• SBI Personal Loan EMI Calculator

    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

    How to use BankBazaar SBI Personal Loan EMI Calculator?

    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.

    Benefits 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.

    FAQs on SBI Personal Loan EMI Calculator

    1. Am I allowed to pay my SBI personal loan EMI in cash? 
    2. Yes, you can pay off the EMI in cash. This can be done by visiting an SBI bank branch. 

    3. Will the SBI online EMI calculator show me the prepayment and processing fees? 
    4. 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.  

    5. What is the method of EMI calculation used by the State Bank of India? 
    6. 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.  

    7. I want to opt for SBI personal loan moratorium. Will it affect my EMI?

      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.

    8. What is the amount of penalty which will be levied if I miss an SBI personal loan EMI payment? 
    9. 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. 

    10. How can I pay my SBI personal loan EMI online? 
    11. 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. 

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