SBI Car Loan EMI Calculator

The SBI Car Loan EMI Calculator is an easy-to-use online tool that helps you estimate your monthly car loan repayments (EMIs) based on key factors like loan amount, interest rate, and tenure. Offered by the State Bank of India, this calculator simplifies financial planning by giving you a clear picture of your repayment schedule. This tool helps borrowers make informed decisions and compare various loan options before applying.

By entering just a few details—loan amount, interest rate, and loan tenure—you can instantly view:

• Monthly EMI (Equated Monthly Instalment)
• Total interest payable
• Overall repayment amount

How to Use Wishfin SBI Car Loan EMI Calculator?

To use the Wishfin SBI Car Loan EMI Calculator, simply visit the calculator page and enter your desired loan amount, applicable interest rate, and loan tenure in months. The tool will instantly display your estimated EMI, total interest payable, and overall repayment amount. It also provides an amortization schedule to help you understand how each EMI is split between principal and interest. This makes it easier to plan your car loan repayment effectively.

Suppose you're planning to take a car loan of Rs 5,00,000 from SBI at an interest rate of 9.20% per annum for a loan tenure of 5 years.

Let’s understand it better with the help of this EMI breakdown:

Formula for Calculating SBI Bank Car Loan EMI

To calculate the SBI Car Loan EMI for a loan amount of Rs 5,00,000 at an interest rate of 9.20% for a tenure of 5 years, we can use the standard EMI formula:

EMI Formula:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]​

Where:

• P = Loan Amount (Rs 5,00,000)
• R = The monthly interest rate, calculated by dividing the annual interest rate by 12 and then by 100.
• N = Number of monthly installments (loan tenure in months)

Using this formula, the EMI works out to approximately Rs 10,439.

Breakdown:

• EMI (Approx.) : Rs 10,439
• Total Interest Payable (over 5 years): Rs 62,634
• Total Repayment Amount (Principal + Interest): Rs 5,62,634

This provides an estimate of how the loan will be repaid over the 5-year tenure at an interest rate of 9.20% per annum.

The Minimum EMI Offered On SBI Car Loan

The table below displays the EMI calculated on the Wishfin SBI Car Loan EMI Calculator on a loan amount of Rs 5,00,000 with a tenure of up to 5 years at an interest rate starting from 9.20% p.a. up to 15.25% p.a.

Eligibility Criteria For SBI Car Loan

Documents Required For SBI Car Loan

Salaried Individuals

• Completed application form
• 2 passport-sized photos
• Proof of Identity: Passport / PAN / Voter ID / DL
• Address Proof: Voter ID / Passport / DL / Utility Bill / LIC Policy
• Income Proof: Latest salary slip + Form 16/ITR (last 2 yrs)
• Note : Salary Package customers (with SBI account for 12+ months) get a waiver on bank statement & ITR/Form 16

Self-Employed / Business Owners

• Completed application form
• 2 passport-sized photos
• Identity & Address Proof (same as above)
• Last 6 months’ bank statement
• Income Proof: ITR + Audited Balance Sheet & P&L (last 2 yrs)
• Business Proof: Shop & Establishment Cert. / GST / SSI / Partnership Deed

Agriculturists / Allied Activities

• Completed application form
• 2 passport-sized photos
• Identity & Address Proof (same as above)
• Last 6 months’ bank statement

For Crop Cultivation

• Land Ownership Docs: Khasra / Chitta / Adangal / Patta / Khatoni (in borrower’s name)

For Allied Activities (Dairy, Poultry, etc.):

• Proof of activity: Bills / Receipts / Photos

SBI Auto Loan Processing Fee (Including GST)

Key Features of SBI Car Loan

• Attractive Interest Rates & Affordable EMIs : SBI offers some of the lowest interest rates in the market, making your monthly EMI more manageable.
• Extended Repayment Period: Benefit from a repayment duration of up to 7 years, providing you with greater flexibility.
• Financing on On-Road Price : Loan can cover up to 100% of the vehicle's on-road cost, which includes registration charges, insurance, and extended warranty.
• Daily Reducing Interest Calculation : Interest is calculated on the daily reducing balance, helping reduce the overall interest burden.
• Covers a Wide Range of Vehicles : Applicable for the purchase of new passenger cars, Multi-Utility Vehicles (MUVs), and SUVs.
• Zero Prepayment Charges : No charges if you decide to repay the loan early.
• No Foreclosure Charges (Post 2 Years) : Close the loan after 2 years without any foreclosure penalty.
• No Advance EMI Requirement : You’re not required to pay any EMI in advance at the time of disbursement.
• Optional SBI Life Insurance Cover : Borrowers can opt for SBI Life Insurance coverage for additional financial security.

Conclusion

The SBI Car Loan EMI Calculator is a valuable tool for anyone considering a car loan, as it allows you to quickly estimate your monthly EMI, total interest payable, and the overall loan repayment amount. By inputting your desired loan amount, interest rate, and tenure, you can easily get an idea of how much you’ll need to pay each month, helping you plan your finances accordingly. The calculator takes the guesswork out of loan management, making it easier for borrowers to understand their financial commitments and make informed decisions. Whether you're purchasing a new car or a used one, the tool ensures transparency and helps you budget effectively for your loan.