Car Loan EMI Calculator: If you have taken a car loan of Rs 8 lakh from SBI, then how much will be the EMI in 3, 5, and 8 years?

SBI Car Loan EMI: Have you ever thought that taking a car from a loan gives you convenience, but you pay much more interest in return? If you are also planning to buy a car by taking a loan, then know here the calculation of tenure of 3, 5, and 8 years on a loan of Rs 8 lakh.

SBI Car Loan EMI Calculator: Nowadays car is not just a hobby, it is also a necessity. Keeping in view the increasing demand for cars with time, government and private banks have started offering auto loans at better interest rates. Due to the loan facility, even the salaried class gets a chance to buy a better car. The advantage of buying a car by taking a loan is that you do not have to raise a huge amount in a lump sum to buy the car. For this, you take a fixed amount as a loan from the bank and repay it in a few years through EMI. With this, your needs and hobbies are easily fulfilled.

But have you ever thought that taking a car on loan gives you convenience, but you pay much more interest in return. In fact, if banks give you a loan, they also charge interest in return. The longer the loan tenure, the higher the interest. In order to get smaller EMIs, people often take long tenure loans, but they end up paying much more than the loan amount through EMIs. If you are also planning to buy a car by taking a loan, then know here the calculation of tenure of 3, 5 and 8 years on a loan of Rs 8 lakh.

On taking loan for 8 years

Suppose you take a loan of Rs 8 lakh from SBI for 8 years. At present, auto loan in SBI starts from 8.85%. In such a situation, if you calculate according to 8.85%, your EMI will be Rs 11,658. In 8 years you will have to pay Rs 3,19,168 as interest. If the principal amount of Rs 8,00,000 is added to this, the total will be Rs 11,19,168. That means you will pay Rs 11,19,168 to the bank against the loan of Rs 8 lakh.

On taking loan for 5 years

If you take a loan of Rs 8 lakh from SBI for 5 years, then your EMI will increase. But you will have to pay less interest to the bank. If you take a loan of Rs 8 lakh for 5 years, your EMI will be Rs 16,549 at 8.85% interest rate. In 5 years you will have to pay Rs 1,92,910 as interest. In this way, including principal and interest, you will pay a total of Rs 9,92,910 to the bank in 5 years.

On taking loan for 5 years

If you take a loan of Rs 8 lakh from SBI for 3 years, your EMI burden will increase further. But the bank will have to pay even less interest. If you take a loan of Rs 8 lakh for 3 years, the EMI at the rate of 8.85% will be Rs 25,384. You will have to pay Rs 1,13,823 as interest in 3 years. In this way, including principal and interest, you will pay a total of Rs 9,13,823 to the bank in 3 years.