| RESULTS | |
|---|---|
| Loan Amount | ₹₹ 2,50,000 |
| Interest Rate | 10.99%% |
| Tenure(Months) | 224 |
| Monthly Instalment (EMI) | ₹₹ 2,631 |
| Total Interest Amount | ₹ ₹ 3,39,334 |
| Total Amount (Principal + Interest) | ₹₹ 5,89,334 |
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
- Tenure
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.
SBI Personal Loan EMI Calculator Details 2024
SBI Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 11.15% per annum
| Amount (in ₹) | 2 Years | 3 Years | 4 Years | 5 Years |
|---|---|---|---|---|
| 1,00,000 | ₹ 4,668 | ₹ 3,281 | ₹ 2,592 | ₹ 2,182 |
| 3,00,000 | ₹ 14,004 | ₹ 9,843 | ₹ 7,776 | ₹ 6,545 |
| 5,00,000 | ₹ 23,339 | ₹ 16,405 | ₹ 12,959 | ₹ 10,909 |
| 7,00,000 | ₹ 32,675 | ₹ 22,967 | ₹ 18,143 | ₹ 15,272 |
| 10,00,000 | ₹ 46,678 | ₹ 32,810 | ₹ 25,918 | ₹ 21,817 |
| 15,00,000 | ₹ 70,016 | ₹ 49,215 | ₹ 38,878 | ₹ 32,726 |
SBI Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 14.70% per annum
| Amount (in ₹) | 2 Years | 3 Years | 4 Years | 5 Years |
|---|---|---|---|---|
| 1,00,000 | ₹ 4,834 | ₹ 3,452 | ₹ 2,768 | ₹ 2,363 |
| 3,00,000 | ₹ 14,503 | ₹ 10,356 | ₹ 8,304 | ₹ 7,090 |
| 5,00,000 | ₹ 24,172 | ₹ 17,259 | ₹ 13,839 | ₹ 11,816 |
| 7,00,000 | ₹ 33,841 | ₹ 24,163 | ₹ 19,375 | ₹ 16,543 |
| 10,00,000 | ₹ 48,334 | ₹ 34,519 | ₹ 27,679 | ₹ 23,633 |
| 15,00,000 | ₹ 72,516 | ₹ 51,778 | ₹ 41,518 | ₹ 35,449 |
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]
where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments
What is the EMI of a 7 lakh personal loan in SBI?
The EMI for a 7 lakhs SBI personal loan depends on the interest rate and loan tenure. So you can see the EMIs at the lowest and the highest Rate of Interest charged on SBI Personal Loans and for the tenure of 36 months and 60 months.
| Loan Amount | ROI 11.15% (36 Months EMI) | ROI 11.15% (60 Months EMI) | ROI 13.60% (36 Months EMI) | ROI 13.60% (60 Months EMI) |
|---|---|---|---|---|
| INR 4 Lakhs | INR 13,124 p.m. | INR 8,727 p.m | INR 13,593 p.m. | INR 9,225 p.m. |
| INR 5 Lakhs | INR 16,405 p.m | INR 10,909 p.m | INR 16,992 p.m. | INR 11,531 p.m. |
| INR 6 Lakhs | INR 19,686 p.m | INR 13,090 p.m | INR 20,390 p.m | INR 13,837 p.m. |
| INR 7 Lakhs | INR 22,967 p.m. | INR 15,272 p.m | INR 23,789 p.m | INR 16,143 p.m. |
What is the monthly EMI for a 10 lakhs SBI personal loan?
The monthly EMI for a 10 lakhs SBI personal loan will be:-
| Loan Amount | ROI 11.15% (36 Months EMI) | ROI 11.15% (60 Months EMI) | ROI 13.60% (36 Months EMI) | ROI 13.60% (60 Months EMI) |
|---|---|---|---|---|
| INR 8 Lakhs | INR 26,248 p.m. | INR 17,454 p.m. | INR 27,187 p.m | INR 18,449 p.m. |
| INR 9 Lakhs | INR 29,529 p.m | INR 19,636 p.m. | INR 30,585 p.m. | INR 20,755 p.m. |
| INR 10 Lakhs | INR 32,810 p.m. | INR 21,817 p.m. | INR 33,984 p.m | INR 23,061 p.m. |
What is the lowest EMI offered by SBI on Personal loans?
The lowest EMIs at an interest rate 11.15% and 13.60% for a tenure of 5 years on SBI Personal Loan on different loan amounts will be:-
| Interest Rate of 11.15% | Interest Rate of 13.60% | |||
|---|---|---|---|---|
| 1 Lakh Loan Amount - INR 2,182 p.m. | 1 Lakh Loan Amount - INR 2,306 p.m. | |||
| 3 Lakhs Loan Amount - INR 6,545 p.m. | 3 Lakhs Loan Amount - INR 6,918 p.m. | |||
| 5 Lakhs Loan Amount - INR 10,909 p.m. | 5 Lakhs Loan Amount - INR 11,531 p.m. | |||
| 7 Lakhs Loan Amount - INR 15,272 p.m. | 7 Lakhs Loan Amount - INR 16,143 p.m. | |||
| 9 Lakhs Loan Amount - INR 19,636 p.m. | 9 Lakhs Loan Amount - INR 20,755 p.m. |
SBI Personal Loan Interest Rate 2024
When it comes to offering the personal loan, SBI offers the same at an attractive interest rate to one and all. The SBI offers personal loan interest rate of 11.15% - 14.30% per annum along with flexible tenures. Before applying for a loan, just check the rates offered by the bank and grab the best deal.
How to Use the SBI Personal Loan EMI Calculator?
Using the SBI Personal Loan EMI Calculator is simple and straightforward. Follow these easy steps to estimate your monthly installments accurately:
1. Access the Calculator: Visit the SBI official website or use a trusted financial website that hosts the SBI Personal Loan EMI Calculator, such as Wishfin.
2. Enter Loan Details: Input the required loan details, including the loan amount you wish to borrow, the applicable interest rate, and the preferred loan tenure (in months or years).
3. Click 'Calculate': Once you've entered all the necessary information, click on the 'Calculate' button to generate the EMI (Equated Monthly Installment) for your personal loan.
4. Review Results: The calculator will display the estimated EMI amount based on the provided loan details. Additionally, it may also provide a detailed breakup of the monthly payment, including the principal amount and interest component.
5. Adjust Parameters (Optional): If you're exploring different loan scenarios, you can modify the loan amount, interest rate, or tenure and recalculate the EMI to see how changes impact your repayment obligations.
6. Analyze and Plan: Review the calculated EMI amount to ensure it fits within your budget and financial goals. Use the information to make informed decisions about borrowing and determine the most suitable loan option for your needs.
By following these steps, you can leverage the SBI Personal Loan EMI Calculator to gain valuable insights into your loan repayment obligations, empowering you to plan your finances effectively and make informed borrowing decisions.
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.
Scheme Wise SBI Personal Loan EMI
| Scheme | Interest Rate Range | Estimated EMI for ₹1,00,000 | ||
|---|---|---|---|---|
| XPRESS CREDIT SCHEME | 11.15% - 12.65% | ₹4,668 - ₹4,738 | ||
| XPRESS ELITE Scheme | 11.15% - 11.65% | ₹4,668 - ₹4,691 | ||
| SBI PENSION LOAN | 11.30% | ₹4,675 | ||
| JAI JAWAN PESION LOAN | 11.30% | ₹4,675 | ||
| PRE-APPROVED PENSION LOANS | 11.30% | ₹4,675 |
Note: The estimated EMIs are calculated based on the following formula for calculating EMI:
EMI= (1+r) n −1 P×r×(1+r) n
Where:
- P = Loan amount (in this case, ₹1,00,000)
- r = Monthly interest rate (annual interest rate divided by 12)
- n = Total number of payments (loan tenure in months)
Assuming a loan tenure of 2 years (24 months), the monthly interest rate (r) is calculated based on the annual interest rates provided for each scheme.
Advantage of Using SBI Personal Loan EMI Calculator
Planning your finances before taking out a personal loan is crucial for managing repayments effectively. Utilizing the SBI Personal Loan EMI Calculator offers several advantages:
1. Accurate Financial Planning: The EMI calculator provides precise estimates of your monthly installments, enabling you to plan your budget accordingly and avoid any financial strain.
2. Quick Comparison of Loan Options: By inputting different loan amounts, interest rates, and tenures, you can quickly compare various loan options to find the most suitable one that fits your budget and financial goals.
3. Transparent Loan Repayment: The calculator breaks down the repayment structure, including the principal amount and interest component, ensuring transparency in understanding how each payment contributes to your loan repayment.
4. Ease of Use: The user-friendly interface of the EMI calculator makes it accessible to anyone, allowing you to experiment with different loan scenarios and instantly see the resulting EMIs.
5. Time-Saving: Instead of manually calculating EMIs using complex formulas, the calculator provides instant results, saving you time and effort in the loan planning process.
6. Empowerment in Decision-Making: Armed with accurate EMI estimates, you can make informed decisions about borrowing, ensuring that the loan aligns with your financial capabilities and long-term objectives.
Incorporating the SBI Personal Loan EMI Calculator into your financial planning toolkit empowers you to make informed decisions, manage your loan repayments efficiently, and achieve your financial goals with confidence.
Fee & Charges Related to SBI Personal Loan EMI
When planning your personal loan repayment with the SBI Personal Loan EMI Calculator, it's essential to consider the associated fees and charges that may affect your overall loan cost. Here are some common fees and charges related to SBI personal loans:
1. Processing Fee: SBI charges a one-time processing fee on personal loans, typically ranging from 0.5% to 2% of the loan amount. This fee is deducted upfront from the disbursed loan amount.
2. Prepayment Charges: If you choose to repay your loan amount before the end of the loan tenure, SBI may levy prepayment charges. These charges vary based on the remaining loan amount and tenure at the time of prepayment.
3. Late Payment Fee: Missing or delaying EMI payments may attract late payment charges. SBI imposes a penalty for late payments, which is usually a percentage of the overdue amount.
4. EMI Bounce Charges: In case your EMI payment bounces due to insufficient funds or any other reason, SBI may levy EMI bounce charges. These charges are applied for each instance of failed payment.
5. Documentation Charges: SBI may also charge a nominal fee for processing and verifying the required documentation for your personal loan application.
6. GST: Goods and Services Tax (GST) is applicable on various fees and charges related to personal loans as per the prevailing GST rates.
It's crucial to carefully review the terms and conditions provided by SBI regarding fees and charges associated with personal loans. By understanding these costs upfront, you can accurately assess the total cost of borrowing and plan your finances accordingly.
Factors Affecting SBI Personal Loan EMI
Several factors influence the Equated Monthly Installment (EMI) amount for SBI Personal Loans. Understanding these factors can help borrowers anticipate and plan for their loan repayments effectively. Here are the key factors affecting SBI Personal Loan EMIs:
- Loan Amount: The principal amount borrowed significantly impacts the EMI. Higher loan amounts result in higher EMIs, while lower loan amounts lead to lower EMIs.
- Interest Rate: The interest rate charged by SBI directly affects the EMI amount. Higher interest rates result in higher EMIs, whereas lower interest rates lead to lower EMIs.
- Loan Tenure: The duration of the loan, known as the loan tenure, plays a crucial role in determining the EMI amount. Longer loan tenures result in lower EMIs, while shorter tenures lead to higher EMIs.
- Type of Interest Rate: SBI offers personal loans with both fixed and floating interest rates. Fixed-rate loans have consistent EMIs throughout the loan tenure, while floating-rate loans may have variable EMIs based on market fluctuations.
- Repayment Frequency: SBI allows borrowers to choose between different repayment frequencies, such as monthly, quarterly, or semi-annually. Opting for more frequent repayments may reduce the overall interest burden and result in lower EMIs.
- Prepayment and Foreclosure: Making prepayments or opting for foreclosure of the loan can affect the EMI amount. Early repayment reduces the outstanding principal amount, thereby reducing future EMIs.
- Credit Score and Profile: The borrower's credit score and financial profile also influence the interest rate offered by SBI. A higher credit score and strong financial credentials may result in lower interest rates and EMIs.
By considering these factors and using the SBI Personal Loan EMI Calculator, borrowers can estimate their EMI obligations accurately and make informed decisions about loan borrowing and repayment.
Limitations of the Personal Loan EMI Calculator
While the Personal Loan EMI Calculator is a valuable tool for estimating monthly repayments, it's essential to recognize its limitations. Here's what the calculator may not reveal:
- Overall Cost of Borrowing: While the calculator provides EMI estimates, it may not offer a comprehensive view of the total cost of borrowing. Additional fees, charges, and fluctuations in interest rates can impact the overall affordability of the loan.
- Dynamic Interest Rates: The calculator assumes a fixed interest rate for the loan term, whereas actual interest rates may vary over time. For loans with floating interest rates, EMI amounts may change periodically, affecting repayment calculations.
- Impact of Prepayments: Calculations may not account for the impact of prepayments on the loan tenure and overall interest cost. Making partial prepayments can shorten the loan tenure and reduce interest payments, altering the EMI schedule.
- Variable Economic Conditions: Economic factors such as inflation, changes in lending policies, and market conditions can influence loan terms and repayment obligations. The calculator may not reflect these external variables.
- Individual Financial Circumstances: The calculator generates generic estimates based on entered parameters and may not consider individual financial circumstances, such as income fluctuations, unexpected expenses, or changes in employment status.
- Legal and Regulatory Changes: Changes in banking regulations, tax laws, or loan terms may impact the loan agreement and repayment obligations. The calculator does not account for potential changes in legal or regulatory frameworks.
- Other Financial Obligations: Borrowers may have additional financial commitments, such as existing loans, credit card debt, or future expenses, which can affect their ability to manage loan repayments. The calculator may not factor in these external liabilities.
Despite these limitations, the Personal Loan EMI Calculator remains a valuable tool for initial loan planning and estimation. Borrowers should supplement calculator estimates with thorough research, financial advice, and careful consideration of their individual circumstances to make informed borrowing decisions.
SBI Personal Loan EMI Calculator FAQs
1. How is SBI Personal loan EMI Calculated?
The SBI personal loan EMI is calculated on the basis of tenure, principal amount, and interest rate. You will just have to enter the above information in order to calculate the SBI Personal Loan EMI.
2. How can I pay SBI Loan EMI?
You can pay the SBI Personal Loan EMIs through the following methods:-
- Through SBI Net Banking
- Using YONO Mobile Application
- Making NEFT and RTGS Payments
- Auto Debit Facility
- Through Cheque
- By visiting the nearest SBI Branch
3. What is the formula to calculate Personal loan EMI?
The formula used to calculate Personal Loan EMI is:-
- EMI=P x R x (1+R)^n/((1+R)^n-1)
- P represents the Principal Amount.
- R represents the Rate of Interest Per month.
- Small “n” represents the tenure given by the bank.
4. What factor affects SBI Personal Loan EMI?
The factors that affected the SBI Personal EMI are:-
- The loan amount you are borrowing from the bank.
- Rate of Interest Charged by the bank on the loan.
- The repayment period, that is the tenure for which you have borrowed the SBI Personal Loan.
5. What is the best way to calculate EMI for an SBI Loan?
The best way to calculate the EMI for an SBI loan is through the SBI Personal Loan EMI Calculator. You will just have to enter the loan amount, interest rate, and tenure and the EMIL calculator will display the EMI for every month that you will have to pay.