Personal loan is a type of financial assistance which is availed by salaried or self-employed professional. It is easy and fast and covers all your expenses. Apart from that, the interest rate on personal loan is low when compared to Flexi loans and credit cards. Despite having many good aspects, personal loan is considered as a burden by many. People feel that they might be conned into paying hidden fees and excessive EMIs. Understanding this notion, SBI has developed SBI Personal Loan EMI Calculator for its loan customers. This is done to provide more transparency for customer’s convenience.
Go through the entire article to know how it works and how much EMI you will be paying on your personal loan amount.
SBI Personal Loan EMI Calculator – An Online Tool to Kill Your Loan Anxiety
SBI Personal Loan EMI Calculator is an online self-help planning tool which predicts the EMI for your loan amount. It is developed by State Bank of India to bridge the gap between bank and customers which comes due to lack of information about EMI and total payable interest rate. By using it, you can calculate –
- Equated Monthly Installment (EMI)
- Total Payable Interest
- Total Payable Amount (Loan Amount + Interest Rate)
Working of SBI Personal Loan EMI Calculator
SBI Personal Loan EMI Calculator works on a very simple mathematical formula that we all have used in the school. It is –
E = P * r * (1+r) ^n/((1+r) ^n – 1),
Here E = Equated Monthly Installment (EMI)
P = Desired Loan Amount
r = rate of interest (it varies from one loan to another and also on the applicant’s profile)
n = Desired loan tenure
How to use SBI Personal Loan EMI Calculator
To use SBI Personal Loan EMI Calculator, follow these steps –
- Google SBI Personal Loan EMI Calculator or Visit SBI Personal Loan EMI Calculator.
- Enter the desired loan amount.
- Enter SBI Personal Loan Interest Rate that will be charged on the loan type you desire.
- Choose the loan tenure of your choice.
- Once you’re done with the steps mentioned above, you will be able to check the EMI.
Comparison Table of EMIs for Different Loan Tenures
|Loan Tenure||2 years||3 years||5 years|
|EMI for loan of Rs. 5 Lacs at 12% rate of interest||Rs. 23,536||Rs. 16,607||Rs. 11,122|
|Total amount you will be paying (principal loan amount + total interest)||Rs. 5,64,881||Rs. 5,97,857||Rs. 6,67,333|
|Total interest you will pay||Rs. 64,881||Rs. 97,857||Rs. 1,67,333|
It is important to understand that SBI Interest Rate depends upon the applicant’s profile. The interest rate mentioned above is taken into consideration just for the examples. Before calculating, you can get in touch with Afinoz to know about at what interest rate you will be getting your personal loan.
SBI Personal Loan Interest Rate
SBI Personal Loan Interest Rate starts at 10.99% and is one of the most affordable interest rates in the market. To be eligible for the lowest possible interest rate, you need to maintain a very good credit score. Apart from the credit score, it depends on other factors too. These are –
- Your monthly income – If you have a really good salary, you will be charged less-interest rate. As SBI verifies the repayment capacity of customers by their salary, you will probably get a loan at a low-interest rate.
- Your Company status – SBI has corporate tie-ups with many companies. If there is any tie-up between SBI and your company, you will get a personal loan at a low-interest rate.
- Credit History – CIBIL score is a 3-digit numerical figure that narrates your credit history to the bank. If your credit history is bad, you need to fix it as early as possible to be eligible for SBI Personal Loan at the lowest rate. Bad credit score repels the chances of personal loan approval.
- Your relationship with SBI – If you’re drawing your salary through SBI or have successfully completed a loan tenure with SBI, the chances of reduction in interest rate is pretty high.
|SBI Personal Loan Interest Rate||10.55% – 14.95%|
|Loan Amount||Term Loan – Min. ₹24,000, Max. 24X of monthly salary or ₹20 Lacs|
Overdraft – Min ₹10 Lacs, Max. 24X of monthly salary or ₹20 Lacs
|Tenure||Up to 6 years|
|Processing Fees||0-1% of the Loan Amount + GST|
|Prepayment Charges||0-3% of the principal outstanding|
Why You Should Apply Personal Loan from SBI?
As there are many banks and NBFCs which provide personal loan, choosing the right one becomes a tough task. To make it easier for you, SBI provides a wide range of personal loan and many benefits on it. As SBI always believed in serving wholeheartedly, the bank provides excellent customer support.