SBI Car Loan EMI Calculator

Overview of SBI Car Loan

SBI offers car loans to customers who wish to purchase a brand new car as well as a used car. Any salaried or self-employed individual can apply for SBI Car Loan for purchase of a new car as well as pre-owned car. Loan amount upto Rs.1 Crore can be borrowed from SBI for purchase of a new as well as a pre-owned car. Enlisted below are the features of SBI car loan offered:

features of SBI car loan offered

  • Loan Amount: Loan amount upto Rs.1 Crore can be borrow from SBI as car loan depending on the eligibility of the customer. Having a good credit score means having a good credit worthiness which means if you have a good credit score the banks will lend you the loan without any hassle.
  • Rate of Interest: SBI being a nationalized bank, offers very competitive rate of interest as compared to other private banks in the country. The rate of interest at which SBI lends car loan is 9.5% p.a.
  • Loan Tenure: you can borrow SBI car loan for loan tenure of 84 months which depends on the choice of the borrower.
  • Processing Fee: The bank does not charge any processing fee for processing the car loan.
  • Fore-closure Charges: The bank does not charge any fore-closure charges for the closure of the loan account or to make any prepayment of the loan.

To apply for any loan you need to be eligible, you can check your eligibility at Letzbank website for purchase to borrow a car loan, enlisted below are certain eligibility factors that determine your eligibility:

  • Age: Minimum age to borrow SBI Car Loan is 21 years whereas maximum age to apply for SBI car loan is 65 years or the age of retirement.
  • Income: Minimum income to borrow SBI car Loan is Rs.2.5 Lakhs for salaried whereas Rs.4 Lakhs for self employed
  • Credit Score: A good credit score is really crucial while determining your Eligibility.
  • Documents: Documents that are required for borrowing a car loan are KYC, income proof, employment certificate, photograph and application form.

Once you know you are eligible the next step is to plan your EMI – you can plan your EMI by making use of Letzbank Car Loan EMI Calculator Tool. Enlisted below are steps to use a Car Loan EMI Calculator and also benefits associated with it:

  • Step 1: You need to enter the loan amount you need
  • Step 2: You need to enter the rate of interest at which the bank is lending you the loan
  • Step 3: You need to enter the loan tenure for which you wish to borrow the loan

Submit the details and wait to see EMI. Here’s what you will be able to determine with this 3-stepped procedure:

  • Monthly EMI: The EMI calculator tool has been accurately designed to give you the EMI that you will have to give to bank every month.
  • Amount Charged towards Rate of Interest: You will know the exact amount that is charged towards rate of interest of the loan.
  • Loan Stages: You will be able to know the loan stages throughout the loan tenure so that you can do a better financial planning.

Once you know all your eligibility, your EMI you are all set to apply for Car Loan online – Through online car loan application you can benefitted from the fact that you will be able to compare and shortlist the best car loan for you. Submitting car loan application through an online process you can draw benefit of Zero Service Fee on all online applications.