SBI Car Loan Latest Interest Rates: Know your EMIs and total interest on Rs 4 lakh, Rs 8 lakh, Rs 12 lakh, and Rs 16 lakh loans for 5 years
SBI Car Loan Latest Interest Rates: A car is no longer just a style statement. It has become a necessity in most parts of India. From Tier-1 cities to small towns to hamlets, people use cars to save time and, in many cases, money. But cars are expensive, and one can't purchase a car easily in one go. The value of a car reduces fast as time passes, so a lot of people prefer buying a car after taking a loan. The car loan may last up to seven years. A bank may offer a car loan at different interest rates to different borrowers depending on their Cibil score. All leading banks offer car loans to borrowers. State Bank of India (SBI) is also one of them. In this write-up, we will tell what the interest rates of SBI car loans are and what the EMI the EMI will be if a borrower takes a car loan of Rs 4 lakh, Rs 8 lakh, Rs 12 lakh, or Rs 16 lakh for five years.
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SBI Car Loan
State Bank of India is now offering car loans in the range of 8.85 per cent to 9.90 per cent annual interest rates (As per Paisabazaar.com). The lender is also charging a processing fee of up to Rs 1,500 on the car loan. It means one who has taken a Rs 5 lakh car loan for five years is paying the EMI in the range of Rs 10,343 and Rs 10,599.
Rs 4 lakh SBI car loan EMI and interest
For a Rs 4 lakh car loan for five years, the EMI will be in the range of Rs 8,274 and Rs 8,479. The total interest that you have to pay in the five years will be in the range of Rs 96,455 and Rs 1,08,749.
Rs 8 lakh SBI car loan EMI and interest
If one has taken a Rs 8 lakh car loan for five years, the EMI will be in the range of Rs 16,549 and Rs 16,958, and the total interest will be in the range of Rs 1,92,910 and Rs 2,17,498.
Rs 12 lakh SBI car loan EMI and interest
The one with a car loan of Rs 12 lakh for five years will pay the EMI in the range of Rs 24,823 and Rs 25,437, and the total interest will be in the range of Rs 2,89,365 and Rs 3,26,247.
Rs 16 lakh SBI car loan EMI and interest
For a Rs 16 lakh car loan from SBI, one needs to pay the EMI in the range of Rs 33,097 and Rs 33,917, which means the interest will be in the range of Rs 3,85,821 and Rs 4,34,996.
SBI Car Loan
(Disclaimer: The car loan interest rates given here are for information purpose only. Please contact the bank for knowing the latest car loan conditions)