SBI Personal Loan EMI Calculator is a financial tool that helps to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the Personal loan taken from State Bank of India for a specified period.
(Calculate the EMI against the Personal Loan taken from State Bank of India by using this SBI Personal Loan EMI Calculator)
SBI Personal Loan equated monthly installment (EMI) is a fixed monthly installment paid by borrowers to SBI against the Personal loan taken for Personal needs. Every month, it is due on a fixed day of the month until your loan is fully paid back.
Use this SBI Personal Loan Calculator to calculate the EMI on Personal loan taken from SBI. This Personal Loan EMI Calculator requires some data like – Your Principal Amount took from bank, Rate of Interest & Period (in No. of Months). After calculation, you will get the Equated Monthly Installments (EMI).
Information about SBI Personal loan and SBI Personal Loan Calculator:
What is SBI Personal Loan?
SBI Personal loan is a secured financing option available for purchasing some jewelry or electronic items or for some functions or for some urgent need. SBI offers customised Personal loan interest rates and schemes for a special category of borrowers including Loans To Pensioners, Loans to Salaried Employees having salary accounts with SBI, Loans against Securities, etc.
The largest public sector bank in India also has some of the competitive interest rates for these products. SBI Personal Loan interest rates are quite competitive.
Features of SBI Personal Loan:
- Loan available for both salaried individuals and self-employed professionals.
- Loan up to 20 lakhs.
- Loan Tenure 1 to 6 years.
- Interest rates in the range of 11.30% to 16.40%.
- Low-interest rates.
- Interest on daily reducing balance.
- Low processing charges.
- Minimal documentation
- Zero hidden costs.
- Provision for the second Loan
- No security, no guarantor.
Advantages of SBI Personal Loan:
- Low-Interest rates. Interest calculation on a daily reducing balance.
- Low Processing charges. No hidden costs.
- No pre-payment penalties. The flexibility of payment of EMI anytime during the month
- Minimal documentation…something that you had always wanted
- Longest repayment tenure up to 6 years
- Lowest EMI; No advance EMI
Eligibility for SBI Personal Loan to Salaried Employees having salary accounts with SBI:
- Individuals with Salary Account with SBI.
- Minimum monthly income Rs. 15000/.
- EMI/NMI ratio of less than 50%.
- Employees working with
- Central/ state/ quasi-government,
- Central PSUs and profit-making state PSUs,
- Educational institutions of national repute,
- Selected corporates with or without a relationship with the bank.
- erm Loans Amount
- Minimum Loan Amount – Rs. 25,000
- Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
- Overdraft Loans Amount
- Minimum Loan Amount – 5 lakhs
- Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
- The second Loan is eligible any time after disbursement of the first loan, subject to the overall EMI/NMI ratio of 50%.
- The second Loan is eligible only on regular EMI repayments of the first loan.
Terms and Conditions of SBI Personal Loan:
- Processing fee: 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus applicable Tax.
- Penal Interest @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default.
- Prepayment charges of 3% on prepaid amount. No prepayment/ foreclosure charges if the account is closed from the proceeds of a new loan account under the same scheme.
- The minimum repayment period is of 6 months and the maximum repayment period is of 6 years or the remaining period of service (whichever is lower).
Types of SBI Personal Loan:
State Bank of India offers customised Personal loan interest rates and schemes for a special category of borrowers including Loans To Pensioners, Loans to Salaried Employees having salary accounts with SBI, Loans against Securities, etc. Some of the special Personal loan offers of SBI are:
- SBI Xpress Credit Personal Loan
- Pre Approved Personal Loans on YONO
- SBI Pension Loan
- Loans against Securities
SBI Personal Loan EMI:
SBI Personal Loan equated monthly installment (EMI) is a fixed monthly installment paid by borrowers to SBI against the Personal loan taken for purchasing some jewelry or electronic items or for some functions or for some urgent need. Every month, it is due on a fixed day of the month until your loan is fully paid back.
SBI offers Personal Loans with loan periods up to 6 years, and the lowest EMI offered by the bank. The Lowest Rate of interest offered by SBI on Personal Loan is 9.6% and is one of the most popular auto loans in India.
Factors Affecting SBI Personal Loan EMI:
- Personal Loan amount – This is the amount borrowed by a borrower from SBI. If you apply for a higher loan amount, your monthly EMI will be high.
- Interest rate – The interest rate is the rate charged by SBI on your Personal loan. Higher interest rate increases your Personal loan EMI which will increase the total cost of the loan. The current SBI Personal loan interest rate starts at 9.6%. Do complete market research and compare rates and calculate EMI online using the SBI Personal loan calculator before you apply for a Personal loan.
- Loan tenure – This is the period in which you can repay your Personal loan in SBI. Longer loan tenure means lower Personal loan EMI. Generally, SBI offers Personal loans for a maximum tenure of 6 years.
Personal Loan Calculator for SBI:
SBI Personal Loan Calculator is a financial tool that helps to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the Personal loan taken from State Bank of India for a specified period.
SBI Personal Loan Calculator is used to calculate the EMI on Personal loans taken from SBI. This Personal Loan EMI Calculator requires some data like – Your Principal Amount took from bank, Rate of Interest & Period (in No. of Months). After calculation, you will get the Equated Monthly Installments (EMI).
What is EMI (Equated Monthly Installment)?
Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.
The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The exact percentage allocated towards payment of the principal depends on the interest rate. Even though your monthly EMI payment won’t change, the proportion of principal and interest components will change with time. With each successive payment, you’ll pay more towards the principal and less in interest.
SBI Personal Loan EMI Calculator Variables:
This Personal Loan Calculator for State Bank of India (SBI) Personal Loan uses four different variables that most of the calculator requires. These Personal Loan EMI calculator variables are:
Principal Loan Amount: This is the amount borrowed by a borrower from SBI. If you apply for a higher loan amount, your monthly EMI will be high.
Rate of Interest: The Rate of Interest is the variable of the Personal loan calculator that appears as a percentage and is different for different types of loans. The current SBI Personal loan interest rate starts at 9.6%.
Loan Period: This is the period in which you can repay your Personal loan in SBI. Longer loan tenure means lower housing loan EMI. Generally, SBI offers house loans for a maximum tenure of 6 years.
Equated Monthly Installments (EMI): Equated Monthly Installment or EMI is the amount payable every month to the SBI or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid.
How SBI Personal Loan Calculator Works?
Anyone can calculate his EMI against the SBI Personal Loan through this online SBI Personal Loan EMI calculator available on this page with high accuracy.
Following are the steps to calculate the EMI through this calculator:
- Step 1: Enter the Principal Loan Amount that he wants to borrow from SBI as a Personal loan.
- Step 2: After this, fill the rate of interest of the loan he gets from his bank or financial institution. The rate of interest appears as a percentage and is different for different types of loans.
- Step 3: The next step that one has to follow is to select the period for a loan in months. This is the period in which you can repay your Personal loan in SBI. Longer loan tenure means lower loan EMI.
- Step 4: Thereafter putting all the above data, click the calculate button for calculation of EMI.
- Step 5: After submitting all variables required by an EMI calculator, one will get the Equated Monthly Installment or EMI against the Personal loan.
How to use the SBI Personal Loan calculator?
To use the SBI Personal loan EMI calculator, by simply entering the loan amount, interest rate, and select the loan tenure.
The EMI calculator will show the EMIs based on the entered numbers instantly. It will change as per modification.
SBI Personal Loan EMI Calculator Formula:
Here’s the formula to calculate Personal loan EMI:
where:
E is EMI
P is Principal Loan Amount
r is the rate of interest calculated on a monthly basis. (i.e., r = Rate of Annual interest/12/100. If rate of interest is 10.5% per annum, then r = 10.5/12/100=0.00875)
n is loan term/tenure/duration in number of months
SBI Personal Loan Interest Rate Calculator:
SBI Personal Loan Interest rate Calculator online can help you calculate the interest rate you are eligible for and also, the total interest you will pay during the loan duration. Some of the factors that are used for interest rate calculation are:
- Occupation of the borrowers: Banks charge a slightly higher interest rate on Personal loans for self-employed as compared to that on loans for salaried borrowers.
- Amount of the Loan: This is the amount borrowed by a borrower from SBI.
- Type of loan opted for: The bank also offers different rates on its various loan schemes such as Existing Personal Loan Borrowers, Existing Term Deposit Customers, Professional & Self Employed, NRIs, etc and Personal loan with an overdraft facility, etc.
- Existing bank customers: SBI also offers lower interest to its existing bank account holders to maintain its relationship.
Advantages of using this SBI Personal Loan EMI Calculator:
There are several advantages attached to using this online SBI Personal loan EMI calculator, which other such calculators may not provide.
Advantages of this EMI calculator are:
- Shows the results based on the fractional rate of interest.
- It helps you save time by showing the results immediately.
- It is more accurate compared to other EMI calculators.
- It helps you to determine the loan amount and tenor.
Using an EMI calculator is one of the first steps you take to apply for a Personal loan. The next steps involve arranging all the necessary documents and making sure you fulfill all the eligibility criteria.
FAQs about SBI Personal Loan Calculator:
How can I pre-close SBI personal loan?
You can pre-close your SBI personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount, and take the acknowledgment of the balance amount that you have paid.
How can I make sure my application is not rejected?
If you wish to have a fool-proof personal loan application procedure in place, you must consolidate all previous debts, pay all outstanding credit card bills, maintain a CIBIL score of 750 or above (the maximum score is 900), and never apply for multiple loans simultaneously.
Why should I calculate SBI loan EMI before taking a loan?
It is advised to calculate vehicle loan EMI prior to taking a loan. There are several benefits of calculating your SBI housing loan EMI as discussed below-
- In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.
- If you already know the EMI you have to pay each month, then you can plan your spending accordingly.
- Based on the EMI amount, you can opt for making prepayment of your Personal loan in the future when you have a surplus amount.
Can I prepay my SBI Personal loan?
Prepayment charges of 3% on prepaid amount. No prepayment/ foreclosure charges if the account is closed from the proceeds of a new loan account under the same scheme.
Is there any processing charge on a Personal loan from SBI?
Personal Loan from SBI charges a processing fee of 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus applicable Tax.
You are here to calculate the EMI (or equated monthly installment) paid by the borrower to the bank against the Personal loan taken from State Bank of India. Calculate the Personal loan EMI by using this online SBI Personal Loan Calculator.
