EMI Calculator 201821069 views
Talking about SBI Personal Loan, how can an EMI Calculator be missed? That’s Right! SBI Bank Personal Loan EMI Calculator is a smart and time-saving device that helps you to know the exact calculations of your EMIs, Interest Outgo and Total Amount Payable towards a personal loan in a hassle-free manner. This tool takes into account:
- Loan Amount
- Interest Rate
After feeding these credentials into the device, it will churn out the exact results for you within few seconds. It lets you know whether your EMIs are going to be pocket-friendly in an easy to understand manner.It gives the accurate results instantly, hence is widely used online by loan borrowers.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Table of Contents
SBI Personal Loan Calculator
Let’s just understand things in a better way with the help of an example below:
Suppose, Rakhi Mehra, a 28-year-old, SEO Head by profession is interested in availing a personal loan of ₹4 Lakh to meet her personal need. The bank has agreed to offer her the loan at an interest rate of 10.95% per annum for a tenure of 5 years. So, let’s find out what would the EMIs, Interest and Total Amount Payable in Rakhi’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 4,00,000 10.95% 1 ₹ 35,343 ₹ 24,120 ₹ 4,24,120 ₹ 4,00,000 10.95% 2 ₹ 18,634 ₹ 47,212 ₹ 4,47,212 ₹ 4,00,000 10.95% 3 ₹ 13,086 ₹ 71,097 ₹ 4,71,097 ₹ 4,00,000 10.95% 4 ₹ 10,328 ₹ 95,768 ₹ 4,95,768 ₹ 4,00,000 10.95% 5 ₹ 8687 ₹ 1,21,220 ₹ 5,21,220 Year Principal Interest Balance Amount 1 ₹ 63,571 ₹ 40,672 ₹ 3,36,428 2 ₹ 70,893 ₹ 33,351 ₹ 2,65,535 3 ₹ 79,057 ₹ 25,186 ₹ 1,86,477 4 ₹ 88,162 ₹ 16,082 ₹ 98,315 5 ₹ 98,394 ₹ 5928 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
SBI Personal Loan EMI Calculation Formula
In order to calculate an EMI, the calculator uses the below formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
SBI Personal Loan Interest Rate
When it comes to offering the personal loan, SBI offers the same at an attractive interest rate to one and all. The bank offers the loan at an interest rate of 10.95%-15.35% per annum along with flexible tenures. Before applying for a loan, just check the rates offered by the bank and grab the best deal.
SBI Xpress Credit Personal Loan EMI Calculator
If you want to avail the Xpress Credit personal loan scheme of SBI but don’t know what would be the EMIs of the same, nothing to worry because we are here to help. That’s Right! With the help of using a smart and magical device, i.e. personal loan EMI Calculator, a borrower can easily know the exact EMIs he/she needs to pay to the lender so as to repay the loan. You simply need to feed the Loan Amount, Tenure and Interest Rate and the moment you enter these credentials, this online tool fetches the values for you in the least time frame.