Highlights
- How to use the SBFC Personal Loan EMI Calculator efficiently?
- Know about all the important details that you will need to have to calculate the monthly installments!
SBFC is one of the prominent financial companies that provide personal loans at affordable interest rates. An SBFC personal loan can be taken by those individuals who require instant funds to fulfill their several purposes. Individuals can repay the loan amount within the chosen tenure via Equated Monthly Installments (EMIs).
Are you one of those individuals who are looking to opt for an SBFC Personal Loan but worried about the EMI amount that you will be paying every month towards the borrowed amount? Well, you don’t need to worry about this as you can use the SBFC Personal Loan EMI Calculator to know what EMI amount you will be paying every month. Since you can have an estimate about the EMI amount beforehand, it can also help you in managing your finances in an organized way. Keep reading to know about how the calculations are made, details needed to use this tool, and many other things.
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SBFC Personal Loan Interest Rates
SBFC Personal Loan Interest rate holds great importance in EMI calculation as it directly affects your EMI amount. Higher the interest rates would be, higher will be your EMI amount. The affordable interest rates of SBFC personal loan help you in keeping the EMI within your repayment capacity. The below table has some of the important details related to the SBFC Personal Loan Interest Rates. Have a look!
| Loan Aspect | Details |
|---|---|
| Minimum Loan Amount | Customized |
| Maximum Loan Amount | INR 10 lakh |
| Rate of Interest | Customized |
| Tenure | 5 years or 60 months |
| Processing Fees | Customized |
| Collateral | Not Required |
| Repayment Method | Equated Monthly Installment (EMI) |
| Prepayment Charges | As Applicable |
How to Use the SBFC Personal Loan EMI Calculator?
The first thing that must be coming in your mind right now is, how to use the SBFC Personal Loan EMI Calculator? What are the details you will need to have an estimate of the EMI amount on your loan amount? Well, there are three basic things that you will need to use this amazing tool – Required Loan Amount, Rate of Interest and Tenure.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
The most amazing thing about the SBFC Personal Loan EMI Calculator is the efficiency and ease with which any applicant can know their monthly installments. The calculator not only gives you the EMI amount but also provides you the total amount payable on your loan. We are providing details about each of the three basic things required to use the tool below. Have a look!
Require Loan Amount
This is the first thing that you will need to feed in the calculator. With the help of an SBFC Personal Loan, an applicant can opt for a loan upto INR 10 lakh. However, the loan amount will be dependent on your monthly income and other existing obligations. So a higher income can help you in obtaining a higher loan amount.
Rate of Interest
After the loan amount, the SBFC Personal loan interest rate is the second most important thing to feed in the calculator. Lower interest rates help you in getting the pocket-friendly EMI amounts as the rate of interest charged by the lender directly affects your EMI amount. This is the reason, every applicant wants to have lower interest rates on their personal loans. And affordable interest rates of SBFC Personal Loan helps them in this. However, interest rates depend on several factors such as your age, monthly income, employment type, job history, and most importantly, your Credit Score.
Required Tenure
Tenure is the number of months that you will need to repay the loan amount and it is the third and last thing you need to fill in the calculator. SBFC provides you a maximum of 60 months (5 years) within which you can repay the loan in easy installments. Choosing a tenure according to your repayment capacity and monthly income is quite important to make sure that you will be able to pay off the loan amount within tenure.
After feeding these details into the SBFC Personal Loan Calculator, you will get the approximate EMI amount that you will need to pay every month. Other than this, you will also get to see the total interest outgo and the total amount payable during the tenure. If for some reason, you are not satisfied with the results, you can use this tool for as many times with different values.
Let’s understand this through an example. Suppose Ved Vardhan Sahni wants to opt for a personal loan of INR 6 lakh for a period of 5 years. The rate of interest is 14.50% per annum. On putting these details in the Personal Loan EMI Calculator, you will get the following results mentioned in the below table.
| Loan Aspect | Details |
|---|---|
| Required Loan Amount | INR 6 lakh |
| Rate of Interest | 14.50% per annum |
| Tenure | 5 years (60 months) |
| EMI amount | INR 14,117 |
| Interest Outgo | INR 2,47,018 |
| Total Amount Payable | INR 8,47,018 |
Apart from the EMI amount and other details, you can also check the interest amount and principal outstanding balance at the end of different tenures via the Amortization table. This will also help you in managing your finances efficiently.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 6,00,000 | 14.50% | 1 | ₹ 54,014 | ₹ 48,162 | ₹ 6,48,162 |
| ₹ 6,00,000 | 14.50% | 2 | ₹ 28,950 | ₹ 94,792 | ₹ 6,94,792 |
| ₹ 6,00,000 | 14.50% | 3 | ₹ 20,653 | ₹ 1,43,493 | ₹ 7,43,493 |
| ₹ 6,00,000 | 14.50% | 4 | ₹ 16,547 | ₹ 1,94,245 | ₹ 7,94,245 |
| ₹ 6,00,000 | 14.50% | 5 | ₹ 14,117 | ₹ 2,47,018 | ₹ 8,47,018 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 88,106 | ₹ 81,297 | ₹ 5,11,893 |
| 2 | ₹ 1,01,766 | ₹ 67,637 | ₹ 4,10,126 |
| 3 | ₹ 1,17,543 | ₹ 51,860 | ₹ 2,92,583 |
| 4 | ₹ 1,35,767 | ₹ 33,636 | ₹ 1,56,815 |
| 5 | ₹ 1,56,984 | ₹ 12,588 | ₹ 0 |
SBFC Personal Loan EMI Calculator Details
In the below tables, you can look at the EMI amount for different loan amounts at the end of different periods. We are taking two different interest rates of 10% and 15% per annum.
SBFC Personal Loan EMIs for Different Loan Amounts and Different Tenures at an interest rate of 10% per annum
You can look at the EMI amounts for a period of 2, 3, 4, and 5 years, respectively, for a loan amount ranging from INR 1 lakh to INR 10 lakh at an interest rate of 10% per annum.
| Amount (in INR) | 2 Years | 3 Years | 4 Years | 5 Years |
|---|---|---|---|---|
| 1,00,000 | INR 4,614 | INR 3,227 | INR 2,536 | INR 2,125 |
| 3,00,000 | INR 13,843 | INR 9,680 | INR 7,609 | INR 6,374 |
| 5,00,000 | INR 23,072 | INR 16,134 | INR 12,681 | INR 10,624 |
| 7,00,000 | INR 32,301 | INR 22,587 | INR 17,754 | INR 14,873 |
| 10,00,000 | INR 46,145 | INR 32,267 | INR 25,363 | INR 21,247 |
SBFC Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 15% per annum
Look at the EMI amounts for a period of 2, 3, 4, and 5 years, respectively, for a loan amount ranging from INR 1 lakh to INR 10 lakh at an interest rate of 15% per annum.
| Amount (in INR) | 2 Years | 3 Years | 4 Years | 5 Years |
|---|---|---|---|---|
| 1,00,000 | INR 4,849 | INR 3,467 | INR 2,783 | INR 2,379 |
| 3,00,000 | INR 14,546 | INR 10,400 | INR 8,349 | INR 7,137 |
| 5,00,000 | INR 24,243 | INR 17,333 | INR 13,915 | INR 11,895 |
| 7,00,000 | INR 33,941 | INR 24,266 | INR 19,482 | INR 16,653 |
| 10,00,000 | INR 48,487 | INR 34,665 | INR 27,831 | INR 23,790 |
SBFC Personal Loan EMI Calculation Formulae
If you want to know about the formula on which the EMI Calculator functions, you can look below to do so.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Benefits of using SBFC Personal Loan EMI Calculator
There are several benefits that you can enjoy by using the SBFC Personal Loan EMI Calculator. We are mentioning some of them below. Do check them!
Accuracy
One of the biggest benefits of using the SBFC Personal Loan EMI Calculator is that you always get accurate results according to the values you put into it. The reason behind this is that there is no manual calculation involved, hence there are fewer chances of any mistakes. Just put the details into it, and it will bring you the accurate results instantly.
Time-Saving
This tool also helps you in saving your precious time that would have consumed if you decided to do the calculations manually. Though with this tool, you only need to put the details, and within a few seconds, it will give you the desired results.
Endlessly Flexible
Suppose you are not happy with the results given by the calculator. Then you have the option to change the details as many times as you want, and the tool will adjust itself according to the new values. You can enter the data according to your requirements. These changes can be done at any time.