Whenever a car is launched in the market, there are some people who simply jump on their beds thinking about its features and all. The mere thought of buying your own car gives you so much pleasure. In today’s time having a car has become a necessity. When you buy a car, you not only bring with you a medium of transportation but an investment of a lifetime. You can plan trips to a nearby hill station or go on long drives with your family and loved ones.
You can simply the public bus or metro and take your own car to the office. Why hire cabs daily to go the office when you can just pay an affordable amount as EMI to the bank? Yes my dear friend, you can secure a car loan from State Bank of India and use the same to buy your favorite car. SBI finances passenger cars along with MUVs and SUVs. The repayment tenure goes up to seven years. The interest rates for the same starts from 9.15%. Today, in this article I will be sharing information about SBI Car Loan EMI Calculator.
Now you must be thinking, why out of all the topics I have chosen SBI Car Loan EMI Calculator? The reason is very simple. It is very important to take into account, the EMI you have pay to the bank for repaying your loan amount. People often overlook the EMI aspect of the loan and are happy with the loan amount they receive. If interest rates and tenure are important then EMI is as important as them. Just in case, your EMI amount is higher and you have not planned accordingly, then you can shake up your budget.
EMI stands for equated monthly installment and has to be paid to the bank every month in order to successfully repay the loan. Through the help of a SBI Car Loan EMI Calculator, you can easily determine the EMI amount and hence plan a budget accordingly. The calculator will not only provide you with results regarding your EMI amount but also the amount of total interest payable to the bank. All you have to do is enter few details relating to the loan.
You have to feed in the desired loan amount, the applicable rate of interest and the tenure period of the loan. Within few seconds the results will be available on your screen. The calculator has made things easier for you and everyone as the calculation is done instantly and in a hassle free manner. The manual calculation can now be avoided.
Suppose Abhishek Ranjit, the programming head of Colors channel wishes to buy a Swift Dzire. He has pooled up a certain amount of savings to buy his favorite car. He approaches State Bank of India for a car loan of Rs.5 Lakhs. The bank checks his repaying capacity and finds him to be eligible for the product. He is offered the same amount at an interest rate of 9.50% for a tenure of four years. By using this calculator, Abhishek can check out his EMI amount that he will have to pay to SBI for repaying the loan. The amount will come to be Rs. 12,561. He can also find the total interest payable which will amount to Rs. 1,02,955. This means Abhishek will have to pay the bank a sum total of 6,02,955 in four years.
But what if Abhishek thinks that the total interest payable amount is too higher. He can use the calculator to check the same on different tenure period. Let’s say he chooses a tenure of three years. The calculator will be put to use again. The EMI amount and total interest payable will come out to be Rs. 16,016 and 76,592. This clearly means that if Abhishek chooses a tenure of three years he will be able to save about Rs 26,000.
SBI Car Loan EMI Calculator has proved to very beneficial to Abhishek in this case. Anyone can use the calculator to compare the EMI offered on various rates of interest. This will help the concerned person to make a balanced decision and provide him/her a smooth and tension free car loan journey.