SBI Personal Loan EMI Calculator Online

If you are looking for a Personal loan from SBI, You may be thinking how much EMI you will be required to pay each month. The term EMI means the sum of money you pay to the lender each month until the loan is completely paid off. To calculate your EMI you need to know loan amount, interest rate and the loan tenure.

You can use the Sbi Personal loan EMI Calculator is a useful online tool that allows you to calculate your EMI in seconds. In this article we will explain how to use the SBI Personal loan EMI calculator and what factors affect your EMI.

SBI Personal Loan EMI Calculator

Although getting a personal loan from SBI is easy pie, it is essential that the borrowers must check the monthly EMI amount and repayment tenure. As personal loans are unsecured loans therefore they usually have higher interest rates. Applicants availing of a personal loan can use the Personal Loan EMI calculator to get an estimate of the monthly EMI amount that they are capable of paying periodically.

The personal Loan EMI Calculator has 3 components:

The loan amount
The interest rate
The repayment tenure

After entering the above details, you can get to know your EMI in just a click. You can also alter the values under these variables to get the corresponding EMI amount. Therefore, this makes it super easy to calculate the most achievable loan amount and repayment tenure to meet your financial needs.

How to Calculate your SBI personal loan EMI Online

The SBI personal loan EMI calculator is easy to use and provides accurate results.

Set the loan amount using the slider under the loan amount option or simply type the value.
Set the tenure using the slider under the tenure option or simply type the value.
Enter the interest rate in the respective field
Next, provide the processing fee percentage (typically 1.5%)
After filling in the required fields click on ‘CALCULATE’.

Your monthly personal loan EMI amount will get displayed. You will also see the breakdown of the payable amount and the repayment schedule.

Benefits & Features – SBI Personal Loan EMI Calculator

SBI personal loan EMI Calculator offers a variety of benefits and has prominent facets

Helps to check your eligibility for acquiring SBI personal loan
You can determine the monthly payments for your preferred term
SBI offers you competitive interest rates, enabling you to calculate EMI based on the current rate.
It allows you to negotiate a bit with your lender
Zero chances of any misinterpretation
Helps to make well-informed credit decisions.

Suggested: Check business loan emi Calculator

How to apply for a personal loan with SBI?

Visit the nearest SBI branch or check the lender’s official website
Existing customers can apply for personal loans using the SBI YONO app.
Do check the eligibility criteria before submitting the loan application
Pay special attention to the credit score and history
If everything goes right, fill out the form, submit the documents asked, and wait for disbursal.

SBI Personal Loan EMI Calculator: Frequently asked questions

Q.1 What details are required to calculate SBI personal loan EMI?

To calculate SBI Personal loan EMI you need to enter details such as loan amount, interest rate, and repayment tenure.

Q.2 How is EMI Calculated?

Apart from using the SBI EMI calculator, EMI can be calculated manually by applying the formula:

EMI = Px R x (1+R)^N / [(1+R)^N-1]

Here,

P= principal loan amount

R= monthly rate of interest (annual rate of interest/12/100)

N= Loan tenure (in months)

Q.3 Is one eligible to apply online for SBI personal loan?

Yes, you can apply for SBI personal loan online using the YONO app.

Q.4 What is the best interest rate at which I get SBI Personal loans?

SBI personal loan starts from 11.05%

Q.5 What is the maximum tenure for an SBI personal loan?

6 years or 72 months is the maximum repayment tenure availed in SBI.

SBI Personal Loan EMI Calculator Online