SBI Car Loan EMI Calculator
With the help of SBI car loan emi calculator you can calculate your total payable interest, total payments (Principal Amount + Interest). It will help you to plan your budget and will provide a clear picture of the interest you will have to pay.
SBI Car Loan EMI Calculator Formula
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where,
- P stands for the principal amount that you want to apply for.
- r is the rate of interest per month set by the bank
- n is the tenure of loan in months.
Suppose you take a car loan of Rs. 5 Lakhs for 5 years (or 60 months) at an average interest rate of 10%.
Your approximate EMI for car loan will be :
P = 5 Lakhs. This should be 85% of on-road price
n = 5 years or 60 months. For SBI, this can be 7 years.
r = rate of interest per annum. 10% (average)
Your Estimated EMI for Car Loan will be Rs. 10,624
SBI Car Loan Interest Rates June 2019
The interest rates for new cars are based on various factors such as Salary of the applicant, Loan amount, Credit score of the applicant, vehicle type, category, loan tenure, relationship with the bank etc.
| Particulars | Details |
| Interest Rates | Floating rate – 9.40% |
| Loan Tenure | Up to a period of 7 years |
| Processing Fee |
|
| Loan Amount | Up to 85% of the car’s on-road price |
| Lowest EMI Per Lakh | Rs.1,624 |
| Prepayment Charges | Nil |
SBI Car Loan Features & Benefits
- Lowest Interest Rates & Lowest EMI payment options
- Longest car loan Repayment Tenure (7 years)
- Financing Upto 90% of ‘On-road Price’ (it includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories )
- Interest will be calculated on a Daily Reducing Balance;
- Without Advance EMI;
- SBI Life Insurance cover available (Optional )
SBI Car Loan Eligibility Criteria
Following are the eligibility criteria to avail the SBI Car Loan:
Age Limitation : 21 to 65 years| Category | Income Criteria | Max. Loan Amount |
| Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment. | Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/- | 48 times of the Net Monthly Income |
| Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses. | Net Profit or Gross Taxable income of Rs. 3,00,000/- p.a. (income of co-applicant can be clubbed together) | 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans |
| Person engaged in agricultural and allied activities. | Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/- | 3 times of Net Annual Income |
Documents Required For SBI Car Loan
You will have to submit SBI car loan application form along with the following documents.
1. Salaried
- a) Statement of bank account of the last SIX months.
- b) 2 passport size photographs
- c) Proof of Identity (Copy of any one: Passport/ PAN Card/ Voters ID card/ Driving License)
- d) Address proof (Copy of any one: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy)
- e) Income proof: Latest salary slip or Form 16
- f) Income tax returns or Form 16 for the last 2 years.
2. Non-Salaried/ Professional/Businessmen
- a) Statement of bank account of the last SIX months.
- b) 2 passport size photographs
- c) Proof of Identity (Copy of any one: Passport/ PAN Card/ Voters ID card/ Driving License)
- d) Address proof (Copy of any one: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy)
- e) Income Proof: Income tax returns of the last TWO years.
- f) Income tax returns or Form 16 of the last TWO years.
- g) Audited balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
3. Person engaged in agricultural and allied activities
- a) Statement of bank account of the last SIX months.
- b) 2 passport size photographs
- c) Proof of Identity
- d) Address proof
- e) Direct agricultural activity (crop cultivation): Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph. Land ownership proof to be in the name of borrower and it should be on free hold basis.
- f) Allied agricultural activities like dairy, poultry, plantation and horticulture. Documentary proof of running of the activities to be provided.
SBI Auto Loan Schemes
- SBI NEW CAR LOAN SCHEME.
- CERTIFIED PRE-OWNED CAR LOAN
- SBI LOYALTY CAR LOAN SCHEME ( Car Loan for SBI Home Loan Borrowers)
- SUPER BIKE LOAN SCHEME
- AUTO LOAN APPLICATION FORM,DOCUMENT CHECKLIST & MOST IMPORTANT TERMS AND CONDITIONS
- SBI REWARDZ FOR AUTO LOAN
- SBI ASSURED CAR LOAN SCHEME
- SBI CAR LOAN LITE SCHEME
- SBI TWO-WHEELER LOAN SCHEME
Source: SBI Website
SBI Car Loan Customer Care
SBI Car Loan Customer Care Toll Free Number ( 24X7)
1800-11-2211, 1800-425-3800, and 080-26599990
Other ways to Reach Out:
- SMS –You can also get a call back from customer care simply by sending the SMS UNHAPPY to 8008202020.
- Missed Call – SBI QUICK is a service that can be accessed through a missed call to 09223488888 and a representative will get back to you quickly.
- SBI Branch – Customers can also visit the nearest bank branch for customer service such as complaints, queries, etc.
- Write to SBI Customer Service Department – Customers can reach out to the customer service department by writing to the following address: