With more and more finance institutions making their name the segment, it is easy to avail personal loans these days. Also, the number of well-backed virtual moneylenders is on the rise. The allure of personal loans is the same whether you are looking for secured or unsecured financial aid. You can never predict when you might require money urgently. Relying on a credit cards is not always a smart move. There is a reason why personal loans are favoured by people. Hundreds of banks in India offer a variety of personal loans and hence you may safely assume that you can always zero in on one that suit your needs. SBI, the country’s largest public lender, offers a slew of personal loans and one instrumental aspect on the basis of which banks take decisions is how much money you earn on a monthly basis. After income verification, you only have to go to the official website of SBI and click on personal loans to apply for one.
How does the SBI Personal Loan EMI Calculator Work?
SBI follows certain guidelines on what amount to approve as well as the applicant’s eligibility. On the personal loan page of SBI, you will see the EMI calculator that helps you gauge your eligibility and how much you can borrow for a specific tenure. Such online calculators help you to get an idea of how much you will have to keep aside from your monthly income towards EMI. The other significant feature that will come to your notice is the interest rate that change as per the term of loan you are comfortable with.
If you wish to know SBI-specific info, you may get those from the same web page or other third party financial sites offering the same information. Even though, there are numerous lenders providing competitive personal loans, they mostly set forth some terms and conditions and clarifications should be completed by the loan applicant. This is the reason why you should always do a rough calculation of your finances and income. Knowing this will give you a basic idea of how soon you will be able to settle the amount.
Perks of SBI Personal Loan EMI Calculator
- Helps you understand if you are eligible to apply at the bank or not.
- You can get to know how much would be the monthly payments during the term opted.
- You can also find out the current interest rate of the bank and use it to get the exact EMI.
- In case the organization you work at has their corporate/salary account with SBI, you can avail offers made only to direct customers.
- Based on the terms and conditions put forward by SBI, there are many features that you can avail. For instance, you can pay back partially or settle the entire loan before the tenure ends.
- The leeway to some extra every month will help you save on interest. This is particularly helpful if you have taken an unsecured personal loan from the bank.
- You may also negotiate a bit on the rate. It just might work.
- Swift disbursal of the loan and minimal paperwork is what entices customers.
What the personal loan EMI calculator cannot tell you
- Approval of your personal loan application to SBI is completely at the discretion of the loan manager. EMI calculator cannot predict the outcome.
- There is no guarantee that the interest rate given will not vary as per the current trends.
- Pre-payment penalty might apply.