SBI Personal Loan EMI Calculator

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:

• Visit our website and navigate to the ‘Personal Loan EMI Calculator’ tab given under the ‘Financial Tools’ section in the header bar.
• Enter the values for Loan Amount, Rate of Interest and Loan Tenure.
• As you enter the values for the required parameters, your screen will begin to show new values such as the Total EMI, Total Interest, and the Total Payment to be paid for the loan.
• The above values will be broken down into components of a pie chart, giving you an accurate visual representation of your finances for a quick glance.

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]

Wherein

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:

• 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.
• Using the SBI personal loan EMI calculator 2022 can also benefit corporations associated with the State Bank Of India as they can avail exclusive offers. 
• 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 instalments to the bank. 
• SBI personal loan EMI calculator 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.

 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.

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.