SBT Personal Loan – EMI Calculator & Interest Rates

Last Updated : Nov. 22, 2016, 5:54 a.m.

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 Interest Rates:

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

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

Amortization Table

Documentation Required for State Bank of Travancore Personal Loan

SBT Personal Loan Online Application

When it comes to applying for a personal loan in State Bank of Travancore, it is absolutely an easy process to apply for the same. Yes, with the help of an online facility, you can send online your loan application form as per your comfort and convenience. Now you don’t have to wait any longer in the queue to submit your loan application. Yes, because with just one click of your mouse you can anytime apply online for this unsecured loan to meet your varied needs.

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