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State Bank of India ₹15 lakh Car Loan EMI for 7 Years
At the advertised starting rate of 8.55%, the EMI is about ₹23,792 a month, with total interest of about ₹4,98,567.
Source: State Bank of India official page, checked 2 November 2026.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Prepayment options (optional): pay extra to finish sooner
EMI at higher rates
| Rate | EMI | Total interest | Total payment |
|---|---|---|---|
| 8.55% (starting) | ₹23,792 | ₹4,98,567 | ₹19,98,567 |
| 9.05% | ₹24,172 | ₹5,30,423 | ₹20,30,423 |
| 9.55% | ₹24,554 | ₹5,62,569 | ₹20,62,569 |
| 10.05% | ₹24,941 | ₹5,95,006 | ₹20,95,006 |
| 10.55% | ₹25,330 | ₹6,27,730 | ₹21,27,730 |
Year-by-year repayment schedule at 8.55%
How much of each year's payments goes to principal and to interest, and what you still owe at the end of the year. Use the calculator above for a month-by-month view and prepayment options.
| Year | Principal | Interest | Paid | Balance left |
|---|---|---|---|---|
| Year 1 | ₹1,63,571 | ₹1,21,939 | ₹2,85,510 | ₹13,36,429 |
| Year 2 | ₹1,78,117 | ₹1,07,392 | ₹2,85,510 | ₹11,58,312 |
| Year 3 | ₹1,93,958 | ₹91,552 | ₹2,85,510 | ₹9,64,354 |
| Year 4 | ₹2,11,207 | ₹74,303 | ₹2,85,510 | ₹7,53,147 |
| Year 5 | ₹2,29,990 | ₹55,520 | ₹2,85,510 | ₹5,23,158 |
| Year 6 | ₹2,50,443 | ₹35,067 | ₹2,85,510 | ₹2,72,715 |
| Year 7 | ₹2,72,715 | ₹12,794 | ₹2,85,510 | ₹0 |
Frequently asked questions
What is the EMI for a ₹15 lakh State Bank of India car loan for 7 years?
At State Bank of India's starting rate of 8.55% the EMI is about ₹23,792 a month. If your offered rate is 9.55% it would be about ₹24,554.
How much total interest will I pay?
At 8.55% the total interest over 7 years is about ₹4,98,567, so you repay about ₹19,98,567 in all.