SBI Car Loan EMI Calculator — FY 2026-27
Calculate your monthly EMI for an SBI Car Loan at the latest SBI rate. SBI offers up to 90% on-road price funding for new cars and tenure up to 7 years. Rate pre-fill tracks the SBI Car Loan card rate as of 16 April 2026.
Starting rate: 9.2% p.a.Last updated: Editorial
Loan inputs
- Monthly EMI
- ₹16,684
- Principal
- ₹8.00 L
- Total Interest
- ₹2.01 L
- Total Payment
- ₹10.01 L
Principal vs Interest
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | ₹2,00,213 | ₹1,32,091 | ₹68,122 | ₹6,67,909 |
| Year 2 | ₹2,00,213 | ₹1,44,769 | ₹55,444 | ₹5,23,140 |
| Year 3 | ₹2,00,213 | ₹1,58,664 | ₹41,549 | ₹3,64,476 |
| Year 4 | ₹2,00,213 | ₹1,73,893 | ₹26,321 | ₹1,90,583 |
| Year 5 | ₹2,00,213 | ₹1,90,583 | ₹9,630 | ₹0 |
About this SBI EMI Calculator
This SBI EMI Calculator computes the monthly EMI, total interest, and full amortization schedule for an SBI car loan at the current rate card (starting 9.2% p.a. for eligible salaried customers). It uses the same reducing-balance formula that SBI’s official per-lakh EMI table publishes, so the output matches your sanction letter to the rupee.
SBI Bank offers three main EMI calculator variants depending on the loan product you’re modelling — pick the one that matches your use case:
- home loan EMI at SBI — 30-year tenure, 8.50% floor for Govt/Defence/PSU, MaxGain overdraft variant
- SBI personal loan calculator — Xpress Credit / Xpress Elite, 6-year tenure, 11.50% floor for eligible salary-account holders
- Currently viewing — 7-year tenure, 8.75% floor for salaried, up to 100% on-road funding for select profiles
For the generic EMI math that underlies all three, see the general EMI Calculator. For the related blog guide on SBI car loan rates and eligibility, see SBI Car Loan 2026: Rates & Eligibility.
SBI Car Loan — April 2026 interest rates
SBI offers two main car-loan schemes: SBI Car Loan Scheme (standard) and SBI Green Car Loan (for electric vehicles, 20 bps concession). Both are linked to the External Benchmark Rate (EBR) + spread; rate resets happen on 1 April each year.
| Customer profile | CIBIL 800+ | CIBIL 750–799 | CIBIL 700–749 |
|---|---|---|---|
| Salaried (SBI salary account) | 8.75% | 8.85% | 9.10% |
| Salaried (non-SBI salary account) | 9.00% | 9.10% | 9.45% |
| Self-employed (ITR-based) | 9.25% | 9.45% | 9.75% |
| SBI Green Car Loan (EV) | 8.55% | 8.65% | 8.90% |
| Used car (3–7 yrs old) | 11.45% | 11.70% | 12.15% |
| SBI Assured Car Loan (loan + deposit) | 8.65% | 8.75% | 9.00% |
Indicative FY 2026-27 rates from SBI’s car-loan rate card (sbi.co.in → Personal Banking → Car Loan). Actual rate depends on on-road price, LTV, and salary-tieup status.
SBI car loan eligibility
- Age: 21–67 years at application; loan must mature before age 70.
- Income (salaried): ₹30,000 net monthly salary minimum; permanent employee with 2+ years of continuous service (current employer 1+ year).
- Income (self-employed): ITR of last 2 years showing taxable income of ₹3 L+ annually. Professionals (doctors, CAs, architects) qualify at lower income threshold.
- CIBIL score: 700+ minimum; 750+ gets the best rate band.
- LTV (loan-to-value): up to 90% of on-road price for new cars; 85% for used cars (3–7 years old). Select premium schemes offer up to 100% for SBI salary-account customers.
- Tenure: maximum 7 years (84 months) for new cars; 5 years for used cars.
- Eligible vehicles: new + used passenger cars, SUVs, MUVs, electric vehicles. Two-wheelers and commercial vehicles have separate schemes.
SBI car loan fees + charges (April 2026)
| Charge | Amount |
|---|---|
| Processing fee | 0.40% of loan + GST (min ₹1,000, max ₹7,500) |
| Prepayment charges — floating | Nil (RBI rule for individual floating-rate borrowers) |
| Prepayment charges — fixed | 2% of outstanding principal |
| Cheque bounce / ECS return | ₹500 + GST per instance |
| Penal interest on overdue EMI | 2% per month |
| Duplicate NOC / loan closure letter | ₹500 |
SBI car loan EMI worked example — ₹8 lakh × 5 years
Common scenario: ₹8 lakh SBI car loan at 8.75% for a salaried CIBIL 800 applicant over 60 months:
- Principal = ₹8,00,000
- Monthly rate = 8.75 / 12 / 100 = 0.007292
- Tenure = 60 months
- Monthly EMI = ₹16,512
- Total interest over 5 years = ₹1,90,757
- Total outflow = ₹9,90,757
- Processing fee 0.40% = ₹3,200 + 18% GST = ₹3,776 one-time
- All-in cost = ₹9,94,533
SBI vs HDFC vs ICICI — car loan comparison (April 2026)
| Bank | Rate (CIBIL 800+) | Processing fee | Max LTV | Max tenure |
|---|---|---|---|---|
| SBI Car Loan | 8.75% p.a. | 0.40% (max ₹7,500) | 90% | 7 years |
| HDFC Bank | 9.00% p.a. | Up to ₹10,000 | 100% | 7 years |
| ICICI Bank | 9.10% p.a. | 0.50% (max ₹8,500) | 100% | 7 years |
| Axis Bank | 9.05% p.a. | Up to ₹10,000 | 95% | 7 years |
| Bank of Baroda | 9.15% p.a. | 0.50% + GST | 90% | 7 years |
SBI wins on headline rate + lowest processing fee among the private peers, but HDFC/ICICI offer up to 100% on-road funding (SBI caps at 90%). For a buyer with 15%+ down payment available, SBI is usually the cheapest all-in. For a zero-down buyer, HDFC or ICICI are the only options.
SBI car loan documents required
- Identity + address: PAN + Aadhaar + passport / voter-ID / driving-licence.
- Income proof (salaried): last 3 months salary slip + last 6 months salary-account bank statement + last 2 Form 16s.
- Income proof (self-employed): last 2 years ITR + audited financials + last 6 months current-account statement.
- Car documents: proforma invoice / order confirmation from the dealer; for used car, RC book + valuation report from an SBI-empanelled valuer.
- Employment proof: company ID + offer letter.
Disbursal typically in 3–5 working days for new-to-bank applicants; 24–48 hours for existing SBI salary-account customers with pre-approved car-loan offer in YONO.
SBI Car Loan EMI Calculator — FAQ
What is the current SBI car loan interest rate?
SBI Car Loan rates typically start from 9.20% p.a. for salaried applicants with CIBIL 750+. Government / PSU employees often get a 0.05-0.10% concession. Used-car loans price 1-2% higher (FY 2026-27 — verify on sbi.co.in).
How much car loan can I get from SBI?
SBI funds up to 90% of on-road price for new cars (including registration + insurance + accessories), up to 80% for used cars. Maximum loan amount depends on income — typically 4× annual gross salary, subject to other EMI exposure.
What is the maximum tenure for an SBI car loan?
Up to 7 years (84 months) for new cars, 5 years for used cars. Longer tenure = lower EMI but the car depreciates faster than the loan reduces — a 7-year loan on a Maruti hatchback is rarely the right choice. Use the calculator to compare 3- and 5-year scenarios.
Are there prepayment charges on SBI car loans?
No prepayment charges for floating-rate SBI Car Loans. Fixed-rate variants may carry a small penalty — check your sanction letter. SBI Car Loan is typically a floating-rate product linked to the External Benchmark.