SBI Personal Loan EMI Calculator
Managing personal finances can be a ponderous task, especially when considering a significant financial commitment such as a personal loan. To simplify the loan planning process and aid borrowers to make well-informed decisions, SBI provides a user-friendly tool known as the personal loan EMI Calculator. In this article, we will explore the benefits of the SBI personal loan EMI calculator and how it enables the borrower to plan their loan repayment wisely.
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.
Steps to calculate SBI personal loan EMI
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.
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]
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.