SBI Car Loan EMI Calculator

In this growing superfluous world, owing a vehicle like car has become an indicator of one’s personal success. If a person is able to buy a car of their own choice it gives them a sense of superiority towards the general public. This may sound absurd but it’s a harsh truth among many human species. Secondly cars are even seen as an investment resource.

In order to fulfill the desire of buying cars among people of different incomes, SBI car loan calculator brings you with easy calculation methods and help make an informed decision. SBI car loan calculator also functions as an SBI car loan interest calculator. A person is able to know the interest amount due on SBI car loan apart from general EMI amount in just three simple steps.

• First enter the loan amount one wishes to take.
• Select the preferred tenure.
• Finally put the SBI car loan interest rate advertised on the website.

The standardized formula for calculating any loan is as mentioned below::

E = P x R x (1+R)^n / {(1+R)^n – 1}

where
P = Principal/Loan Amount
E = Applicable amount of EMI
r = Rate of interest per month (annual rate of interest divided by 12)
n = Tenure (in months)

Eligibility criteria for SBI car loan

There are certain prerequisites before any car loan is being sanctioned by the lender. Below are the list of some of these that needs to be fulfilled by any borrower while taking up any SBI car loan.

Minimum and Maximum Age	21-65 years. However almost all banks require a minimum age of 18 years.
Loan Amount	Upto 10 Lakhs. Some banks may give maximum loan upto 50 Lakhs as well. The loan amount depends on the worth of the car.
Net Monthly Income	Minimum Rs 18000 per month.
Employment Type	Salaried and Self-employed both.
Minimum Work Experience	At least one year of total work experience.
CIBIL Score to Apply for SBI Car Loan	CIBIL score should be 700+ for smooth process of car loan.

Do’s and Don’ts while taking up SBI Car Loan

There are many precautionary steps that needs to be taken care of before finalizing for any car loan. Let’s take a look at some of these as listed below:

Do’s	Don’ts
Check out best offers and discounts- It is often advised to check on current offers and SBI car loan interest rates offered to employees of reputed companies.	Never apply for a higher loan amount than the eligibility- Applying for a loan amount higher than your eligibility may lead to rejection of the loan application.
Compare the car rates based on loan amount – Some banks offer lowest interest rate on higher loan amount. Therefore it’s vital to decide carefully the type of insurance under which this facility is available such as Comprehensive insurance or Third party insurance.	Avoid applying with multiple banks – Simultaneous loan applications get recorded in the CIBIL score report that might reduce the chances of getting SBI car loan.
Verify the discounts and offers based on tenure- Many banks offer lower rate on SBI car loan depending on the tenure. So it’s vital to check out these features at the respective bank branch.	Salaried bank may not offer the cheapest loan- Various banks offer attractive schemes to their premium customers. Hence, salaried bank might not be the simplest option.

How to get a car loan from an SBI bank in 5 easy steps through online?

Has the dream of luxury car always kept revolving on one’s mind? Fret not! Let’s take a quick glance at 5 easy steps towards fulfilling this dream of car by taking up 5 easy steps of SBI car loan.

Step 1: Identify the requirement

It’s very important for the borrower to identify the main motive behind taking up the personal loan. The need of the borrower may range from wedding or birthday plan, home renovation to any domestic or foreign vacation trip.

Make sure the personal loan amount doesn’t exceed the budget constraint of the borrower. Else, the borrower needs to repay the hefty amount with much struggle later on.

Step 2: Check the eligibility criteria

It’s vital to check on the eligibility criteria of the desired loan type before settling down to take up the personal loan. By doing so, it also helps the borrower to know how much maximum amount can be taken as a personal loan depending on the factors like age, sex, income status etc.

Step 3: Calculate monthly installments

It’s quite beneficial to calculate the monthly installment (EMI) of the desired personal loan beforehand to know whether it would suit to the borrower’s current monthly income or not.

By using SBI EMI Calculator, a customer (borrower) can modify the interest rate and tenure of the personal loan matching with the current monthly income to avoid any trivial situations later on.

Step 4: Approach the bank for acknowledgement

After submitting the application online for the personal loan approval, it’s advisable to check on it separately as well by either visiting the nearest bank branch or by calling to the customer support service of the SBI bank for the confirmation and acknowledgment of the same.

Step 5: Submit the documentation appropriately

It’s advisable to read on the instructions carefully before applying for the personal loan. Take a note on all the important documents that need to be uploaded and submitted online for the loan approval.

The documents may include bank statements, income proof (salary slips), address proof (temporary or permanent). In case of pre-approved loans, the loan amount is reflected to the borrower’s account within 10 seconds while for non-SBI customers it takes about 4 hours for the loan amount to get reflected into the borrower’s account.