SBI Car Loan Interest rate Calculator
Introduction
Buying a Car is a Dream for the most.
But for buying it, you need a proper planning and budgeting.
Whenever you plans to buy a new car with a Loan, then, the Interest rate on car loan plays a key role in determining the overall cost of borrowing and your monthly repayments.
This post, aims to provide a good guidance for the SBI Car loan takers, by providing few practical examples with a Free and easy Excel tool.
This easy-tool is designed to provide an accurate estimate of Interest rate computation like Monthly EMI Payable, Total Interest Payable, Total amount payable etc. Therefore, this tool allows you to plan your finances effectively.
If you are a first-time car buyer or an experienced borrower, then, the State Bank of India (SBI) Car Loan Interest rate Calculator is a great resource which helps you to go through the financing process.
Before, we go through it, firstly understand the top features of SBI Car Loan.
Let’s get started..!!
Features of SBI Car Loan
The Top features of SBI car loan are as follows.
| S. No. | Particulars | Details |
|---|---|---|
| 1. | Interest Rate | From 8.85% to 9.80% |
| 2. | Type of Cars | For purchase of New passenger cars – Multi Utility Vehicles (MUVs) and – Sports Utility Vehicles (SUVs) |
| 3. | Repayment Tenure | 7 Years |
| 4. | Financing amount | Upto 90% of On road price of Car |
| 5. | Prepayment Charges | Nil |
| 6. | Foreclosure Charges | Nil – After 2 years |
The State bank of India (SBI) designed various schemes as per the needs of the customer with various interest rates.
Check it now..!!
SBI Car Loan Interest rates
The SBI car loan interest rate for different types of schemes are as follows
| S.No. | Scheme | Rate of Interest p.a. |
|---|---|---|
| 1. | SBI Car Loan | From 8.85% to 9.80% |
| 2. | Loyalty Car Loan Scheme | From 8.80% to 9.75% |
| 3. | SBI Green Car Loan (For Electric Cars) | From 8.75% to 9.45% |
| 4. | Certified Pre-owned Car Loan Scheme | From 11.40% to 14.90% |
SBI Car Loan Interest rate Calculator for 7 years : How to Use Excel ?
Let’ see, SBI Car Loan Interest rate Calculator in Excel format.
Not only that I will also explain in detail about how to use this Excel sheet to calculate your Monthly EMI, Interest portion, Principal portion as well. You can do this process, simply by entering 3 fields as per your needs.
How to Download SBI Car Loan Interest rate Calculator Excel [Free]
Steps:
1. Download Free Excel SBI Car Loan Interest rate Calculator here.
2. No Passwords given.
3. Double click on downloaded file to “Open” it
#Example 1: What is the EMI for Rs.5,00,000 Car Loan?
Step 1:
Enter your Loan amount under the column of “Principal / Loan amount”.
Enter Rs.5,00,000 rupees in the “Principal / Loan amount” column.
Step 2:
Now, You need to enter the “Rate of Interest p.a. (%)”
If you know the latest SBI Car loan interest rate, you can enter here. Otherwise, you can check the latest SBI Interest rates, then click here.
At present, the SBI Car Loan Interest rate for 2024 is 9.80% p.a. I considered the same rate of interest uniformly through all the 7 Years.
Step 3:
Now, you need to enter the Loan tenure.
As the maximum loan tenure is 7 years, i considered it in months i.e. for 84 Months.
Step 4:
Later on, you don’t need to enter any of the other fields like
– Total Interest payable
– Total amount payable
Your computation is now Ready 🙂
| Particulars | Rs. |
| Total Principal | Rs.5,00,000/- |
| Total Interest Payable | Rs. 1,92,917/- |
| Total Amount Payable | Rs.6,92,917/- |
#Example 2: What is the EMI for Rs.10,00,000 Car Loan?
Step 1:
Enter your Loan amount of Rs.10,00,000/- under the column of “Principal / Loan amount”.
Step 2:
Later on, you don’t need to enter any of the other fields like
– Total Interest payable
– Total amount payable
Step 3:
Your computation is Ready 🙂
| Particulars | Rs. |
| Total Principal | Rs.10,00,000/- |
| Total Interest Payable | Rs. 3,85,834/- |
| Total Amount Payable | Rs.13,85,834/- |
#Example 3: What is the EMI for Rs.15,00,000 Car Loan?
Step 1:
Enter your Loan amount of Rs.15,00,000/- under the column of “Principal / Loan amount”.
Step 2:
Later on, you don’t need to enter any of the other fields like
– Total Interest payable
– Total amount payable
Step 3:
Your computation is Ready 🙂
| Particulars | Rs. |
| Total Principal | Rs.15,00,000/- |
| Total Interest Payable | Rs. 578751/- |
| Total Amount Payable | Rs.20,78,751/- |
Thanks for your time 🙂
