Buy Your Dream Car at an Affordable SBI Car Loan Interest Rate

Owning a dream car of one's own choice has become a necessity in today's fast-paced life. In order to juggle with hustle and bustle of commuting daily to office in metros and buses, everybody wishes to have their own car some day. To simplify their daily lives, one looks for an appropriate lender who can offer them a convenient interest rate which suits their pocket. Trustworthiness, particularly comes in question -where to go and whom to follow?

SBI is one such widely trusted public sector bank upon which several customers relies upon. State Bank of India finances its Car loan schemes in the name of ' SBI New Car Loan Scheme', 'SBI Combo Loan Scheme', 'Certified Pre-owned car loan' and 'SBI Loyalty Car loan scheme', which gives the flexibility to general customers for selecting their own scheme according to their choices.

The interest rate is one such criterion every customer looks for. SBI offers reasonable interest rates to men and women from the categories of salaried employees and self-employed professionals. So, gear up yourself to bring the finest brand model of car at your own home in no time.

SBI Car Loan Interest Rate 2017

The permissible interest rates for SBI Car loan  for buying a new car is 9.15-9.25% p.a for men and 9.10%-9.20% p.a. for women. On the other hand, for pre-owned cars, the interest rate for men is 10.45% -12.65% p.a. and for women is 10.40%-12.65% p.a.

SBI Car Loan Eligibility

• For availing SBI Car loans, applicants should fall in the category of salaried employee, self-employed professionals, and agriculturists.

• The age limit for such applicants should be 21-65 years.

• The income criteria for salaried, self-employed and agriculturist need to fall in the range of the following :

• For Salaried employees : Net Annual Income of applicant and/or co-applicant if any, together should be ₹ 2,00,000/-.

• For self-employed professional and agriculturist:  Net Profit or Gross Taxable income of ₹ 4,00,000/- p.a. (income of co-applicant can be clubbed together).

• The admissible loan amount for the applicants need to come under the following range:

• For salaried employees: 48 times of the Net Monthly Income.

• For self-employed professionals: Upto 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all the existing loans running in your account.

• For agriculturists: Up to 3 times of Net Annual Income.

SBI Car Loan EMI Calculator

Calculate your EMI by taking help from SBI Car Loan EMI Calculator. You are required to enter the details like loan amount, interest rate, and tenure in order to know your EMI amount. It is the car loan EMI Calculator which helps you to evaluate the financial obligation that you will avail in future due to your monthly installments. You may arrive at an estimated value of EMI by changing the tenure of the car loan and the loan amount you wish to obtain. This online car loan EMI calculator is very useful as it can be accessed from any corner of the world.

The following are the determinants of SBI Car loan EMI Calculator :

Principal amount: The loan amount required by the borrower towards car loan EMI is known as principal amount. The more the principal amount, the EMI tends to be higher.

Tenure : The time interval specified by you for car loan amortization is another broad criterion that could affect your car loan EMI amount. The longer the tenure, lesser would be your EMIs.

Rate of Interest : Choose one specific scheme of SBI car loan as it varies according to the objectives based on men and women. The interest rate you would select on your car loan scheme carry an impact on your EMI as well. The higher the interest rate, higher would be the EMI. Therefore, it becomes crucial to select the most suitable interest rate which would become advantageous for you in the longer run.

For example : Rajeev has applied for a 7-year car loan of ₹ 10 lakhs with an interest rate, 9.25% per annum depending on his eligibility. The expected EMI will be  ₹16,216, while interest outgo and overall repayments are expected to be ₹ 3,62,164  and ₹13,62,164 .