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Author: admin | Category: Lease Car Calculator | Date: 29.09.2014

The interest rates charged by SBI on their car loans are also competitive and give many private sector banks a run or their money. EMI stands for equated monthly installments  which essentially means the monthly payment a borrower is required to pay the lender for servicing any type of mortgage or loan.
A typical EMI calculator calculates the monthly EMI required to be paid by using a complex formula in which three essential values are required to be fed – the loan amount, the applicable interest rate and the duration of the loan period. An EMI calculator becomes very useful when it is coupled with a loan repayment schedule, which lets you know the exact date on which you have to make the payment in future for the servicing of your loan. This loan repayment schedule, will also let you know the amount of two components, which comprise the EMI for that particular month.
If you are looking to find an online EMI calculator for car loans from SBI, then let me tell you that there is no such online calculator for estimating the car loan EMI on SBI website. Here we present you a versatile MS Excel worksheet, which can perform just like an online SBI car loan EMI calculator for you. This online EMI calculator for SBI car loans, will calculate the scheduled payment (EMI), the number of payments and the total interest you will pay in the loan summary. This versatile EMI calculator for car loans also allows you to enter any optional extra payments, you can make to SBI to reduce your overall interest burden and reduce your loan repayment period.
This SBI car loan EMI calculator will also create a payment schedule for you which you can print and keep with you for ready reference in future.
This customized SBI car loan calculator will help you a great deal to plan your finances well.
DisclaimerLots of approximations and assumptions have been made while developing the calculators.
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Whether you are buying a new car or a used one, you must calculate the auto loan payments to make sure they fit your budget, even if you are signing a loan through a dealer, bank, credit union or any other lending institution.
Use the =PMT function, which calculates a $15,090 loan for a length of four years (48 months payments) at seven percent interest rate.
Enter “=PMT” and click on the cell with 7.00% and “B1” appears after the left parentheses. Now use a comma after “B3” and click on the cell with 0 and “B4” will appear as a result.
Now press the ‘Enter’ key and you will see the monthly payment, which will be $361.35 according to these numbers.
Before signing for an auto loan, you should determine the amount of sales tax according to your state and add it to the approximate purchase price. The dealer and the creditors charge many fees like preparing the vehicle for sale, handling the loan and destination fee. Kindly note that this rate is subject to change depending on your car model, loan amount, loan period and bank’s approval. They are the largest public sector bank of India and one of the most trusted banking brands.

It would be worth telling here that the EMI essentially consists of two components namely; the principal repayment component – which is used for the repayment of a part of the outstanding loan balance and the interest component – which is paid to the lender for providing the money.
The best you can do is find the applicable interest rates on the SBI car loans and then use any of the online EMI calculator for your car loan. You just had to enter the loan amount, the annual interest rate, the loan period in years and the number of payments which you are planning to make every year. These optional extra payments can be in the form of lump-sum payments as and when you are having surplus cash or they can also be in the form of regular monthly payments which you can make along with your EMI to SBI. Every EMI to be paid in future will also be broken down into two of its components namely; the principal component which is used up for the repayment of the outstanding loan balance and the interest component which is used for paying the lender.
If you want you can download the basic MS Excel spreadsheet used to calculate this online SBI car loan EMI calculator absolutely free and use it on your computer as and when you wish. It is only at this point that the lender makes a double payment that depletes the account.
However, taking into account the financial challenges in the modern world, it gets extremely difficult to save money for a car.
For instance, if your state charges 7 percent sales tax on a purchase price of $15,000, you will end up paying $16,050, after adding up $1,050 in shape of tax. In order to pay less in the long run every month, many people prefer to pay a higher down payment.

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