SBI — Car Loan

Car Loan EMI Calculator
Compare Before You Apply to SBI

Calculate Your Monthly EMI  |  Full Repayment Schedule  |  Always Free
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Car Loan EMI Calculator
Loan Amount (₹)
Annual Interest Rate
%
7%18%
Loan Tenure
1 Yr7 Yrs
Monthly EMI
Equated Monthly Instalment
Total Payment
Principal + Interest
Principal Amount
Total Interest
Break-up of Total Payment
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SBI Car Loan

Car Loan EMI Calculator — Compare Before You Apply to SBI

Buying a car? Use this calculator to plan your monthly EMI before you finalise the deal. Enter the loan amount, the rate you are offered, and your preferred tenure to see the exact monthly payment and total interest.

Car loans are secured — the vehicle serves as collateral. EMI is calculated on the reducing balance method.

What Is a Car Loan?

A car loan is a secured loan taken to purchase a new vehicle. The vehicle serves as collateral until the loan is fully repaid. Car loans typically finance a portion of the on-road price — you arrange the remaining amount as a down payment.

How Car Loan EMI Is Calculated

EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1]
Where P = Loan amount, r = monthly rate, n = months

Key Concepts

  • On-road price vs ex-showroom — loans are typically based on the on-road price. Confirm what amount the lender finances.
  • Down payment — typically 10–25% of the vehicle cost. A larger down payment reduces total interest.
  • Tenure — typically 1 to 7 years. Shorter tenure = higher EMI, less total interest.
  • Foreclosure — paying off early reduces total interest. Check the lender's terms before signing.

Documents Typically Required

  • Identity and address proof
  • Income proof — salary slips or IT returns
  • Vehicle proforma invoice from the dealer
  • Bank statements — typically 3 to 6 months

Requirements vary. Confirm with the lender directly before applying.

Frequently Asked Questions

How do I calculate my car loan EMI?

Enter the loan amount, the interest rate you are offered, and your preferred tenure in the calculator above. The monthly EMI, total interest, and full repayment schedule are calculated instantly.

What tenure should I choose?

A shorter tenure means higher EMI but less total interest. A longer tenure reduces monthly outflow but increases total cost. Use the calculator with both tenures to compare before deciding.

Does a larger down payment help?

Yes — a larger down payment reduces the loan amount, which directly reduces your EMI and total interest. Use the calculator with different principal amounts to see the impact.

Can I foreclose my car loan early?

Most car loans allow foreclosure after a minimum period, subject to the lender's terms. Foreclosing reduces total interest. Always confirm terms directly with the lender.

Disclaimer — DigiCalc Platform

Interest rates, processing fees, and all other lender details change frequently and without notice. DigiCalc does not display, guarantee, or endorse any rates, fees, or terms from any lender. Always verify current figures directly with the lender before making any financial decision.

All content on DigiCalc is provided solely for general informational, educational, and illustrative purposes and should not be considered financial, investment, legal, or tax advice.

Calculator outputs are estimates based on user-provided inputs and standard mathematical formulas. Actual results may vary significantly.

DigiCalc is not a SEBI-registered investment adviser, research analyst, or portfolio manager. Nothing on this platform constitutes a recommendation or solicitation to buy, sell, or hold any financial product or security.

Users are strongly advised to consult a qualified professional before making any financial decisions.

DigiCalc expressly disclaims all liability for any loss or damage arising directly or indirectly from reliance on any content or outputs provided on this platform.