SBI is regarded as the largest public sector bank in India. It has multiple branches spread across the country. Many people prefer personal loans offered by the SBI because of the relatively low-interest rate. Therefore, the borrowers must pay a low EMI for the borrowed money. Moreover, SBI personal loan EMI calculator provides a better analysis of monthly instalments a borrower needs to pay.
In addition to self-employed and salaried corporate employees, the SBI offers beneficial personal loans for government employees. However, before taking a personal loan, borrowers must understand how the personal loan EMI calculator works and the factors that affect the calculator.
SBI Personal Loan EMI Calculator Formula
The primary requirements for personal loan EMI calculator include the principal amount, rate of interest, and tenure. The principal amount for SBI personal loan ranges from ₹ 50,000 to ₹ 15 Lakh, which is represented as P. In addition, the interest rate is denoted by ‘r’ while n represents tenure in months.
Personal loan EMI calculator utilises the following formula to determine the fixed monthly instalment a borrower needs to pay:
Why Choose SBI Personal Loan EMI Calculator?
People who want personal loans seek detailed information about the EMI and interest rates offered by different banks. The personal loan EMI calculator provides the following information for the convenience of the borrowers:
- SBI compares and provides detailed information for EMIs that borrowers must pay different loan amounts and tenure. Therefore, it is advised to consult the nearest SBI branch before taking a personal loan.
- The personal loan EMI calculator facilitates a borrower to understand the best personal loan provided by different banks by comparing EMIs on loans amounting up to ₹ 15 Lakh for a maximum 72 months tenure.
- It helps the borrowers calculate the split for the total EMIs into principal repayment and interest rate on the personal loan over the loan duration.
- The personal loan EMI calculator provides a detailed amortisation. This helps the borrowers understand the speed at which the principal amount of the loan will be repaid throughout the tenure.
Factors Affecting SBI Personal Loan EMI Calculator
The SBI personal loan EMI calculator is an efficient way of knowing loan repayment details within the loan tenure. However, a few factors influence the EMIs a borrower needs to pay.
These factors include the following:
- Principal amount: A higher principal amount results in paying higher EMIs. SBI gives a personal loan of ₹ 50,000 to ₹ 15 Lakh. However, the personal loan for government employees goes up to ₹ 20 lakh. Therefore, the borrowers can choose a loan amount according to their requirements and repayment capacity.
- Interest rate: The interest rate of a loan directly influence personal loan EMI calculator. A high-interest rate increases the total cost of a loan; similarly, a low-interest rate reduces the EMI payments.
- Loan tenure: An increased tenure requires a borrower to pay lesser EMI as compared to a short tenure.
SBI Personal Loan EMI Calculator For Selecting A Budget-Friendly Loan
Borrowers have diverse loan requirements. Some need a high loan for less tenure, while some need a low loan amount for a long tenure. The SBI personal loan EMI calculator provides detailed information to borrowers according to their loan requirements.
The following table demonstrates EMIs for different loan amounts over various tenures while keeping the lowest interest rate of 10% for a personal loan:
The SBI personal loan EMI calculator leaves no room for mathematical error while determining the monthly instalments the borrowers need to pay. The personal loan for government employees offers the highest loan amount at the lowest interest rate. Therefore, if you plan to take a personal loan, you must check the details of all the loans provided by SBI and their interest rates to make an efficient decision.