SBI Business Loan EMI Calculator

SBI Business Loan EMI Calculator Formula

The formula used to calculate the EMI is:

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

Where,
EMI is the Equated Monthly Instalment.
P = Principal amount
R = Monthly interest rate
n = Loan tenure in months.

Steps to Use SBI Business Loan EMI Calculator

Using the SBI Business Loan EMI Calculator is simple. Just follow these steps:

Step 1: Visit the SBI website and navigate to the Business Loan EMI Calculator.

Step 2: Enter the loan amount you wish to borrow.

Step 3: Input the applicable interest rate for the loan.

Step 4: Choose the loan tenure (in months or years).

Step 5: Click ‘Calculate’ to see the EMI amount.

Step 6: Review the EMI, total interest payable, and overall repayment amount.

Step 7: Adjust the inputs if needed to explore different loan scenarios.

Benefits of SBI Business Loan EMI Calculator

Here are the benefits of using the SBI Business Loan EMI Calculator:

1. Quick and Easy Calculations: The calculator provides instant results, saving time and effort compared to manual calculations.

2. Accurate Financial Planning: It helps you plan your finances better by giving you a precise EMI amount based on your loan details.

3. Loan Comparison: You can compare different loan amounts, interest rates, and tenures to find the most suitable option for your business.

4. Budget Management: Knowing your EMI in advance helps you manage your budget effectively, ensuring you can meet your loan obligations without financial strain.

5. No Cost Involved: The calculator is free to use and accessible online, allowing you to perform unlimited calculations.

6. Detailed Insights: Some calculators offer an amortization schedule, providing a breakdown of the principal and interest over the loan tenure.

SBI Business Loan Amortisation Table

Amortization is the process of dividing a fixed-rate loan into equal monthly payments. Each payment includes both principal and interest, shown in an amortization schedule.

The table below shows the SBI Business Loan Amortization for a loan amount of ₹10 lakhs at an interest rate of 10.5% with a repayment tenure of 5 years.

You can also check out other related loan EMI calculators below:

You can also check other loan schemes offered by SBI using the links provided below:

If you want to compare business loans from other NBFC lenders, check for different business loan options from various lenders from the links given below: