SBI Car Loan Calculator: What will be your EMI on Rs 8 lakh loan for 3, 5 and 8 years?

SBI Car Loan EMI Calculator: Do you see a car as a luxury or a necessity? It may just be your perspective, but in an urban landscape, it has become more of a necessity, which gives you comfort and cuts your commute time. One may buy a car in cash or through a loan.

Experts say that since the value of a car decreases with time, buying it in cash in one go may not be a good option.

So, the other option is to take a car loan.

When you take a car loan, you repay the principal and the interest.

If the duration of the loan is long, your equated monthly instalment (EMI) can be small, but you will more likely pay more interest than the principal amount.   

These days, a lot of banks offer car loans.

If you are also planning to buy a car by taking a loan, then know here the calculation of the SBI car loan about what you will pay on a Rs 8 lakh loan of 3-, 5-, and 8-year tenures. 

EMI and repayment amount for 8-year SBI car loan

If you take a car loan of Rs 8 lakh from SBI for 8 years, at present, auto loans at SBI start at an 8.85 per cent interest rate.

It means your EMI will be Rs 11,658.

In 8 years, you will have to pay Rs 3,19,168 as interest.

If the principal amount of Rs 8,00,000 is added to this, the total will be Rs 11,19,168. 

EMI and repayment amount for 5-year SBI car loan

If you take a loan of Rs 8 lakh from SBI for 5 years, your EMI will increase but your interest will decrease.

If you take a loan of Rs 8 lakh for 5 years, your EMI will be Rs 16,549 at an 8.85% interest rate.

In 5 years, you will have to pay Rs 1,92,910 in interest.

You will pay a total of Rs 9,92,910 to the bank.

EMI and repayment amount for 3-year SBI car loan

If you take a car loan of Rs 8 lakh from SBI for 3 years, your EMI will be Rs 25,384 at the 8.85 interest rate.

You will have to pay Rs 1,13,823 in interest over 3 years.

In this way, including principal and interest, you will pay a total of Rs 9,13,823 to the bank in 3 years.