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Calculate SBI Personal Loan EMI

1000002000000
113.6
16
Total Payments-

₹2,000,000

Total Interest-
₹0
Principal Amount-
₹2,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹2,000,000
  • 10.55%
  • ₹0
  • 6
Updated:

Factors affecting your SBI Personal Loan EMI

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.

What is the formula to calculate the 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 

RInterest Rate On Loan Amount
EMIEquated Monthly Installment
NTenure For Repayment
PThe Principal Amount

SBI Personal Loan EMI Calculator - Different scenarios

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%

Amount (in Rs)2 yrs3 yrs4 yrs5 yrs
1,00,0004,5963,2082,5172,105
3,00,00013,7889,6247,5516,315
5,00,00022,98016,04012,58510,525
7,00,00032,17222,45617,62014,736
10,00,00045,96132,08025,17121,051

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

Amount (in Rs)2 yrs3 yrs4 yrs5 yrs
1,00,0004,8773,4962,8142,411
3,00,00014,63210,4888,4417,232
5,00,00024,38617,48014,06812,053
7,00,00034,14124,47219,69516,874
10,00,00048,77234,96028,13624,106

What is the monthly EMI for Rs 5 lacs SBI Personal Loan?

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% 

Tenure (in months)EMI (in Rs)Interest PayableTotal Outgo
24 23,65467,6885,67,688
3616,7271,02,1656,02,165
4813,2901,37,9206,37,920
6011,2491,74,9386,74,938

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.

When your SBI Personal Loan Interest Rate is 14%

Tenure (in months)EMI (in Rs)Interest PayableTotal Outgo
24 24,00676,1555,76,155
3617,0891,15,1976,15,197
4813,6631,55,8356,55,835
6011,6341,98,0486,98,048

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.

What is the monthly Rs. 10 lakh Personal Loan EMI SBI?

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% 

Tenure (in months)EMI (in Rs)Interest PayableTotal Outgo
24 47,3071,35,37511,35,375
3633,4542,04,33112,04,331
4826,5802,75,84012,75,840
6022,4983,49,87613,49,876

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.

When your SBI Personal Loan Interest Rate is 14% 

Tenure (in months)EMI (in Rs)Interest PayableTotal Outgo
24 48,0131,52,30911,52,309
3634,1782,30,39512,30,395
4827,3263,11,67113,11,671
6023,2683,96,09513,96,095

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.

Benefits of using SBI Personal Loan EMI Calculator

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.

10 Lakh Personal Loan EMI SBI & Other Banks

BankRate of Interest (Per Annum)EMI For 5 Years
SBI10.65%Rs. 21,149 to Rs. 22,651
ICICI10.75%Rs. 21,494 - Rs. 25,941
HDFC10.5%Rs. 21,494 to Rs. 27,053
PNB10.60%Rs. 21,149 - Rs. 23,974
Kotak Mahindra Bank10.75% onwardsRs. 21,737 onwards
Tata Capital10.99% onwardsRs. 21,737 onwards
Bajaj Finserv13% onwardsRs. 22,753 onwards
IDFC First10.49%Rs. 21,489 - Rs. 29,351

Why Should You Use The SBI Bank Personal Loan EMI Calculator?

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.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

SBI Personal Loan EMI Calculator FAQs

What circumstances warrant taking a personal loan?

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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. 

Does a personal loan require a co-applicant?

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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. 

What is a Pre-approved Personal Loan?

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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.

Will opting for SBI personal loan moratorium affect EMI?

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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. 

What is the penalty levied if I miss an SBI Personal Loan EMI Payment?

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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. 

Why do I need to check the EMI before taking SBI Personal Loan?

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Because it’s always better to know in advance, how much are you going to pay for that loan every month out of your pocket. If you feel a particular EMI is most suitable for your financial stability then you can most certainly go for that particular tenure if SBI is offering you the tentative interest rate respectively.

Can I use this EMI calculator for all kinds of loans?

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The upper limit of the SBI EMI calculator is Rs 50 lakhs, so you can easily calculate the EMI for the amount which is below that amount.

What is the lowest EMI that I can get while taking an SBI Personal Loan of Rs 1 lac?

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Assuming that you take a loan of Rs 1 lac at the lowest interest rate from SBI for a tenure of 6 yrs then your EMI will be Rs 1832.