What is a Car Loan EMI calculator?

The car loan EMI calculator helps you with calculating the exact amount of EMI and the interest you have to pay over the tenure of the loan. 

The car loan EMI calculator can estimate the EMI amount in an instant as it uses precise algorithms. This tool requires  the following relevant data to determine the monthly instalments:

• ​​​​​​​Whether you wish to own a new car or a pre-owned car
• The loan amount you need
• The loan tenure you are want to choose
• The interest rate (estimated) at which you could get the loan.

As you key in these inputs, the car EMI calculator provides you a clear idea about the loan EMI amount, which includes the principal and interest components. However, it is to be noted that the actual rate may slightly vary.

How Can SBI Car Loan EMI Calculator Prove Helpful?

• 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.
• Outcomes are displayed at an instant
• The process to access the calculator is relatively easy.

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]

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= Rs10,307

How to apply for SBI Car Loan

You can apply for an SBI car loan by visiting the official website of the bank. You will have to upload the relevant documents. The bank will initiate a verification process. AFter the bank is convinced that all the documents submitted by you are correct, the loan amount will be disbursed to your bank account instantly.

SBI Car Loan EMI Calculator example/examples of EMI for varied loan amounts and loan tenures

Advantages of Using 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

Car loan EMI calculator for new car and used car

A new car and used car loan EMI calculators are a handy tool to estimate the cost of financing a new or a used/pre-owned car. Determining an EMI involves intricate calculations and can be time-consuming activity.

However, with a new or a used car loan EMI calculator, you can instantly calculate your monthly EMIs, the interest you need to pay, and the overall loan cost by providing details like the principal loan amount, interest rate, and the loan tenure. You can change the tenure and loan amounts to find a comfortable EMI range that meets your financial needs.

Other Car Loan EMI Calculator:
1. Car Loan EMI Calculator
2. HDFC Car Loan EMI Calculator
3. ICICI Car Loan EMI Calculator