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.
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.
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.
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,
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.
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 |
The calculator will instantly display the EMI. You can modify any details, and the EMI will update accordingly.
The SBI personal loan eligibility criteria isl based on the age, income, and credit score of an individual, which is as follows:
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.