Buying a stylish and a classy car is a dream of many, don’t you agree? And, when it comes to fulfilling this dream, not many people have enough savings/cash for the same. So, all they do is opt for a smart option which is being easily available, i.e. car loan.
Yes, that’s right! This convenient and easy to avail option allows you to get closer to your dream car without any hassle. Well, it allows you to buy a vehicle of your choice by providing you the cash instantly. But before we talk more about this financial product, have you ever wondered how much you need to pay to the lender each month so as to repay your loan? Have you ever paid attention to the EMIs?
Moreover, if the answers to all these questions is a NO, we are here to answer them. Now that you have made up your mind to buy a car loan , it is also important to buy it from a reputed lender. And, State Bank of India, being country’s leading lender offers this credit facility with best of features and benefits. Well, I guess it is the right time that we should talk about SBI car loan EMI calculator. Yes, because interest rates, loan amount, tenure are not the only factors you need to consider.
In fact, Equated Monthly Installments play equally important role in your overall loan journey. It would be advisable that one should know the exact amount of EMIs that he/she need to pay to the lender so that one can plan the expense accordingly.
And, no device is better than an EMI calculator to know the exact amount of your monthly installments online. That is right! This smart, effective and time-saving tool with its simple algorithm and fastest functioning allows you to know the exact values of your EMIs in just a few seconds. The way it functions and gives you the precise and exact results is simply exceptional. This is the reason that these days, people prefer to use this online tool in order to know the exact calculations of their monthly installments.
After taking into account-Loan Amount, Interest Rate and Tenure, this tool fetches the values within few seconds. The moment you enter these credentials into the device, it’s algorithm starts functioning and gives the results instantly.
However, for your better understanding, let’s just take the help from an example below:
Suppose, Ankit Gupta, a 30-year-old, Sales Manager by profession wants to buy a sports car worth ₹8 Lakh. Thus, to get the same amount, he has applied in a bank. And, the best part is that after evaluating his profile, the lender has agreed to offer him the same amount at an interest rate of 9.25% for a tenure of 7 years.
But, Ankit wants to be fully sure as far as repayment is concerned and wants to know whether his monthly installments are going to be pocket-friendly or not. Thus, he used an EMI Calculator online to know the exact calculations of EMI, Interest Outgo and Total Amount Payable towards a loan. So the values came out to be: ₹ 12,973, ₹ 2,89,731 and ₹ 10,89,731 respectively.
Now just imagine, what would have been the scenario, when this device was not invented. Earlier people used to calculate their monthly installments with the help of using a complex and confusing formula. In addition to this, it was not easy for all to understand and calculate the monthly installments via using the same. More to the point, to overcome the barrier, this smart tool was invented so that people can know the exact amount of their monthly installment in the best way.
However, with the help of using SBI car loan EMI calculator, people like Ankit who wants to buy their dream vehicle can easily buy the same before knowing whether their monthly installments are pocket-friendly or not. This effective device helps in clearing the confusion and lets you know the exact calculations in just a few seconds.
I hope reading the article above would be helpful for you in the future when it comes to availing a car loan.