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.
| 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 ₹ ) |
|---|---|---|
| 1 | 11.90%-14.90% | 8,880-9,021 |
| 2 | 11.90%-14.90% | 4,703-4,844 |
| 3 | 11.90%-14.90% | 3,317-3,462 |
| 4 | 11.90%-14.90% | 2,628-2,778 |
| 5 | 11.90%-14.90% | 2,219-2,374 |
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 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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount
Interest Rate
Tenure
Monthly Instalment
Total Interest Amount
Total Amount
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