SBI Car Loan Calculator: Buying car? Find out how much EMIs you will have to pay
If you want to buy a car, chances are that you might opt for a car loan and end up paying equated monthly installments (EMIs). Don't worry, calculating EMIs is easy.
If you want to buy a car, chances are that you might opt for a car loan and end up paying equated monthly installments (EMIs). Don't worry, calculating EMIs is easy. The car buyers can find the car loan rates on the banks' website and on the basis of that they can easily calculate the EMI. Loan rates of various banks are different from each other. The customers can calculate it through the SBI loan EMI calculator. They have to provide total amount of loan, tenure, and rate of interest; they will get the exact EMI figure.
This process is very easy and one can do it through SBI car loan calculator online. Suppose, you have taken a car loan of 5 lakh and the rate of interest is 10 percent and the tenure of the loan is 5 months then your EMI will be Rs 10623.52. You will end up paying a total interest of Rs 1.37lakh on the entire loan.
If the loan amount is 4 lakh and the rate of interest is 9 percent for a tenure 5 years, EMI would be Rs 8303.34. The total interest the car buyer will pay is Rs 98,200. The customer can get the exact figure with the help of loan calculators.
On the other hand if a customer takes a loan of Rs 6 lakh with an interest of 8 percent for a period of 5 years, the EMI on loan will be Rs 12,165.84. The customer will end up paying Rs 1,29,950 as interest on the entire amount. The car buyers need not to depend on anyone else for the calculation of the amount they have to pay as EMI.
Therefore, ones who are planning to buy a car can get an idea of the monthly amount they have to pay for the loan with the help of SBI loan calculator.