Car Loan EMI Calculator – SBI App

Car Loan EMI Calculator

Calculate your monthly EMI for a car loan using the SBI App, by entering your loan amount, interest rate, and tenure.

Loan Amount (₹) Interest Rate (%) Loan Tenure (Years) Monthly EMI (₹)

function calculateEMI() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTenure = parseInt(document.getElementById(“loanTenure”).value) * 12; if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTenure) || loanAmount <= 0 || interestRate <= 0 || loanTenure el.value = “”); }

This car loan EMI calculator for SBI App helps you estimate your monthly installment for the car loan based on the loan amount, interest rate, and tenure. It’s an easy-to-use tool for financial planning.

EMI Formula

EMI = Loan Amount × Interest Rate × (1 + Interest Rate) ^ Tenure / [(1 + Interest Rate) ^ Tenure – 1]

Example Calculation

Loan Amount: ₹500,000, Interest Rate: 8.5%, Tenure: 5 years → Monthly EMI = ₹10,067.99

Why It Matters

Knowing your EMI helps you manage your finances better and ensures that you can comfortably afford the loan.

Smart Strategy

Choose a tenure that fits your budget. A longer tenure results in a lower EMI but a higher overall cost due to interest.

FAQs

What is the ideal loan tenure? A shorter tenure reduces the interest paid but increases the monthly EMI.

Can I change the loan tenure? Yes, you can opt for a different tenure when applying for the loan.

Car Loan Emi Calculator Sbi App

Car Loan EMI Calculator – SBI App