SBI Car Loan EMI Calculator

The SBI Car Loan EMI Calculator is a digital tool designed to help you estimate your monthly car loan payments. Whether you’re buying a new or used car, this calculator makes it easy to plan your budget and manage your loan repayment efficiently.

What is a Car Loan EMI?

EMI (Equated Monthly Installment) is the fixed amount you pay each month towards repaying your car loan. It consists of both principal and interest portions spread over the loan tenure.

SBI Car Loan EMI Formula

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

P = Principal loan amount
R = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
N = Loan tenure in months

How to Use SBI Car Loan EMI Calculator

Go to the official SBI car loan EMI calculator: homeloans.sbi/calculators
Select the car loan calculator option
Enter your desired loan amount
Choose your tenure in months or years
Set the interest rate
Click “Calculate” to view EMI, total interest, and total repayment

Key Features of SBI Car Loan EMI Calculator

Quick and accurate EMI computation
Simple interface with no login needed
Compare different loan scenarios
Accessible 24×7 online

SBI Car Loan Highlights

Interest Rate: Starting from 8.75% p.a.*
Tenure: Up to 7 years
Loan Amount: Up to 90% of on-road price
No prepayment penalties for floating-rate loans
Loans available for new and used cars

Example EMI Calculation

Suppose you take an SBI car loan of ₹7,00,000 at 9.00% p.a. for 60 months. Your EMI would be approximately ₹14,563. Total interest payable would be ₹1,73,780, and total repayment would be ₹8,73,780.

Frequently Asked Questions

Q: Does SBI offer car loans for used vehicles?

Yes, SBI offers car loans for both new and pre-owned cars under its certified schemes.

Q: Can I foreclose my SBI car loan?

Yes, SBI allows part-prepayment and foreclosure. Foreclosure charges depend on the loan type (fixed/floating rate).

Q: Is the EMI fixed?

Yes, for fixed-rate car loans. EMI may vary for floating-rate loans if interest rates change.

Useful Links