{"id":3067,"date":"2018-04-17T17:33:17","date_gmt":"2018-04-17T12:03:17","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=3067"},"modified":"2018-04-17T17:33:17","modified_gmt":"2018-04-17T12:03:17","slug":"sbi-car-loan-interest-rates","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/sbi-car-loan-interest-rates\/","title":{"rendered":"SBI Car Loan Interest Rates"},"content":{"rendered":"

SBI Car Loan\u00a0interest rates are calculated based on monthly reducing balance. The Bank offers the lowest available interest on its car loan schemes. It has a very attractive interest rate exclusively for women. The car loan is offered for the purpose purchase of new Cars\/used cars, Multi Utility Vehicles (MUVs) and Semi Utility Vehicles (SUVs).<\/p>\n

SBI Car Loan Interest Rates 2018<\/h2>\n\n\n\n\n\n\n\n\n
Interest Rate<\/td>\nFor Women – 9.20% For Men – 9.25%<\/td>\n<\/tr>\n
Maximum Loan Amount<\/td>\nFor borrowers who earn Net Annual Income less than Rs. 10 lakhs: Maximum 85% of \u2018on road price\u2019 of the car. For borrowers who earn Net Annual Income of Rs. 10 lakhs and above: Maximum 80% of \u2018on road price\u2019 or 85% of \u2018ex showroom price\u2019 of the car, as chosen by the borrower.<\/td>\n<\/tr>\n
Minimum & Maximum Car Loan Tenure<\/td>\nMinimum Tenure – 12 months Maximum Tenure – 84 Months (7 years)<\/td>\n<\/tr>\n
Processing Fees\/Charge<\/td>\n0.51% of the loan amount subject to Minimum of Rs.1020\/- and maximum of Rs. 10200\/-<\/td>\n<\/tr>\n
Pre-Closure Charges<\/td>\nNil<\/td>\n<\/tr>\n
EMI per Lakh (for a 7 year loan tenure at 9.85% interest)<\/td>\nRs. 1,652*<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/div>\n
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How to calculate my SBI Car Loan Interest Rate<\/h2>\n

If you wish to estimate the amount of EMI on your car loan amount to plan your loan budget, you can either use the BankBazaar car loan EMI calculator or manually calculate the EMI using the following formula:<\/p>\n

EMI (E) = [P x r x (1+r)^n]\/[(1+r)^n-1]<\/strong><\/p>\n

Where \u201cE\u201d is EMI, \u201cP\u201d is the principal amount of the loan, \u201cR\u201d is the rate of interest and \u201cn\u201d is the loan tenure. \u201cR\u201d is the interest rate applicable per month.<\/p>\n

Factors affecting SBI Car Loan Interest Rates<\/h2>\n

Although the interest rate stipulated by the bank remains the same in most cases, there are various factors that can influence a SBI\u00a0car loan interest rate. This could also affect the loan amount offered to a borrower as well as the amount of EMI to be paid per month. These in turn determines the amount that is given as a loan to the prospective customer, along with the EMI to be paid. Few of these factors are given below.<\/p>\n