Check the EMI for your SBI Personal Loan by providing the Loan Amount, Interest rate (per annum), and loan tenure (in months) details.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
An EMI Calculator is a tool that enables you to estimate your monthly loan repayments effortlessly. If you're planning to apply for an SBI personal loan, this tool allows you to determine your Equated Monthly Installment most easily.
Now with a user-friendly interface SBI personal loan EMI calculator, helps you gain a clear understanding of your repayment obligations and make informed decisions regarding your loan amount. However, you can quickly determine your payable amount by using the EMI calculator below. Just input your loan amount, interest rate, and tenure period to know your EMI instantly!
A Personal loan EMI calculator uses a specific formula to calculate the Equated Monthly Installment (EMI) for your loan. You can also manually calculate the EMI using this same formula by following the provided steps.
Here’s the formula that is used to calculate your EMI,
E = [P × R × (1+R)^N] / [((1+R)^N) - 1]
Here in the equation,
EMI stands for EMI
P stands for principal loan amount
R stands for the monthly rate of Interest
N stands for tenure period.
If you are planning to avail of an SBI personal loan of ₹10 lakhs, with an interest rate of 11.00% p.a, for a loan the tenure of 6 years, then here's the payable EMI:
P = ₹10,00,000
Annual interest rate = 11.00% p.a
R = 11.00% / 12 / 100 = 0.00854 (approximately)
Loan tenure in years = 6
Number of monthly installments (n) = 6 * 12 = 72**
Now, let's substitute these values using the personal loan EMI calculator formula:
EMI = [1000000 × 0.00854 × (1 + 0.00854)^72] / [((1 + 0.00854)^72) - 1]
EMI = ₹19035
So, the EMI for an SBI personal loan of ₹10Lakhs at an interest rate of 11.00% per annum for a tenure of 6 years would be approximately ₹19035.
The table below provides details on scheme-wise payable SBI Loan EMI calculation, assuming a loan amount of 14 lakhs with SBI personal loan interest rates starting from 11.00% p.a. - 15.00% p.a along with for a tenure of 6 years:
|XPRESS Credit||10.60% p.a. to 13.10% p.a.||₹25,655|
|XPRESS Bandhan||At the discretion of the bank||₹26,648|
|SBI Pension Loan||9.60% p.a. Up to 12.60% p.a.||₹25,655|
|SBI Pre-Approved Personal Loans (PAPL)||12.60% p.a.||₹27,809|
|SBI Quick Personal Loan through CLP portal||10.85% p.a. - 12.85% p.a.||₹26,540|
|SBI Kavach Personal Loan scheme||8.50% p.a.||₹24,890|
Read LessNote: The current rates may vary marginally and are inclusive of prepayment charges of 3% and penal interest of 2% p.m. for SBI XPRESS Credit & SBI Quick Personal loan.
After a comprehensive understanding of the approximate EMI for various loan schemes by SBI. Now, let's break down the calculations for various loan amounts such as EMI for SBI personal loans of 1 lakh to 20 lakhs, considering tenures of both 12 months and 24 months:
|Loan Amounts||EMI for 12 Months||EMI for 24 Months|
|1 Lakh Personal Loan EMI||₹8,838||₹1,712|
|1.5 Lakh Personal Loan EMI||₹13,257||₹2,568|
|2 Lakh Personal Loan EMI||₹17,676||₹3,424|
|3 Lakh Personal Loan EMI||₹26,514||₹5,137|
|4 Lakh Personal Loan EMI||₹35,353||₹6,849|
|5 Lakh Personal Loan EMI||₹44,191||₹8,561|
|6 Lakh Personal Loan EMI||₹53,029||₹10,273|
|7 Lakh Personal Loan EMI||₹61,867||₹11,986|
|8 Lakh Personal Loan EMI||₹70,705||₹13,698|
|9 Lakh Personal Loan EMI||₹79,543||₹15,410|
|10 Lakh Personal Loan EMI||₹88,382||₹17,122|
|15 Lakh Personal Loan EMI||₹1,32,572||₹25,684|
|20 Lakh Personal Loan EMI||₹1,76,763||₹34,245|
Using the State Bank of India Personal Loan Calculator is a simple and efficient way to estimate your EMI for a personal loan. Hence, If you are willing to skip manual calculations then follow these quick steps to determine your EMI effortlessly:
Step 1: Visit the SBI website and click on the "EMI Calculator" or simply visit the EMI Calculator page
Step 2: Enter the following information:
Tenure (in months)
Step 3: The EMI calculator will swiftly compute and display the following outcome based on the details you provide
Total interest payable
Total payment amount
You can also use the SBI Personal loan EMI calculator to compare the EMI for different loan amounts, interest rates, and tenures.
There are many advantages that you can experience while using a Buddy Loan EMI Calculator some of which are:
Instant and Accurate Calculations: The calculator provides quick and precise EMI calculations, enabling borrowers to plan their finances accurately based on different loan amounts, tenures, and interest rates.
User-Friendly: The calculator's user-friendly interface allows people of all technical levels to input loan details effortlessly and get instant EMI results
Comparison Tool: The calculator allows users to compare EMIs for different loan scenarios, helping them choose the most suitable loan option that aligns with their budget and financial goals.
Accessibility: The Buddy Loan EMI Calculator can be accessed anytime, anywhere, providing convenience to borrowers in their loan planning process.
The EMI for an SBI Personal Loan is influenced by several key factors. Understanding these elements is crucial for borrowers to plan their repayments effectively.
Loan Amount: The amount you borrow from SBI will significantly impact your EMI. Higher loan amounts lead to higher EMIs.
Interest Rate: The interest rate set by SBI for personal loans will directly affect your EMI. Higher interest rates result in larger EMIs.
Loan Tenure (Repayment Period): The duration over which you choose to repay the loan will affect your EMI. Shorter loan tenure means higher EMIs and vice versa.
Type of Interest Rate: SBI offers both fixed and floating interest rates for personal loans. Fixed rates provide consistent EMIs throughout the tenure while floating rates can vary based on market conditions.
Processing Fee and Other Charges: Any fees or charges associated with processing the loan will be added to the loan amount and influence your SBI personal loan EMI.
Credit Score: Your creditworthiness, as indicated by your credit score, can affect the interest rate offered by SBI. A higher credit score might result in a lower interest rate and, consequently, a lower EMI.
Employment and Income: Your employment type (salaried, self-employed) and income level are considered during the loan approval process. A higher income may lead to a higher loan amount, affecting your EMI.
Prepayment or Foreclosure: If you choose to prepay the loan or foreclose it before the tenure ends, it will affect the total interest payable and may alter your EMIs.
Loan Repayment Frequency: The frequency at which you make loan repayments (e.g., monthly, or quarterly) can impact the EMI amount. More frequent repayments may result in smaller EMIs.
Relationship with SBI: Customer relationship with SBI can lead to preferential rates, impacting your EMI. Economic and market factors also influence interest rates, affecting your SBI Personal Loan EMI calculation.
Check other Banks EMI Calculator from below:
|HDFC Personal Loan EMI Calculator||ICICI Bank Personal Loan EMI Calculator|
|Kotak Personal Loan EMI Calculator||Axis Bank Personal Loan EMI Calculator|
|Bank of Baroda Personal Loan EMI Calculator||PNB Personal Loan EMI Calculator|
|Canara Bank Personal Loan EMI Calculator||IDFC First Bank Personal Loan EMI Calculator|
|Yes Bank Personal Loan EMI Calculator||Bank of India Personal Loan EMI Calculator|
|IndusInd Bank Personal Loan EMI Calculator||Indian Bank Personal Loan EMI Calculator|
|Standard Chartered Loan EMI Calculator||IOB Personal Loan EMI Calculator|
|UCO Bank Personal Loan EMI Calculator||Citi Bank Personal Loan EMI Calculator|
|Central Bank Personal Loan EMI Calculator||Federal Bank Personal Loan EMI Calculator|
|Bandhan Bank Personal Loan EMI Calculator||RBL Bank Personal Loan EMI Calculator|
Ready to take next step ?
SBI Personal loan EMI calculator uses the following formula:
E = [P × R × (1+R)^N] / [(1+R)^N- 1]. However, for a detailed understanding, you can revisit the webpage above.
Here is the formula for Personal loan EMI calculation:
E = [P × R × (1+R)^N] / [(1+R)^N - 1]. However, you can also use a personal loan EMI calculator for quick results.
The primary factors that can affect the EMI for an SBI personal loan are Principal loan amount, interest rate, and loan tenure.
The best approach to calculating an EMI is either through performing a manual calculation. However, for quicker results, one can utilize the Buddy Loan personal EMI calculator to calculate your SBI personal loan.
You can calculate your SBI personal loan EMI using the 3 simple steps mentioned above on the webpage.
The SBI personal loan EMI calculator can help you with loan planning, including estimating EMI and comparing different loan options.
You can use a personal loan EMI calculator by simply inputting the details on your loan amount, interest rate, and tenure period.
The interest rate on the loan amount for SBI personal loan EMI calculator starts at 11.00% p.a.
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