- The SBI Car Loan EMI Calculator uses the below-mentioned formula to determine the EMI amount- EMI = [P x R x (1+R) ^N] / [ (1+R) ^N – 1] In the said formula, ‘P’ stands for the principal amount or the loan amount.
Contents
- 1 What is the minimum EMI for car loan?
- 2 How is car loan EMI calculated monthly?
- 3 What is the EMI for 10 lakhs car loan?
- 4 What is the SBI car loan interest rate?
- 5 How much car loan can I get on 40000 salary?
- 6 What is the maximum down payment on a car?
- 7 What is the EMI for 20 lakhs home loan?
- 8 How much loan can I get on 50000 salary?
- 9 How can I check my car EMI status?
- 10 Which bank is best for car loans?
- 11 How much car loan can I get on 20000 salary?
- 12 Which bank has lowest car loan rates?
- 13 Is SBI car loan fixed or floating?
- 14 Can I close my SBI car loan online?
- 15 How can I check my SBI car loan eligibility?
What is the minimum EMI for car loan?
✅What is the lowest EMI offered on car loan? Based on the comparison of longest tenure of 7 years and lowest rate of 8.70%, lowest car loan EMI per lakh loan amount is ₹ 1,594. Higher the loan amount, higher will be the EMI.
How is car loan EMI calculated monthly?
So, if you take a car loan of Rs 10 lakh at an interest rate of 12%, the approximate EMI will be: P = Rs 10,00,000, R = 12/100/12 (You must convert into months), N = 2 years or 24 months. EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.
What is the EMI for 10 lakhs car loan?
What is a car loan EMI calculator?
| Loan amount | Loan tenure | EMI |
|---|---|---|
| Rs.5 lakh | 5 years | Rs.10,477 |
| Rs.10 lakh | 1 year | Rs.87,637 |
| Rs.10 lakh | 5 years | Rs.20,953 |
| Rs.15 lakh | 1 year | Rs.1,31,456 |
What is the SBI car loan interest rate?
Auto Loans Interest Rates w.e.f. 10.06. 2020 (Fixed Rate)
| Scheme | Interest Rate w.e.f. 10.06.2020 (1 year MCLR: 7.00%) |
|---|---|
| SBI Two-Wheeler Loan | 9.05% above 1 year MCLR i.e. 16.05% p.a. |
| SBI Car Loan Lite | CIBIL Score Rate of Interest >=757 3.00% above 2 Yr MCLR i.e. 10.20% p.a. From 689 to 756 4.00% above 2 Yr MCLR i.e. 11.20% p.a. |
How much car loan can I get on 40000 salary?
It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.
What is the maximum down payment on a car?
If you want to, you can definitely make a 50 percent down payment on a car if you have the cash. It’s uncommon, but as long as you finance at least the minimum amount – usually $5,000 if you have bad credit – lenders don’t have a problem with you making a really big down payment.
What is the EMI for 20 lakhs home loan?
EMIs on a 20 lakh home loan for 30 years
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs.20 lakh | 10% | Rs.17,551 |
How much loan can I get on 50000 salary?
How much home loan can I get on my salary?
| Net Monthly income | Home Loan Amount |
|---|---|
| Rs.30,000 | Rs.22,37,206 |
| Rs.40,000 | Rs.29,82,941 |
| Rs.50,000 | Rs.37,28,676 |
| Rs.70,000 | Rs.52,20,146 |
How can I check my car EMI status?
Process to Register for Net Banking to Check the Car Loan Status
- Visit the official website of HDFC Bank.
- Click on ‘Login’.
- Next, select ‘Loan Account Login’ and click on ‘Register’.
- On the next page, you will need to enter a User ID, the loan account number, your date of birth, and the last EMI amount paid.
Which bank is best for car loans?
Best Car loan Interest Rates India January 2021
| Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
|---|---|---|
| Central Bank of India | 8.40% – 8.65% | Rs. 1,579 – Rs. 1,591 |
| Corporation Bank | 8.50% – 9.00% | Rs. 1,584 – Rs. 1,609 |
| HDFC Bank | 8.80% – 8.90% | Rs. 1,599 – Rs. 1,604 |
| ICICI Bank | 9.00% | Rs. 1,609 |
How much car loan can I get on 20000 salary?
With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.
Which bank has lowest car loan rates?
Car Loan Interest Rate Comparison for All Banks, Lowest EMI, Best Rates in India
| Bank | Car Loan Interest Rates |
|---|---|
| HDFC Bank Car Loan Rates | 7.65% Fixed |
| SBI Car Loan Rates | 7.70% Floating |
| ICICI Bank Car Loan Rates | 7.90% Fixed |
| Axis Bank | 8.70% Fixed |
Is SBI car loan fixed or floating?
Car Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by SBI is ₹ 1,544 per lakh loan amount at lowest car loan interest rate of 8.70%.
Can I close my SBI car loan online?
Important note: You can‘t close SBI Car loan account online, you have to branch to complete the process.
How can I check my SBI car loan eligibility?
Income Criteria
- Minimum annual income for salaried individuals – Rs.2.5 lakh.
- Minimum gross taxable income for self-employed individuals – Rs.3 lakh.
- Minimum annual income for individuals engaged in agricultural activities – Rs.4 lakh.
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