SBI Car Loan EMI Calculator

SHARE
MONTHS
%
Yearly/monthly repayment schedule
2025
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jul2,00,00017,40716,0571,3501,83,943
Aug1,83,94317,40716,1651,2421,67,778
Sep1,67,77817,40716,2741,1331,51,504
Oct1,51,50417,40716,3841,0231,35,120
Nov1,35,12017,40716,4959121,18,625
Dec1,18,62517,40716,6068011,02,019
2026
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan1,02,01917,40716,71868985,301
Feb85,30117,40716,83157668,470
Mar68,47017,40716,94546251,525
Apr51,52517,40717,05934834,466
May34,46617,40717,17423317,292
Jun17,29217,40717,2901172
EMI payable
Payable amount
Total Interest
Loan amount

What Is Car Loan EMI calculator?

A Car Loan EMI calculator is an online tool that quickly estimates your monthly repayment based on the loan amount, tenure, interest rate, and car type (new or pre-owned). It breaks down the EMI into principal and interest, helping you plan better, though actual figures may slightly vary.


How Can SBI Car Loan EMI Calculator Help You?

Some of ways in which using the SBI car loan EMI calculator offered can be useful are as follows:

  • For those looking forward to availing a loan, the planning process becomes easier.
  • Helps in zeroing in on an EMI that best complements your requirements.
  • As compared to manual calculations, using the calculator helps in saving time and effort, whilst ensuring accuracy.

How to Calculate SBI Car Loan EMI?

The SBI Car Loan EMI Calculator uses the below-mentioned standardised formula to determine the EMI amount-

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

Where,

  • EMI = Equated Monthly Instalment 
  • P = Principal loan amount
  • R = Monthly interest rate
  • N = Loan tenure in months

Note: The formula does not take into account the amount that was extended as pre-payment towards the amount received as an SBI car loan.

Example For SBI Car Loan EMI Calculator

Let’s assume you availed of an SBI car loan of Rs 5 lakh at the rate of 8.7% per annum for a tenure of five years or 60 months.

By using the above formula:

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

EMI= [5,00,000 x 0.725% x (1+0.725%) ^ [(1+0.725%) ^ (60-1)]

EMI= 10,307

Therefore, your equated monthly installment for the selected time period will amount to Rs.10,307.

Benefits Of SBI Car Loan EMI Calculator 

  • The SBI car loan calculator is an interactive tool that is simple and easy to use.
  • You can choose tenure in terms of the number of months over which you wish to repay the loan
  • You know exactly, even before applying for the loan, how much you would be required to pay each month and for what period
  • You can adjust the amount of EMI to fit as per your monthly budget.
  • You can check estimations with various loan amounts and terms

The EMI formula helps you accurately calculate your monthly loan repayment by considering the loan amount, interest rate, and tenure. Understanding its components ensures better financial planning and informed borrowing decisions.

Frequently Asked Questions

Is SBI car loan good?

Yes, SBI is known to give good deals on a car loan

Does SBI provide 100% car loan?

No, SBI finances up to 90% of the car’s on-road price. However, the amount may vary depending on your score of Credit Information Companies (CICs) and income.

What is minimum salary for car loan SBI?

The net annual income of  a salaried applicant and/or co-applicant if any, together should essentially be a minimum of Rs 3,00,000

What is current SBI car loan interest rate?

For a new the car, the loan interest rate is 8.80% to 9.80%, while for purchasing a green car (an electric vehicle), it ranges from 8.75% to 9.45%.

Who can avail of SBI Car Loans?

Salaried and non-salaried individuals who are between 21 and 67 years of age can avail of SBI car loans.

What is the minimum EMI limit for SBI Car Loan?

The minimum EMI limit for the SBI Car loan is Rs 1,622 per lakh. The amount paid as EMI is inclusive of both principal sum and interest amount.

Is there a penalty on the prepayment of SBI car loans?

No penalty is charged on prepayment of SBI car loans.

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Privacy PolicyTerms of use

ISO

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption