SBI Personal Loan EMI Calculator

EMI Calculator 769 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
  • Tenure
  • 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.

EMI Calculator for Personal 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

Below is a table showing tenure wise Per Lakh EMI calculation of SBI Personal Loan

Tenure (in years)Interest Rate (in per annum)Per Lakh EMI ( in ₹ )
111.90%-14.90%8,880-9,021
211.90%-14.90%4,703-4,844
311.90%-14.90%3,317-3,462
411.90%-14.90%2,628-2,778
511.90%-14.90%2,219-2,374

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 11.90% 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

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

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

You May Also Read