, the tenure across which you would repay the loan, the interest rate offered by the bank, and the processing fee levied by the bank.

SBI offers an online EMI calculator on its official website where you can conveniently calculate the EMI. If you find that the EMI is too high, you can always choose to lower the loan amount or increase the loan tenure. This way, you can ensure the EMI stays in your budget.

You can also use the EMI calculator offered by BankBazaar and head over to the loan section where you can compare the different loans offered and choose the best-suited loan plan.

Given below are a few examples of EMI for varied loan amounts and loan tenures:

SBI Car Loan EMI Calculator for New and Used Cars

The Car Loan EMI Calculator can be used to calculate the EMI payable towards a new car loan or a used car loan. The values to be entered may differ due to the change in interest rates or loan amount. Ensure you enter the correct details so that the EMI calculator can tell you exactly how much the EMI is going to be.

How SBI EMI Calculator Calculates Your Car Loan EMIs

Here's how to use the online EMI calculator on BankBazaar:

• Use the slider to select the preferred loan amount and loan tenure.
• Enter the interest rate applicable and the processing fee.
• Click on "Calculate".

The calculator will then display the EMI payable under the loan. You can then scroll down and click on the plus sign below "Your Amortization Details" to see a graphical representation of the amounts being paid and the year-wise, as well as, the month-wise breakup of the loan repayment schedule.

Benefits of Using SBI’s Car Loan EMI Calculator

Some of the main benefits of using the car loan EMI calculator offered by SBI are mentioned below:

1. In case you wish to avail a loan, the planning process becomes easier.
2. Helps in choosing an EMI that best suits your requirements.
3. When compared to manual calculations, using the calculator helps in saving time.
4. Results are displayed quickly.
5. The process to access the calculator is easy.

How Prepayment Affects Your SBI Car Loan EMI

SBI allows you to pre-pay or pay a fraction of your loan amount at once. This reduces the principal outstanding and hence the EMI for the remaining loan tenure. You can also opt to reduce the loan tenure and pay higher EMIs so that you can repay your loan at the earliest.

SBI also has a prepayment calculator which will help you understand how your loan schedule can change after pre-payment. You can use the calculator and decide the amount you want to pre-pay and find out the EMI amount payable after that.

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