SBI Personal Loan EMI Calculator

SBI Personal Loan EMI Calculator: Calculate Your SBI Bank Personal Loan EMI Online

The Indian economy is currently going through a phase of strong-rooted financial growth, encouraging individuals and entities to spend more. This brings good news for the unsecured loan market where a large number of  individuals are availing personal loans to meet short-term immediate financial goals.

One of the simplest and convenient techniques to calculate loan repayment is to utilize the SBI personal loan EMI calculator available at Groww. In case you are unable to decide whether to apply for a loan or not, then the SBI bank personal loan EMI calculator is sure to help you out.

How can the  SBI personal loan EMI calculator assist you?

It is perhaps the most effective tool to keep track of the cumulative amount to be repaid on your personal loan. With SBI online personal loan EMI calculator, you need not make any effort. Rather, put in all your data in specified columns and get instant results.

You are encouraged to go through the below-mentioned features of this SBI personal loan EMI calculator.

• Use this calculator to plan your finances forward easily.
• Make it easy to calculate personal loan from SBI EMI calculator and stay sorted.
• Get rid of the burden of debt by planning for personal loan repayment.

The formula used for our SBI personal loan EMI calculator

The following formula is to be applied while calculating EMI on a personal loan. It is a standardized formula –

EMI= [PXRX(1+R)^N]/[(1+R)^N-1]

In the formula the letters represent the following –

Example of EMI calculation on personal loan:

If the principal amount is Rs. 1 Lakh with a rate of interest of 10% and tenure of 5 years, the EMI will be calculated as –

[1,00,000 X 10 X (1+10) ^5]/ [(1+10) ^ 5-1] = 2,124.

The EMIs you will be liable to pay is Rs. 2,124.

SBI Personal Loan Amortisation Schedule

Say, you have taken a loan of Rs 10 Lakh for a period of 10 years or 120 months. The interest rate is fixed at 12% every year. The following is the amortization schedule.

This   table provides an estimate for the first 12 months of a loan. For the leftover the period, the principal component will increase at the same rate while the interest amount reduces gradually.

How to use the personal EMI calculator?

The user is required to offer certain inputs in the personal loan EMI calculator by SBI India that include –

• Tenure: You need to put in the total tenure or the period of repayment for the loan.  Generally, it ranges from 1 to 5 years.
• Amount: Interest rates are applicable on the loan amount which is then repaid into EMIs. The next column to fill-in is the loan amount.
• Rate of interest: This may fluctuate under the type of interest, or whether it is fixed or floating. An individual has to keep a check on the rise and fall in rates in case they have opted for a floating rate of interest.

As unsecured credits, personal loans have gained massive popularity in the Indian context. Over 78% of all credits availed in India fall under this category. Individuals planning to avail one should calculate the EMI amount beforehand and plan their loan options accordingly. 

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