Urban Money
  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Personal loans are unsecured loans availed by the borrowers for a diverse set of motivations. The loans are repaid through monthly installments. They are borne for purposes such as:

  • Debt Consolidation 
  • Commencing Business Ventures
  • Medical Emergencies
  • Home Renovation 
  • Higher Education 
  • Wedding Expenses

The government is encouraging spending by both the individuals and entities to revive the cash flow in the Indian economy. This has stimulated the loan market where individuals are availing loans from the banks at an exponential rate. However, some borrowers find it difficult to track and anlayse the repayment schedule, leading to uncertainty.

This is when the SBI personal loan calculator comes into picture. The self-help tool gives an individual an accurate estimate of the repayment schedule, catering to borrowers who want to avail different repayment options. The SBI personal loan calculator provides multiple options to the borrowers so that they can comfortably align the repayment of the loan suitable to their budget.

Benefits of SBI Personal Loan EMI Calculator

The SBI Personal Loan provides various benefits to the user as follows:

  • Provides a brief idea to the applicant regarding their eligibility.
  • The user of the SBI personal Loan EMI calculator would get clarity on the repayment schedule.
  • The user can enhance the accuracy of the EMI calculated in case they mention the current interest rates.
  • The user can identify and avail offers they’re eligible for while calculating the EMIs. For example, SBI offers various benefits to salary account holders.
  • The SBI Personal loan calculator extends many features to the user. They can explore various repayment plans and schemes. For example, some borrowers might prefer to settle the loan with lump-sum payments instead of monthly installments. There are features in the calculator which cater to those needs.
  • The calculator produces an automated amount concerning the values entered. There is a higher chance of it being accurate than tedious time-consuming manual calculations.
  • The SBI personal loan calculator is an easy-to-use tool that can be used anywhere at the convenience of the user.

How Can the SBI Personal Loan EMI Calculator Assist You with Your Budget?

The SBI personal loan calculator is a tool that can help the user to derive the amount accrued against the personal loan. Anyone with a computer, laptop, or mobile phone can easily get an estimate on the EMIs instantly after entering the details required. The calculator can assist you with the following characteristics:

Budget Planning 

The calculator provides a variety of options to compare multiple values so that they can select the loan amount which aligns with their budget. This helps the user of the calculator to gain clarity on the amount accrued against the loan which they can factor in while planning their budget.

Convenient Usage 

The self-help tool is easy to use. The straightforward interface allows the user to calculate the amount of loan repayment without any hassle. It is free and satisfies queries one might have regarding the loan repayment amount instantly. This helps the user to maintain a concise and tidy budget with minimum paperwork. 

Visual Aid Features

The calculator also provides a graphical chart exhibiting the change in the interest and principal amount throughout the loan tenure. The user gains a better understanding of the repayment process through the visual representation that might cater to a wider audience. This proves beneficial for the users who want to plan a long-term budget whilst giving them a deeper understanding of the repayment process.

Formula Used for SBI Personal Loan EMI Calculator?

The below-mentioned formulae are applied while calculating the SBI personal loan amount:

EMI = {(P * R * (1+ R)^N} / {(1 + R)^N-1}

Where

  • EMI is the Equated Monthly Installment 
  • P is the Principal Amount 
  • R is the Rate of Interest on the Loan Amount
  • N is the Repayment Tenure for Loan Amount

For a better understanding of how the formulae are implemented let’s take an example.

Suppose you take a loan of Rs 5 lakhs and the rate of interest is determined at 10% per annum.

  • The tenure for the loan is decided at 5 years - 14641 161051
  • EMI = {5,00,000 * 10* (1+10)^5 / {(1+10) ^ 5-1} = Rs 10,623
  • The monthly EMI for your personal loan amount will be Rs 10,623

How to Use Personal Loan EMI Calculator?

The personal loan EMI calculator helps to decipher the amount of EMIs and the total accrued interest payable against the personal loan. It is extremely easy to use the personal Loan EMI calculator if you follow the steps mentioned below. 

STEP 1: Visit the Personal Loan EMI calculator page 

STEP 2: Enter the following details 

  • The Principal or Loan amount to be borrowed from the bank 
  • Rate of interest on the amount
  • Loan Repayment Tenure 

STEP 3: The personal Loan calculator will instantly provide you with the details on the 

  • EMI payable by the borrower
  • Total interest charged by the bank 

It is to be noted that the values are indicative only. The calculator is a general self-help planning tool. You’ll have to reach out to the bank for a more accurate repayment schedule.

SBI Personal Loan Amortisation Schedule

The SBI Personal Loan calculator gives the user on a detailed account of the repayment plan. Find below the amortization schedules on different principles, interests, and tenures for a better understanding. 

SBI Personal Loan Amortisation for Rs 5 Lakhs

  • Principal: Rs 5,00,000
  • Interest: 13% per annum
  • Tenure: 24 Months
  • Monthly EMI = Rs 23,771
Month  Principal  Interest Rate Balance (Rs)
18,354 5,417  4,81,646
2 18,553 5,218 4,63,093
3 18,754 5,017 4,44,339
4 18,957 4,814 4,25,381
5 19,163 4,608 4,06,219
6 19,370 4,401 3,86,849
7 19,580 4,191 3,67,268
8 19,792 3,979 3,47,476
9 20,007 3,764 3,27,470 
10 20,223 3,548 3,07,246
11 20,442 3,329  2,86,804
12 20,664 3,107 2,66,140
13 20,888 2,883 2,45,252
14 21,114 2,657 2,24,138
15 21,343 2,428 2,02,796
16 21,574 2,197 1,81,222
17  21,808 1,963 1,59,414
18  22,044 1,727 1,37,370
19 22,283 1,488 1,15,087
20 22,524  1,247 92,563
21 22,768 1,003 69,795
22 23,015 756 46,780 
23 23,264 507 23,516
24 23,516 255 0

SBI Personal Loan Amortisation for Rs 10 Lakhs

  • Principal: Rs 10,00,000
  • Interest: 10% Per Annum
  • Tenure: 12 Months 
  • Monthly EMI: 87,916 
Month  Principal  Interest  Balance 
1 79,583 8,333 9,20,417
2 80,246 7,670 8,40,172
3 80,914 7,001 7,59,257
4 81,589 6,327 6,77,669
5 82,269 5,647 5,95,400
6 82,954 4,952 5,12,446
7 83,646 4,270 4,28,800
8 84,343 3,573 3,44,458
9 85,045 2,870 2,59,412
10 85,754 2,162 1,73,658
11 86,469 1,447 87,189
12 87,189 727 0

Comparison of SBI Personal Loan EMI with other Banks

Find the interest rate offered by SBI and other banks on Personal Loans below:

BANK  Interest Rate (Per Annum)
SBI  9.60%
Axis Bank  12% to 21%
HDFC Bank  10.5% to 21.5%
Kotak Mahindra  10.75%
IndusInd Bank  10.49%
ICICI Bank  10.50%
Bajaj Finserv 13% Onwards
Tata Capital  10.99%

* It is to be noted that these interest rates are subject to change on the sole discretion of the mentioned banks.

Factors Affecting SBI Personal Loan Interest Rates

The interest rate on the personal loan is subjective to different applicants due to its unsecured nature. The bank assesses a variety of factors before lending the money to the applicant. Find the set of factors that directly affect the interest rate levied below:

Credit Score 

The first parameter the bank checks off before granting a loan to the applicant is their credit score. Generally, a credit score of 750 is considered healthy. In case an applicant has a low credit score, the chances of approval of the loan are slim. The credit scores are maintained by the credit bureau. 

Income  

The income of the applicant also plays an important role in determining the interest rate a bank might offer to the applicant. If the income of the applicant is substantial then the bank would levy a lower interest rate as it is highly unlikely that the individual would default on the repayments. However, a bank might charge a higher interest rate to the borrowers with a curtailed purse.

Repayment History and Defaults

The bank also accounts for the repayment history of the applicant. If the applicant has maintained punctual and disciplined repayments in past then the bank might approve the loan. Whereas, if the applicant has defaulted on its repayments in the past, then the bank levies a high-interest rate on the personal loan.  

Account Holder

The bank offers an attractive rate of interest to the existing account holders. It offers various relaxations and leeways to its existing customers to enhance their relationship with existing customers. 

Application Process for SBI Personal Loan

The application process to apply for a personal loan is effortless. The applicant can apply online or offline at their convenience. 

Online Process

STEP 1: Log in to the SBI Personal Loan page

STEP 2: Select the type of personal loan from the given options 

STEP 3: After clicking on apply now, you’ll be directed to a new tab.

STEP 4: Click on the submit button after filling in the required details 

STEP 5: After finishing the process, you’ll receive an intimation from the SBI on your registered mobile number or E-mail ID. 

Offline Process

To submit the application offline, visit the nearest SBI branch along with all the required documents. 

STEP 1: Fill in and submit the loan application form to the concerned customer representative along with all the required documents. 

STEP 2: You’ll receive the intimation regarding the reference number from the bank 

STEP 3: The reference number provided can be used to track the status of the loan application.

Frequently Asked Questions (FAQs)

How can I reduce my SBI personal loan EMI amount?

You can minimize the burden of EMI repayment by taking steps such as

 

  • Elongating the loan repayment tenure
  • The interest rates on personal loans are negotiable. You can minimize the EMI amount by determining a suitable rate of interest with your lender. 
  • It is advisable to consolidate all your debt before you take a personal loan.
  • You can also finance your high-cost loan with a low-cost loan. Such practices are popular to minimize the rate of interest levied on the repayments.

How is the EMI calculated for personal loans?

Equated Monthly Installments or EMI are the sums of the principal part of the loan amount and the rate of interest charged on the personal loan.

Can I prepay my SBI personal loan?

Yes, the borrowers can avail of the option to prepay their loan six months after the date it has been disbursed. It is to be noted that no prepayment penalty will be imposed. However, 2.5% + GST will be charged if the prepayment is over 25% of the principal due. The borrower is eligible to avail of this feature only once a year.

Can we pay more than EMI in SBI personal loan?

Yes, the borrower can pay more than the EMI amount without having to pay prepayment charges. However, the processing charges and service charges will be levied on the payment.

Does Prepayment impact the EMI amount?

No, partial prepayment does not reduce the EMI amount. As the EMI consists of the principal and the interest components.