State Bank of India offers personal loans with EMIs starting at just Rs.2,105 per lakh.
Following a directive issued by the Reserve Bank of India (RBI), the State Bank of India had earlier provided a moratorium for personal loan EMIs falling due from 1 March 2020 to 31 May 2020. However, after the latest announcement on moratorium by RBI, the lender extended the moratorium for further three months for personal loan EMIs falling due from 1 June 2020 to 31 August 2020.
State Bank of India (SBI) offers personal loans at attractive rates starting at 9.60% p.a. You can visit BankBazaar’s website and use the personal loan EMI calculator to compute the EMI payable based on the loan amount, repayment tenure, and interest rate entered by you.
| Rs. 3 lakhs @9.60% p.a. | 2 years | 3 years | 5 years |
| Equated Monthly Instalment (EMI) (Rs.) | Rs.13,788 | Rs.9,624 | Rs.6,315 |
| Total Interest Payable (Rs.) | Rs.30,916 | Rs.46,461 | Rs.78,914 |
| Processing Fee (Rs.) | Rs.4,500 | Rs.4,500 | Rs.4,500 |
BankBazaar SBI Personal Loan EMI Calculator is very easy to use and helps you get an estimate of the EMI amount that you will be required to pay off every month. Follow the steps mentioned below to understand the usage of the EMI calculator:
Step 1: Use the slider under the ‘Loan Amount’ to set your loan amount. Alternatively, you can just type the exact loan amount that you are willing to avail in the field provided.
Step 2: Use the slider under the ‘Tenure’ to set your loan repayment tenure. Alternatively, you can just type the exact tenure for which you are willing to avail the loan in the field provided.
Step 3: Enter the rate of interest in the field provided.
Step 4: In the next field, provide the processing fee percentage. For SBI, it is 1.5% i general.
Step 5: Once the above details are filled up, you can click on the ‘Calculate’ button.
After this, the calculator will display the monthly personal loan EMI amount. Followed by this, you will also be able to see the detailed break-down of the total payable amount. At the bottom of the page, you will also be able to view the detailed loan repayment schedule via an amortisation table.
Yes, you can pay off the EMI in cash. This can be done by visiting an SBI bank branch.
The online EMI calculator results will not show you processing and the prepayment charges. The amount of these fees will differ from one lender to another. It also varies from one applicant to another. The amounts of these charges will be specified in the loan agreement which is given to the borrower when the loan is disbursed.
The reducing balance method is used by SBI for the calculation of personal loan EMI. In this method, the EMI is calculated based on the outstanding loan amount and it will not be calculated on the total principal amount.
Though opting for moratorium on your personal loan can release some financial stress during the times of COVID-19 crisis, however, it can weigh heavily on you in the near future. Interest will be accrued on the outstanding portion of your loan during the moratorium period, which essentially means that you will have to pay three EMIs and the interest compounded for three months. So, opt for SBI personal loan moratorium only if you are going through financial crunch.
You will be charged Rs.500 + GST as penalty every time you miss an EMI payment. A penal interest of 2% per month will also be applicable over and above the loan interest rate.
You can easily pay SBI personal loan EMI online via ECS (Electronic Clearing System) or NACH (National Automated Clearing House) or ACH (Automated Clearing House). These services allow you to transfer the EMI amount from any bank to your SBI personal loan account. Alternately you can use a cheque/DD/cash to pay your loan EMI by visiting a branch.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
State Bank of India announced a moratorium period of 3 months for all its term loans, following the policy announcement by the Reserve Bank of India of the same. This is applicable across the board for all of SBI’s term loans which will include personal loans, car loans, home loans, etc.
The moratorium policy was announced by the RBI Governor, Shaktikanta Das, as a measure to ease the economic impact of the Covid-10 pandemic which has resulted in a 21-day lockdown across India. The moratorium will be applicable for all kinds of terms loans on the outstanding effective from 1 March 2020.
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