SBI Home Loan EMI Calculator

EMI Calculator 333 views

State Bank of India (SBI) is one of the leading financial service providing banks in India. Under the loan segment, home loan offered by the bank is the most demanding loan as this government bank has won the hearts of many with this customer friendly product. The home loan provided by SBI comes with low-interest rate and flexible tenure facility along with a higher loan amount facility to help you buy your dream home. SBI also has its own home loan EMI calculator to help you know the EMI payments in advance. There is also a separate maturity value calculator that tells the repayment and the balance amount details on yearly basis.

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Year Principal Interest Balance Amount

SBI Home Loan Calculator

An EMI calculator is a tool that helps you know the payments you are supposed to do. The calculator is popular as loan calculator or interest calculator as well and is available for each kind of loan. In a home loan EMI calculator, you have to mention the loan amount, the interest rate on your home loan and the tenure for which you want to take the loan. On the basis of these details, you get the table with the information about the EMI, the total interest outgo and the total amount (interest+principal) for each year till the last year of the tenure. Also, along with the EMI table, you get the details of the amortization or maturity value as well. An amortization table shows the repayment and the balance amount details on yearly basis. The advantage of a loan EMI calculator is that you can prepare yourself in advance for the future payments so as to manage the finances accordingly. Also, you can use it as many times as you want for different loan details before applying for a home loan and even during the loan to know how much you have paid and how much you have to pay to settle the loan.

SBI Bank EMI Calculation Formula

The calculation in the EMI calculator is done through the below-given formula:

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

Below is an example showing the EMI calculation for the home loan of ₹20,00,000 at the interest rate of 8.50% per annum for the tenure of 15 years:

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount

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