SBI personal loan EMI calculator is one of the most important utilities offered by your bank. Using this tool can help you calculate the amount of Equated Monthly Installment (also known as EMI) for your personal loan.
If you are someone who is looking into getting a personal loan, this can help you get a better look into how your money will be spent. This feature of the SBI personal loan EMI calculator makes managing your budget easier than ever.
Additional Info: Also check SBI Home Loan EMI Calculator
The State Bank of India is one of the leading institutions in the world of financing. It offers a wide range of personal loan options such as the SBI pension loan, SBI Kavach Personal Loan, and the SBI Quick Personal Loan using minimal documentation and zero hidden fees. To know your SBI personal loan EMI, you can use MyMoneyMantra SBI personal loan EMI Calculator. It is one of the most genuine and easy ways to manage your finances.
If you want to plan your finances ahead and want to find out your monthly equated instalments quickly, go through the following steps:
Additional Info: Also check SBI Net Banking facility.
There are three essential components to any form of loan, i.e. the principal, the rate of interest, and the tenure of the loan itself (in months).
Calculating your EMI amount needs a specific formula, i.e. [PXRX(1+R)^N]/[(1+R)^N-1]
|R||Interest Rate On Loan Amount|
|EMI||Equated Monthly Instalment|
|N||Tenure For Repayment|
|P||The Principal Amount|
Know in detail: Simple Interest Formula Calculation.
Given below are some of the benefits of using the SBI personal loan EMI calculator 2022 to calculate your equated monthly instalments:
Using the EMI formula manually can leave a lot of room for mathematical error when done by a human due to its complex nature. Using the SBI personal loan EMI calculator can help you get the correct information about your Equated Monthly Installment within seconds without having to go through any trouble.
Given below are some of the few ways you can plan out your EMI payments to fit your budget using the SBI bank personal loan EMI calculator:
Prepayment Of Loans
While getting a personal loan can indeed meet your monetary requirements in the short term, it is also important for you to plan out your budget in such a way that your EMI fits right in it. One of the benefits of using the SBI bank personal loan EMI calculator is that it offers you to prepay your loans ahead of your schedule. This is primarily done in the form of a lump sum payment.
An easy way to reduce the EMI you will have to pay every month would be to prepay some of your loans in advance, as it can reduce the principal of your personal loan itself. However, you need to make sure that your advance payment exceeds your monthly EMI in order for your loan to be prepaid.
Extending Your Loan Tenure
Another way to decrease your EMI payments would be to extend your loan tenure itself. Using the SBI bank personal loan EMI calculator, you can increase your personal loan tenure until your EMI payment drops down to a reasonable budget. However, doing this can have several consequences, such as a significant increase in your total loan amount. Similarly, opting for a shorter tenure can decrease the total interest paid to the bank while having to pay a high EMI. Make sure to plan out your loan tenure according to your current financial condition while keeping in mind all the factors that affect your EMI.
Opt For Floating Rate of Interest
Another way to decrease your EMI payments would be to opt for a floating rate of interest over a fixed rate of interest. By opting for this, you can take advantage of the fluctuations experienced by the Marginal Cost of lending rates. Even a slight change in the interest rate could save you a lot of money. You can use the SBI bank personal loan EMI calculator to view the fixed rate of interest for your personal loans and compare it to other options such as floating rate of interest.
A personal loan is mostly used to meet miscellaneous expenses. You can use the SBI personal loan EMI calculator for applying for one for various purposes such as debt consolidation, educational expenses, a special occasion in the family, or even if you simply need some money for shopping.
You don’t need to have a co-applicant while applying for a personal loan. However, other circumstances require one. For example, if you are applying for a higher amount, having a co-applicant such as a spouse will increase your chances of getting approval and provide additional security for your loan.
Pre-approved personal loans are new forms of lending money that require zero collateral or security. These loans are pre-screened and approved on behalf of the banks to be given to select customers who meet the criteria for this. You can find out more details about them using the SBI personal loan EMI calculator.
Opting for the moratorium offered by SBI can seem like a viable option during the pandEMIc. However, this also means that the money you have borrowed will be compounded during this period. Interest will be accrued during the offered moratorium period which means that you will be paying three separate instalments along with the interest.
While it may offer you a relief period of three months, getting an SBI personal loan moratorium will definitely end up putting a major dent in your budget. Use the SBI personal loan EMI calculator to plan things out accordingly.
Once you have gone through your payment options on the SBI personal loan EMI calculator, you will be given a specific date of the month by which you need to pay your EMI. In case you miss the date for the payment, you will be required to pay a penalty of 500 rupees every single time there is a delay, along with GST. You will also have to pay for a penal interest of 2% every month above the interest rate for the loan.