SBI Car Loan EMI Calculator
State Bank of India, SBI, is one of the largest financier of auto and car loans in India. They are the largest public sector bank of India and one of the most trusted banking brands. SBI provides a host of car loan solution suiting for every need and requirement.
The interest rates charged by SBI on their car loans are also competitive and give many private sector banks a run or their money.
What is a Car Loan EMI Calculator
EMI stands for equated monthly installments which essentially means the monthly payment a borrower is required to pay the lender for servicing any type of mortgage or loan. EMI is a term which is quite popular in India.
A typical EMI calculator calculates the monthly EMI required to be paid by using a complex formula in which three essential values are required to be fed – the loan amount, the applicable interest rate and the duration of the loan period.
An EMI calculator becomes very useful when it is coupled with a loan repayment schedule, which lets you know the exact date on which you have to make the payment in future for the servicing of your loan.
This loan repayment schedule, will also let you know the amount of two components, which comprise the EMI for that particular month. It would be worth telling here that the EMI essentially consists of two components namely; the principal repayment component – which is used for the repayment of a part of the outstanding loan balance and the interest component – which is paid to the lender for providing the money.
Where To Find a SBI Car Loan EMI Calculator
If you are looking to find an online EMI calculator for car loans from SBI, then let me tell you that there is no such online calculator for estimating the car loan EMI on SBI website. The best you can do is find the applicable interest rates on the SBI car loans and then use any of the online EMI calculator for your car loan.
Here we present you a versatile MS Excel worksheet, which can perform just like an online SBI car loan EMI calculator for you. You just had to enter the loan amount, the annual interest rate, the loan period in years and the number of payments which you are planning to make every year.
This online EMI calculator for SBI car loans, will calculate the scheduled payment (EMI), the number of payments and the total interest you will pay in the loan summary.
This versatile EMI calculator for car loans also allows you to enter any optional extra payments, you can make to SBI to reduce your overall interest burden and reduce your loan repayment period. These optional extra payments can be in the form of lump-sum payments as and when you are having surplus cash or they can also be in the form of regular monthly payments which you can make along with your EMI to SBI.
This SBI car loan EMI calculator will also create a payment schedule for you which you can print and keep with you for ready reference in future. Every EMI to be paid in future will also be broken down into two of its components namely; the principal component which is used up for the repayment of the outstanding loan balance and the interest component which is used for paying the lender.
This customized SBI car loan calculator will help you a great deal to plan your finances well. If you want you can download the basic MS Excel spreadsheet used to calculate this online SBI car loan EMI calculator absolutely free and use it on your computer as and when you wish.