SBI Personal Loan EMI Calculator
Personal Loan EMI Calculator
What is SBI Personal Loan EMI Calculator?
The SBI Bank Personal Loan Calculator is a tool that helps track the total repayment amount on your personal loan. It allows you to plan large expenses easily and compare different SBI loan offers to find the option that suits your budget and financial needs.
How can SBI Personal Loan EMI Calculator Help You?
The SBI Personal Loan EMI Calculator is an easy-to-use tool that helps track the total amount to be repaid. Simply enter the required details, and it instantly shows the results.
- SBI personal loan calculator is ideal for your financial planning
- Make it simple to calculate personal loan and remain updated with your payments
- Helps to plan for personal loan repayment well in advance
SBI Personal Loan EMI Calculator Formula
The following formula is to be applied while calculating EMI on a personal loan. It is a standardised formula:
EMI= [PxRx(1+R)^N]/[(1+R)^N-1]
Where,
- R: Interest rate on loan amount
- EMI: Equated monthly installment
- N: Tenure for repaying the loan amount
- P: The principal amount
SBI Personal Loan EMI Calculator Example
Let’s assume the principal amount is Rs 1 Lakh with a rate of interest of 11.15% and tenure of five years, the EMI will be calculated as:
- Principal: Rs 1,00,000
- Interest: 11.15%
- Tenure: 5 years
EMI = [1,00,000 x 11.15 X (1+11.15) ^5]/ [(1+11.15) ^ 5-1]
EMI = 2,124.
The EMIs you will be liable to pay is Rs 2,124.
SBI Personal Loan Amortisation Schedule
Let’s assume, you have taken a loan of Rs 10 lakh for a period of 10 years or 120 months. The interest rate is fixed at 11.15% every year. The following is the amortization schedule.
Month | Principal (in Rs) | Interest (in Rs) | Principal + Interest | To be paid (in Rs) |
1 | 456 | 929 | 1,386 | 99,543 |
2 | 461 | 924 | 1,386 | 99,082 |
3 | 465 | 920 | 1,386 | 98,617 |
4 | 469 | 916 | 1,386 | 98,147 |
5 | 474 | 911 | 1,386 | 97,673 |
6 | 478 | 907 | 1,386 | 97,195 |
7 | 482 | 903 | 1,386 | 96,712 |
8 | 487 | 898 | 1,386 | 96,224 |
9 | 491 | 894 | 1,386 | 95,732 |
10 | 496 | 889 | 1,386 | 95,236 |
11 | 501 | 884 | 1,386 | 94,735 |
12 | 505 | 880 | 1,386 | 94,229 |
How to Use SBI Personal EMI Calculator?
- Enter the loan amount.
- Enter the interest rate.
- Select the loan tenure.
The calculator will instantly display the EMI. You can modify any details, and the EMI will update accordingly.
Benefits of SBI Personal Loan EMI Calculator
- Aids in understanding your eligibility before applying for a personal loan
- Gain insight into how much would be the monthly payments during the tenure you have opted for
- Find out the current interest rate of the bank and you can use it to get the exact EMI
- If the company you work at has their corporate/salary account with SBI, you can avail offers provided only to salary account holders.
In conclusion, the SBI Personal Loan EMI Calculator is a quick and convenient tool to estimate your monthly repayments. By simply entering the loan amount, interest rate, and tenure, you can easily plan your finances and adjust your loan details to see the impact on your EMIs.
Frequently Asked Questions
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