This Patiala headquartered bank has a rich legacy since its inception in 1917. It offers a plethora of banking and financial products for retail as well as institutional customers. In its retail lending segment, it provides Personal Loan for retail customers at competitive rates and pleasing benefits. State Bank of Patiala offers a loan of up to Rs. 10 lacs for personal needs which can be repaid in a tenure of up to 60 months.
The interest charges are billed at a rate starting as low as 12.50% pa, making it a loan that is highly affordable. The proceeds from the loan can be utilized for a plethora of needs such as loan consolidation, marriage, education and so on. As the industry standard has been, the repayment of the loan amount should be done in EMIs which consists of the principal amount along with applicable interest charges.
Repaying a retail loan can be tasking if you do not plan it well. The planning process begins before availing the loan itself. One of the most crucial aspects of managing it well is achieved by means of understanding the financial aspects of the loan such as the installment value, breakup of charges etc. It helps on multiple fronts such as planning the monthly budget and in choosing loan terms such as the repayment tenure.
To get first-hand information of the financials, you will need a tool such as an EMI calculator which provides the required output instantly. The BankBazaar Personal Loan Calculator is one such all-inclusive tool which offers comprehensive information to help you make sound decisions on your SBP Personal Loan. In less than a second, this tool offers the exact EMI amount paid into the loan, breakup of interest & other charges and other useful information such as the amortization table.
Before using this tool, you’ll need basic information pertaining to the loan such as the proposed loan amount, interest rate, tenure and the processing fee rate. Once you’ve these details handy, follow the steps below.
You now get the EMI amount followed by a pie chart for breakup of charges and an amortization table for month wise installment details.
Provides the EMI Value
The most visible benefit of using of this tool is to ascertain the exact amount paid each month towards clearing the loan. This way, you can ascertain its impact on your monthly budget and also to alter the terms of the loan accordingly to fit the budget.
Breakup of Interest Charges
The pie chart presents the interest charges paid overall and helps in negotiating the deal. This information can also be used to figure out the total costs involved in repayment of the loan. Plus, it also tells you how much fee would be incurred in this regard.
This table is like a loan statement which offers a detailed breakup of principal amount plus interest charges paid each month during the repayment tenure. This way, you can decide on paying off the loan appropriately in the future.
This fee is billed at the rate of 1.01% of the disbursed loan amount, subject to revisions at frequent intervals. Make sure to check with the nearest branch for latest rates.
The output from this tool can be used to compare offers from other banks as well. Use the same methodology to calculate the EMI and finance charges to choose the best offer.