SBI Personal LoanBussiness 

Why should you use SBI personal loan EMI Calculator?

Due to ongoing phase of financial growth, economists are inspiring entities and individuals to invest more to create balance in the economy. So, more and more individuals want personal loans to accomplish their short-term financial goals. SBI personal loan EMI calculator assists individuals in calculating the amount to be repaid as a loan along with interest. 

Functions of an SBI personal loan EMI calculator

SBI personal loan EMI calculator helps to keep an eye on the total amount that should be repaid by you against the personal loan. With the availability of an online personal EMI loan calculator, all you’ll have to do is insert the data in different columns to derive instant outcomes. Some of the features of the SBI personal loan EMI calculator are as follows:

  • Use the calculator to come up with financial estimates beforehand
  • Calculate the fixed amount along with the interest rate with the help of this calculator to manage your finances better
  • Allows you to arrange funds step by step. As a result, you won’t have to worry about mortgage burdens. 

What are the factors influencing SBI personal loan EMI calculator?

Some of the factors that influence the SBI personal loan EMI calculator include –

  • Loan digits: Loan number or loan digits is the total sum of money you’ve borrowed as a loan from SBI. When you have a large sum of money as a loan, you’ll have to pay a big monthly amount as EMI. The minimum loan offered by SBI amounts to ₹50,000, and the maximum amount is ₹15 lakh. 
  • Interest rate: The overall cost of your loan can increase due to the high-interest rate and EMI loan. In the case of salary account holders, the interest rates on SBI personal loan is significantly low when compared to quote rates. It helps to reduce the total cost of EMI and loans. In some cases, SBI charges low-interest rates upto 11.30% only. However, before availing of a personal loan, it’s highly recommendable to conduct complete market research and compare the interest rates online.
  • Loan term: loan term is the duration or period during which you’ll have to repay your loan. Long loan tenures can reduce personal EMI loans. SBI usually provides a loan upto a fixed period of six years. 
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Ways to use the SBI personal loan EMI calculator?

A loan repayer has to insert specific inputs in the fields enquired by SBI personal loan EMI calculator. For example, you’ll have to fill in the relevant details such as:

  • Tenure: Insert the total tenure or the duration during which the loan has to be repaid. The repayment duration can range somewhere between one year to five years.
  • Amount: Interest rates on loans are charged against the total loan amount. The amount has to be repaid in the form of EMIs. You’ll have to fill in the total credit amount in the column.
  • Interest rate: Interest rates are highly fluctuating. For example, the rate of interest can vary as per the nature of interest (it can be floating or fixed). In the case of a floating interest rate, individuals have to keep an eye on the fall and rise in rates. 

Formula to calculate the SBI personal loan EMI 

EMI= [PXRX(1+R)^N]/ [(1+R)^N-1]


R- interest return 

EMI- equated monthly instalment

N – duration to repay the loan amount 

C- key principal number 

Personal loans are gaining huge popularity in similarity to unsecured credits within the Indian economy. Around 78% of the loans obtained by Indians are categorised as personal loans. Individuals who wish to avail of a SBI personal loan in the near future should estimate the amount of EMI beforehand. It will help them to manage the loan options optimally. 

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