State Bank of India (SBI) Car Loan EMI Calculator 2026 — Rates & Monthly Payment
State Bank of India (SBI) offers car loans starting at 8.85% p.a. For a ₹10 Lakh car loan over 7 years, the monthly EMI is approximately ₹16,013 with total interest of ₹3.45 L. Use the calculator below to check EMI for your car loan amount.
Last updated: 22 May 2026, 3:15 PM IST
Monthly EMI
₹16,013/month
at 8.85% for 7 years from State Bank of India (SBI)
State Bank of India (SBI) — Car Loan Details
Interest Rate
From 8.85% p.a. (floating)
Processing Fee
0.35% of loan amount (min ₹2,000, max ₹10,000)
Prepayment / Foreclosure
No prepayment penalty on floating rate home loans. Fixed rate loans may carry up to 2% penalty on the outstanding balance.
Eligibility
Salaried: min age 18, max 70 at maturity. Self-employed: min 3 years of business vintage. Min income ₹25,000/month for salaried.
Data Sources
- RBI — Key Policy Rates (2026) — www.rbi.org.in
- Bank Websites — Latest Interest Rates (May 2026) — www.rbi.org.in
- NHB — Home Loan Guidelines (2025) — nhb.org.in
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Important: This calculator provides estimates based on the inputs and assumptions you provide. Results are mathematical projections, not financial advice or recommendations. Actual outcomes will vary based on market conditions, policy changes, individual circumstances, and factors not captured by this tool. Verify all figures independently and consult qualified professionals before making financial decisions.
State Bank of India (SBI) Car Loan — Rates, Fees & Eligibility
A salaried professional buys a new car worth ₹12 Lakh, paying ₹2 Lakh as down payment and financing ₹10 Lakh through State Bank of India (SBI) at 8.85% for 7 years. The monthly EMI is ₹16,013, and the total interest cost is ₹3.45 L. State Bank of India (SBI) charges a processing fee of 0.35% of loan amount (min ₹2,000, max ₹10,000). For new cars, State Bank of India (SBI) finances up to 90% of the ex-showroom price. A 5-year tenure would reduce total interest to ₹2.41 L with an EMI of ₹20,686. Used car loan rates from State Bank of India (SBI) are typically 1.5–2% higher. Always factor in insurance, registration, and accessory costs when planning the loan.
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Ganesh Kompella is NISM Series XIX-C certified — the certification for Alternative Investment Fund managers — and a Partner at Tykhe Ventures, a SEBI-registered Category II AIF (~$20 M AUM). He's a self-taught engineer who built RupayWise and its 230+-test calculation engine because India's finance tools were built to sell products, not to help you decide. RupayWise is an educational platform — not a SEBI-registered Investment Adviser.
Frequently Asked Questions
What is State Bank of India (SBI) car loan interest rate?
State Bank of India (SBI) car loan rates start from 8.85% p.a. for new cars. Used car loan rates are typically 1.5–2% higher.
What is the EMI for ₹10 Lakh car loan from State Bank of India (SBI)?
At 8.85% for 7 years, the EMI is approximately ₹16,013/month. For 5 years: ₹20,686/month.
What is the maximum car loan amount from State Bank of India (SBI)?
State Bank of India (SBI) finances up to 90% of the ex-showroom price for new cars and 75–80% for used cars. Maximum loan amount depends on income and repayment capacity.
Can I prepay my State Bank of India (SBI) car loan?
No prepayment penalty on floating rate home loans. Fixed rate loans may carry up to 2% penalty on the outstanding balance. Check your loan agreement for car-loan specific terms.
What documents are needed for State Bank of India (SBI) car loan?
PAN, Aadhaar, salary slips (3 months), bank statements (6 months), proforma invoice from dealer, and address proof. Self-employed: ITR for 2 years.
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Disclaimer: This calculator provides estimates based on the interest rates and tenure shown. Actual EMI may vary based on the bank's lending terms, processing fees, and any floating-rate revisions. Bank rates are sourced from public data and may not reflect the latest changes — always confirm with your bank before applying. This is not financial advice. RupayWise is not a loan broker or financial advisor.