SBI Personal Loan EMI Calculator

The SBI Personal Loan EMI Calculator helps you quickly estimate your monthly EMI based on an interest rate of 10.30% p.a. By entering details like the loan amount and tenure, the calculator provides an accurate breakdown of your monthly payments, helping you plan your loan repayment efficiently and manage your finances effectively.

What Is SBI Personal Loan EMI Calculator?

SBI Bank Personal Loan Calculator is an easy-to-use tool that helps to keep a track of the cumulative amount to be repaid on your personal loan. The personal loan calculator is quite effective in calculating your financial budget. With the aid of the personal loan calculator, you can plan any extensive financial expense with quite ease.Additionally, it is possible for you to compare different SBI loan offers with the Personal Loan Calculator to choose a loan option  that meets your budget and addresses your 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 instalment
• 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:

[1,00,000 x 11.15 X (1+11.15) ^5]/ [(1+11.15) ^ 5-1] = 2,124.

The EMIs you will be liable to pay is Rs 2,182.

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.

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.

SBI Personal Loan Eligibility

The SBI personal loan eligibility criteria isl based on the age, income, and credit score of an individual, which is as follows:

Eligibility based on age

• To be eligible for SBI Xpress Credit and SBI Quick Personal Loan, you must be aged about 21 years when applying for the loan and below 58 years at the time when the loan matures. 
• For SBI personal loan to pensioners, you should be below 76 years of age when applying for the loan and up to 78 years at the time when the loan matures.

Eligibility based on salary

• For SBI Xpress Credit, individuals must have a salary account with the SBI. The minimum monthly income should be Rs 15,000 and the EMI/NMI Ratio should be less than 50%.
• For SBI Quick Personal Loan, a person should have a salary account with any other bank. The minimum monthly income should be Rs. 15,000 and the EMI/NMI Ratio should be less than 50%.
• For SBI Pension Loan, EMI/NMP ratio should not exceed 33% for family pensioners 50% for other types of pensioners.

Eligibility based on CIBIL score

• For SBI personal loans, your minimum CIBIL score should be 750 or above. In case you have a score of 750 or above, your chances for personal loan approval at SBI will remain considerably higher.

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.