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SBI Credit Card EMI Interest Rate Calculator Auto

EMI Calculation Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

INR
%
months

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1. What is EMI Calculation?

The EMI (Equated Monthly Installment) calculation determines your fixed monthly payment for repaying your SBI credit card debt used for auto purchases. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

Explanation: The formula calculates the fixed payment amount that includes both principal repayment and interest charges each month.

3. Importance of EMI Calculation

Details: Knowing your EMI helps in financial planning, understanding total interest cost, and comparing different loan options before making auto purchases with your SBI credit card.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for SBI credit card EMI?
A: SBI credit card EMI interest rates typically range from 14% to 40% APR depending on the offer and your credit profile.

Q2: Are there any processing fees for EMI conversion?
A: SBI may charge a processing fee (usually 1-2% of the principal) for converting purchases to EMI.

Q3: Can I prepay my EMI loan?
A: Most credit card EMIs allow prepayment, but may charge a foreclosure fee (typically 2-3% of outstanding principal).

Q4: How does EMI affect my credit limit?
A: The principal amount is blocked from your available credit limit, which gets released as you make EMI payments.

Q5: Is EMI better than personal loan for auto purchase?
A: EMI may have higher rates but simpler process. Compare total interest costs before deciding.

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