Personal Loan EMI Calculator – SBI

There are so many financial support institutions that are currently providing wonderful and useful opportunities for the people. SBI is one such bank that provides such personal loans to the people who are in the need of financial help. If you want a loan from the SBI, you need to know about the SBI personal loan apply online procedures. One other thing that you need to know about is the SBI personal loan EMI calculator that helps to calculate the different things that are associated with the SBI loans.

SBI Personal Loan Eligibility

Here are the SBI personal loan eligibility criteria for people.

  •    The age of an applicant for an SBI loan should be minimum 21 years
  •    People with age up to 58 years are eligible for the loan at SBI
  •    The minimum income requirement for a person for a person to be eligible for a loan at SBI bank would be Rs. 5000
  •    The total job experience of a person should be about 2 years

After meeting the SBI personal loan eligibility criteria, the person will be applicable to take a loan from SBI.

SBI Personal Loan EMI Calculator For Different Tenures

The interest rate for the EMI of different loan amount stays at 12.50% for the SBI bank. With the help of an SBI Personal loan EMI Calculator, you will be able to calculate the loan amount, the EMI amount, as well as the SBI personal loan interest rate.

Amount (Rs.)     2 Years     3 Years     4 Years
1 Lakh     Rs. 4,731     Rs. 3,345     Rs. 2,658
3 Lakh     Rs. 14,192     Rs. 10,036     Rs. 7,974
5 Lakh     Rs. 23,654     Rs. 16,727     Rs. 13,290
10 Lakh     Rs. 47,307     Rs. 33,454     Rs. 26,580

 

It is quite evident from the above table that for different loan amounts that have different interest rates, the EMI will be different in case of the different tenures. People with a shorter tenure will have a higher EMI. And the people with a longer tenure will have shorter EMI amounts. With the SBI personal loan calculator, you could decide the rates and the loan amount that you want.

The EMI is basically a component of the principal repayment and the interest amount. Even if the EMIs remain unchanged, there will be a change in the proportion of the principal repaid and the interest. With every single payment of EMI, the interest will keep on reducing and there will be an increase in the EMI’s principal repayment.

2 Years 3 Years 4 Years
SBI EMI of 12.50% for 1 lakh rupees 4,731     3,345     2,658
Total Amount to pay back (Principal + Interest) 1.14 Lakh     1.20 Lakh     1.28 Lakh
Interest Over Loan Tenure 13,544     20,420     27,584

 

With the help of the above-mentioned table, it can be seen that the EMI amount for a longer period will be a bit lower. But then, the total interest rate is higher with a long tenure one. For example, if a person decides to take a loan of Rs. 1 lakh for 4-year tenure, then the EMI will be just Rs. 2658. But the interest amount increases up to Rs. 27, 584.

In contrast to that, for a lower tenure, the EMI will be higher and the SBI personal loan interest rate will be lower.

Factors That Affect The SBI Personal Loan EMI

There are some factors that you need to keep in mind when calculating the EMI amount with the help of the SBI personal loan EMI calculator.

Loan Amount: The loan amount is the amount that the borrower borrows from the bank. For those who have higher loan amount, the EMI gets higher. The minimum limit for a loan in SBI is about Rs. 10,000 and the highest can go up to Rs. 15 lakh.

Interest Rate: Well, if the interest rate is higher, then the loan EMI amount also increases along with the total loan cost. The lowest rate of interest at SBI is about 12.50%.

Loan Tenure: The loan tenure is basically the period that the bank offers you to repay the loan. The longer the tenure is, the lower your EMI will be.

SBI Loan Calculator Formula

The SBI personal loan calculator uses a certain formula to decide the loan amount, the EMI, and the interest rate. Have a look.

P*r* (1+r)^n/([(1+r)^n]-1)

This is how to formula works.

P = it is the total amount of the loan which is between Rs.10000-Rs.15 lakh

r = interest rate which is currently at 12.50%

n = tenure in months which is up to 4 years in SBI

SBI Personal Loan EMI Calculator – How Does It Work?

The SBI EMI calculator can be used for calculating a bunch of things such as the loan amount, the loan tenure, and the interest rate as well.

The SBI EMI Calculator is a basic and useful tool that helps in assuming the amount of the EMI that is to be made per month.

For those people who want to repay the personal loan, the balance on the personal loan will reduce. There are two options to do that.

Reduce the loan tenure to keep the EMI amount on the personal loan same. This particular option will allow the user to close the loan much earlier.

Reduce the EMI amount to keep the loan tenure unchanged. This will allow the users to reduce the amount of the EMI per month.

Frequently Asked Question About The SBI EMI Calculator

  1. Is it important to calculate the EMI before taking a loan in SBI?

A: Yes, with the help of the SBI EMI calculator, you can find out about the loan tenure, the loan EMI, and other important things.

  1. What is SBI’s lowest EMI amount

A: The lowest EMI for a period of about 2 years will take up to Rs. 2658.

  1. What Pre-payment charges does SBI take?

A: SBI will offer an option to prepay the loan after 1 month with zero charges

  1. Does SBI have any processing charges?

A: Yes, the processing charge goes up to 3% in SBI

  1. Is it possible to get a loan in SBI with a bad score of credit?

A: No, for a personal loan, the applicant must have a credit score that is 700 or more than that.