SBI Car Loan : Hello friends, through this article today we are going to discuss how much EMI you will have to pay on taking a car loan from State Bank of India,
Under SBI Car Loan, if you get a loan of Rs 10 lakh for a period of 7 years, then the calculation of how much EMI will be charged on it will be explained through today’s post, so for complete information, all of you stay tuned to this article till the end.
Introduction to State Bank of India Loan
Friends, I would like to tell you that the State Bank of India is providing the loan at the lowest interest rate. The monthly EMI due to this will be very low. And let me tell you that the bank is giving a full 7 years time to repay this loan.
This means that you will get this loan for a period of 7 years. To apply for a car loan, the minimum age limit should be 21 years and the maximum age should be 67 years.
You must have this document
Some important documents are required to apply for SBI Car Loan, which we are going to discuss here. If you are interested in applying for SBI Car Loan, then some important documents must be available with you.
Such as two passport size photographs and 6 months bank statement must be available. Along with this, a photocopy of passport, voter ID card or PAN card must be available for identity proof.
It is also necessary to have a nearby address proof available, along with this, you must also have your salary slip. If you earn a regular monthly income, then 2 years’ Form 16 i.e. income return details are also necessary. If a person has his own business, then Form 16 of the last 3 years will be required.
Know how much EMI you will have to pay on this loan
Under SBI Car Loan, if you get a loan of Rs 10 lakh for a full period of 7 years, then you will have to pay EMI every month at the rate of 9.10 percent interest in 1 year.
On this basis, you will have to pay ₹16140 as EMI every month. Whereas in 7 years you will have to pay a total of ₹355749 as interest and the total amount including interest will be ₹1355794.
