Car Loan EMI Calculator SBI: Your True Loan Companion

Availing a stylish and a classy car is a dream of many. But, not many of us are capable enough to fulfill this dream easily. And, are left with just one option of availing a car loan. That’s Right! With the help of this financial solution, you can buy your favorite car in affordable EMIs.

Car Loan is one such type of credit facility, wherein a borrower can avail the loan instantly at an interest rate while paying for the same in the form of pocket-friendly EMIs. Sounds great, isn’t it? But before you go for the credit facility, it is important that you should also be aware of what is car loan EMI calculator SBI.

Needless to say, when it comes to availing a car loan, no one can stand strong among SBI. Being one of the leading names in the financial sector, it would not be wrong to say that this lender rules the roost as far as offering the retail loan is concerned. And, this is the reason that why people all around the globe prefer to avail the loan from this reputed bank. Talking about its car loan product, the lender offers the loan at an interest rate of 9.20%-9.25% per annum for women and men respectively.

Now if you want to avail this loan, it is also important for you to know the exact amount of monthly installments you need to pay so as to repay your loan. It is crucial for an individual to figure out whether his EMIs are pocket-friendly or not so that he/she can easily manage to pay back the loan.

And, this can only be possible by calculating the EMIs. However, to calculate the monthly installment, there is a very complex formula that cannot be understood by all. It requires a lot of time and mind to use that formula to know the exact EMI calculation.

Thus, to ease the burden, today we have an EMI Calculator , one such magical tool that will make your loan journey enjoyable. The real purpose of this device is to churn out the EMI, Interest and Total Amount Payable after taking into account:

• Loan Amount

• Interest Rate

• Tenure

The moment you feed these credentials into the device, it’s algorithm starts working and it fetches the exact results for you within few seconds. Yes, in just a blink of an eye, this tool gives you the values in the form of graphical representation so that it would be easier for you to understand. So, let’s not waste any time further and let you know about the functionality of this device with the help of an example below.

Suppose, Avantika Verma, a 30-year-old, Sales Head by profession is looking to own a car of her dreams. Thus, to fulfill this dream she has applied in the bank for a loan of ₹5 Lakh. Now, after checking her eligibility the lender has agreed to give her the loan, at an interest rate of 9.20% per annum for a tenure of 7 years. But before signing the deal, Avantika wants to know whether her EMIs are going to be pocket-friendly or not.

How much exact amount does she need to pay each month to the lender so as to repay his loan? Well, she can find the answers of all these questions by using a magical device called an EMI Calculator. Absolutely right! After using this tool, it would be easier for her to know the exact calculations of her monthly installments interest outgo and total amount payable, which would be:₹ 8,095, ₹ 1,80,012 and ₹ 6,80,012 respectively.

Now, just imagine the scenario, what would have been the case, if Avantika had used that complex formula. I don’t think so that he would be able to do the calculations so effortlessly as it is a very complex and time taking process and which is not everyone’s cup of tea to use it. So, I guess now you know the importance of SBI car loan EMI calculator, how using this smart tool can actually allow you to enjoy a hassle-free loan journey. Hope you have an enjoyable experience in the future.