State Bank of India or SBI is largest public sector bank in India, both in terms of revenue and customer base. Founded in 1806, this Mumbai headquartered bank is the oldest banking institution in India tracing its legacy to British India. This mammoth banking & financial services firm, earlier known as Imperial bank of India, has five associate banks making it a strongly networked bank in India and overseas.

SBI and the associate banks provide a multitude of banking services to all types of customers, individuals, business concerns & institutions. SBI car loans are one of the prominent products offered in the personal finance category.

SBI car loans are rich on features and are easily accessible in over 13,000 branches across India. You can also apply for an SBI car loan online on the bank’s web portal. Before applying, its imperative for you to know if you qualify. Its strongly advised to understand the precedents before filing an application for a car loan with SBI. Listed below are two of the most integral tools that help you in preparing for a car loan application.

SBI car loan interest rates are considerably, one of the lowest in the market. A 7 year repayment tenure gives adequate time to car owners to repay the loan. Enticing features such as no prepayment charges, life cover(optional) add value to the scheme. SBI also extends the loan schemes to new cars.

Car Loan Eligibility Calculator

To scrutinise SBI car loan eligibility, use an eligibility calculator available on the internet. Umpteen tools are available online, either on the bank’s website or neutral car loan comparison websites. There are many dimensions to a car loan application. Your application goes through many checks and verification, most of them are driven by systems. You may be able to partly ascertain your eligibility by evaluating brochures and resources. An online eligibility calculator would establish reliable facts.

A reliable calculator should cover the vantage points. SBI car loans have many conditions and terms for a car loan applicant. Some of the requirements relate to

* Qualification by age
* Income eligibility
* Documentation

Using calculators available from online neutral car loan marketplaces helps achieve all the above. The most significant part about looking up for SBI car loan details and calculating SBI car loan eligibility is the availability of up to date information and resources.

Computing car loan EMI’s helps forecast future expenditure to be incurred with the car loan. sbi.co.in hosts a simple, easy to use calculator that helps to calculate future EMI’s.

Before using the tool, determine the loan amount, duration of the loan(in months) and the interest rate. SBI follows base rate system that for all its loan products. The current rate of interest is 10.45 % for male and 10.40 for female applicants.

Key in the numbers, instant output will display the EMI value and total interest paid towards the car loan.
If you’re looking for extensive breakdown, use a calculator available on popular car loan comparison sites. It brings great value to your search. In addition to the regular output, these calculators go an extra mile by providing amortization details and much more.