SBT Personal Loan – EMI Calculator & Interest Rates

Personal Loan Rates EMI 2017 366 views

Personal Loan

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    Looking for funds and want to fulfill your wishes? Well, look no further as State Bank of Travancore is here with its Personal Loan product that has a perfect combination of low-interest rates and higher loan amount. Whatever be the purpose or occasion, SBT is ready with attractive personal loan offers to let that happen in the nicest way possible. Be it your marriage, education, abroad traveling, business expansion or anything, you can get a customized loan offer. This loan comes with an attractive rate of interest, low processing fee, flexible repayment options, and other alluring features. So, without any further delay, let’s know everything about State Bank of Travancore Personal Loan in detail.

    SBT Personal Loan Details:

    Interest Rate12.60%-13.85% p.a.
    Loan AmountUp to ₹10 Lakh
    Tenure5 Years
    Processing Fee1% of the loan amount
    GuaranteeOne Employee of the same organization or any other person acceptable to the Bank
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    Eligibility Criteria for SBT Personal Loan

    • Age at least 21 years and 3 years before the retirement date of the borrower
    • Applicant should be an existing customer of SBT
    • All permanent employees of Central/state govt. schools, Colleges, Universities recognized by UGC/Central/State/Quasi Government, PSUs, Defence Personnel
    • Applicant must have worked for a minimum 1-year period
    • All employees in Private Sector Companies whose salary account is maintained with us and with a minimum service experience of 3 years.
    • Minimum net take home income of ₹20,000 (Government Employees) and ₹10,000 (Corporates)

    Know Your Eligibility for SBT Personal Loan

    When it comes to Personal Loans, State Bank of Travancore has the best of all the personal loan schemes available in the market. Having said that, the bank has placed certain eligibility criterion on the basis of which it provides the maximum loan amount. Let us understand the loan amount eligibility with the help of an example below.

    You are working in a reputed glass company and bringing home a salary of about ₹90,000 each month. With the debit of expenses, the eventual amount you end up with is ₹45,000. The amount will be viewed as your savings and thus will play a vital role in the bank deciding the quantum of loan. The bank will take recourse of the personal loan eligibility calculator to decide the amount. But before this happens, the bank will shift its focus to the calculation of per lakh EMI. Get your eyes below to find the calculation.

    Amount-1 Lakh

    Loan Tenure-5 years
    Rate of Interest-12.60%-13.85% p.a.
    Per Lakh EMI-
    2,255-2,319

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    So, your personal loan amount would thus be calculated as follows-

    Rs.1 Lakh x 45000/2255=₹19.95Lakhs and ₹1 Lakh x 45000/2319=₹19.40Lakhs

    So, your personal loan amount eligibility would be approximately ₹19.40-19.95 Lakhs

    SBT Personal Loan EMI Calculator

    An EMI is a sum of interest and principal which is payable each month on personal loan. So, now you must be wondering how SBT calculates your EMI on your personal loan. It’s the EMI calculator that SBT will rely upon to calculate the monthly installments. All the bank does is to feed loan amount, interest rate and tenure. The result comes not only the calculation of EMI, but also the revelation of interest outgo and the total liability over the repayment period.

    For example, you require a fund of ₹5 lakhs urgently for a period of 5 years. At current interest rates of 12.60%- 13.85% per annum, the EMIs, interest and total payment will be ₹11,274-11,595, ₹1,76,465-1,95,717, and ₹6,76,465-6,95,717, respectively, during the course of your personal loan journey with SBT.

    In the below table, you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.

    Table showing EMI, interest outgo and total amount payable on your personal loan

    Loan Amount
    (in Rs.)
    Loan Tenure
    (in Years)
    Interest Rate
    (in p.a.)
    EMI
    (in Rs.)
    Total Interest Outgo
    (in Rs.)
    Total Amount (EMI+Interest)
    (in Rs.)
    5,00,000112.60%- 13.85%44,565-44,85834,778-38,2995,34,778-5,38,299
    5,00,000212.60%- 13.85%23,677-23,97168,250-75,3055,68,250-5,75,305
    5,00,000312.60%- 13.85%16,751-17,0521,03,029-1,13,8876,03,029-6,13,887
    5,00,000412.60%- 13.85%13,315-13,6261,39,105-1,54,0316,39,105-6,54,031
    5,00,000512.60%- 13.85%11,274-11,5951,76,465-1,95,7176,76,465-6,95,717
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    Amortization Table

    YearPrincipal Payment
    (in Rs.)
    Interest Outgo
    (in Rs.)
    Balance Amount
    (in Rs.)
    176,612-74,50058,676-64,640423,388-425,500
    286,843-85,50048,445-53,640336,545-340,000
    398,441-98,12436,847-41,016238,104-241,876
    4111,584-112,61223,704-26,528126,520-129,264
    5126,637-129,397 8,801-9,902

    Documentation Required for State Bank of Travancore Personal Loan

    Salaried Self-employed
    Duly Signed Application Form with PhotographDuly Signed Application Form with Photograph
    Copy of Passport/Voter ID Card/Driving LicenseCopy of Passport/Voter ID Card/Driving License
    Processing Fee ChequeProcessing Fee Cheque
    Last 3 Months Bank Statement/6 Months PassbookLast 3 Months Bank Statement/6 Months Passbook
    Latest Salary SlipLatest Bank Statement
    Current Dated Salary Certificate with Latest Form 16Latest ITR or Form 16

    Features & Benefits of SBT Personal Loan

    • Higher Loan Amount
    • Convenient Loan Repayment Options
    • Both Residential and Commercial Property accepted as collateral
    • Quick loan approvals
    • Attractive Interest Rates