SBI Personal Loan EMI Calculator

When it comes to your personal loan at SBI there are three things that are of prime focus -

Loan Amount - Always remember, the higher the amount, the higher will be your EMI. Primarily SBI gives personal loans starting from Rs 50000 to a maximum amount of Rs 15 lacs.

Interest Rate - A higher interest rate is bound to increase your EMI, period. This is the reason why everyone wants to get the best possible rate or rather we should say the lowest possible rate for their loans. Right now, the lowest SBI personal loan interest rate is 10.65%.

Loan Tenure - This is the time frame through which you want to pay back all your SBI personal loan amount back to the bank. A higher tenure will give you a lower EMI and more so because at SBI you can avail a Personal Loan for 6 yrs tenure as compared to many other banks.

It is only after you have factored above three things you will get your tentative SBI Personal Loan EMI.

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]   
Wherein 

Let’s have a look at some of the scenarios under which you are most likely to take a SBI Personal Loan

Case 1 - SBI Personal Loan EMI when interest rate is 9.60%

Case 2 - SBI Personal Loan EMI when interest rate is 15.60%

Let’s have a look at your complete SBI Personal Loan details under various circumstances

When your SBI Personal Loan Interest Rate is 12.5% 

You see, although your EMI will be less when going for a longer tenure but at the same time you will have to pay a hefty interest on your SBI Personal Loan.

Here you can see that despite a flared up interest rate, you can find your SBI Personal Loan EMI balance by choosing the tenure that fits your pocket or future financial planning.

Like above, let’s have a look at your complete SBI Personal Loan details under various circumstances

When your SBI Personal Loan Interest Rate is 12.5% 

You see, although your EMI will be less when going for a longer tenure but at the same time you will have to pay a hefty interest on your SBI Personal Loan.

Here you can see that despite a flared up interest rate, you can find your SBI Personal Loan EMI balance by choosing the tenure that fits your pocket or future financial planning.

Given below are some of the benefits of using the Personal Loan EMI Calculator SBI 2022 to calculate your equated monthly installments:

• It helps you determine your eligibility for availing of a personal loan by specifying the required documentation. 
• It also helps you plan your budget by specifying the exact amount of EMI you will be paying per month for your personal loan. 
• Works with the bank to get you the accurate rate of interest that will be applicable for your personal loan.
• SBI offers a wide range of loans along with flexible payment options that allow you to settle your entire loan in a single go before your tenure ends. You can also split up your payments and make partial installments to the bank. 
• Personal Loan EMI Calculator SBI 2022 can also help draw up your EMI payments in the form of a pie chart, which can help you understand your finances quicker and better.
• Aside from personal loans, SBI EMI calculators also help you determine the EMI payments for other loans such as home loans, car loans, renovation loans, study loans, etc., which can be an important aspect to include in your budgeting.

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.