New Delhi. Festivals have started in the country. In such a situation, many types of discounts and offers are provided on vehicles. If you are thinking about buying a car on loan, you can take advantage of numerous offers from car companies.

The country’s largest public sector bank, SBI, provides car loans at an initial interest rate of 9.15 percent. Let us know how much monthly EMI you have to pay if you take a car loan of Rs 6 lakh from SBI.

What will be the monthly EMI?
Currently, a car loan is available in SBI at an initial interest rate of 9.15%. However, you can get a car loan at this initial interest rate only if your CIBIL score is 800 or more. From this point of view, the bank will easily approve your car loan. If your CIBIL score is low, you may need to take a loan at a higher interest rate.

If your car loan of Rs 6,00,000 is approved by SBI at an interest rate of 9.15% and the loan tenure is 3 years, your monthly EMI will be Rs 19,122 as per SBI EMI calculator.

According to the calculation, you will pay interest of Rs 88,383 for the life of the loan. This means that after three years, you will have to pay a total of Rs 6,88,383.

Tags: car news, Car loan, SBI loan