• SBI Personal Loan EMI Calculator

    State Bank of India offers personal loans with EMIs starting at just Rs.2,147 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.

    The bank charges interest rates ranging between 10.45% p.a. and 14.85% p.a. You can visit the BankBazaar’ 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 lakh @10.45% p.a. 2 years 3 years 5 years
    Equated Monthly Instalment (EMI) (Rs.) Rs.13,906 Rs.9,744 Rs.6,441
    Total Interest Payable (Rs.) Rs.33,741 Rs.50,772 Rs.86,445
    Processing Fee (Rs.) Rs.3,000 Rs.3,000 Rs.3,000

    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.

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

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