SBI Car Loan Calculator

The SBI Car loan calculator allows you to get an estimate of the total cost of owning a car. The amount you wish to borrow, interest rate, and tenure of the loan will all affect the monthly amount you need to invest. Prepayment of the loan can also be a great way to reduce your monthly payments.

Interest rate

The interest rate on SBI Car loan varies depending on the net monthly income of the borrower. The lowest interest rate is offered to individuals with higher net monthly incomes. A SBI car loan is designed to cover at least 85% of the on-road price of the car. The interest rate on an old car will be higher than on a new car.

The interest rate on SBI Car loan changes every year based on the MCLR and the base rate. This means that even a small change in the interest rate can change the amount of the loan. Hence, a SBI car loan EMI calculator cannot be relied on to be 100% accurate.


If you’re planning to buy a new car, the next thing you need to decide is the tenure of your loan. Generally, you should choose a loan tenure that is manageable and that suits your repayment ability. The longer your loan tenure, the more interest you’ll pay. Ideally, you should choose a loan tenure that is only six to seven years long.

You can also find out the interest rate by adjusting the maturity term. The shorter the term, the lower the monthly EMI. However, you’ll have to pay higher interest, which can increase your monthly payments. If you’re flexible with your repayment term, you can choose a longer one.


There are several ways to obtain SBI car loan. First, you must open an SBI account. You will be asked to provide the relevant details and documents. If you don’t have an account, you will be unable to access the application form. To avoid this, select ‘No’ from the drop-down list and follow the same steps as the ‘Yes’ option.

If you have good credit, you can avail of a loan from SBI. The processing fee varies from INR 1,000 to 7,500. The interest rate of SBI car loan depends on a few factors, including your credit rating, the loan term, and the relationship you have with the bank.


When determining your eligibility for an SBI Auto loan, it’s best to know exactly how much money you can borrow and at what interest rate. Generally, banks loan between 80% and 90% of the total cost of the vehicle, although some banks offer more generous loan amounts. Besides, the minimum loan amount is usually around Rs. 1 Lac, and you may need a guarantor if you’re applying for a new car loan.

Another factor that affects your loan eligibility is your fixed income to obligations ratio (FOIR). The FOIR is the ratio of your fixed pay to your fixed obligations, and banks loan up to a maximum of 0.50 FOIR. This means that, if your income is too high, you might need to reduce your loan amount.