New Delhi. Festivals have started in the country. In such a situation, many types of discounts and offers are being given on vehicles. If you are thinking of buying a car on loan, then you can take advantage of many offers given by car companies.
The country’s largest public sector bank SBI is providing auto loan at an initial rate of 9.15 percent. Let us know how much monthly EMI you will have to pay if you take a car loan of Rs 6 lakh from SBI.
How much will the monthly EMI be?
At present, auto loan is available in SBI at an initial interest rate of 9.15%. However, you will get auto loan at this initial interest rate only if your CIBIL score is 800 or above. On this score the bank will easily approve your auto loan. If your CIBIL score is low, you may have to take a loan at a higher interest rate.
If your car loan of Rs 6,00,000 is approved from SBI at the rate of 9.15% and the loan tenure is kept for 3 years, then according to the SBI EMI calculator, your monthly EMI will be Rs 19,122.
According to the calculation, you will pay interest of Rs 88,383 for the tenure of the loan. That means after three years you will have to pay a total of Rs 6,88,383.
Tags: Auto News, Car loan, SBI loan
FIRST PUBLISHED : October 23, 2024, 7:07 pm IST
