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SBI Personal Loan EMI Calculator - Dec 2019

Last Updated 26th Nov 2019

Get monthly EMI as low as ₹ 1,981 per lakh on SBI personal loan. Personal loan EMI in SBI depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

SBI Personal Loan Calculator

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

Loan Amount1 year loan3 year loan6 year loan
₹ 1 Lakh₹ 8,908₹ 3,345₹ 1,981
₹ 5 Lakh₹ 44,541₹ 16,727₹ 9,906
₹ 10 Lakh₹ 89,083₹ 33,454₹ 19,811
Personal Loan EMI Calculator
Rs.

Personal Loan EMI Calculator SBI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to SBI against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • SBI offers affordable and convenient personal loans with loan EMIs as low as ₹ 1,981 per lakh for a tenure of 72 months and lowest rate of interest at 12.50%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.50% interest rate

Loan Amount (Rs.)2 Years3 Years6 Years
1 Lakh ₹ 4,731 ₹ 3,345 ₹ 1,981
3 Lakh ₹ 14,192 ₹ 10,036 ₹ 5,943
5 Lakh ₹ 23,654 ₹ 16,727 ₹ 9,906
10 Lakh ₹ 47,307 ₹ 33,454 ₹ 19,811
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
SBI Personal Loan Interest Calculator
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 12.50% interest rate offered by SBI for different tenures
Home Loan Interest Calculator Results 2 years 3 years 6 years
SBI EMI for a loan amount Rs. 1 lakh at 12.50% ₹ 4,731 ₹ 3,345 ₹ 1,981
Total amount you pay back to the bank including principal and interest ₹ 1.14 Lakh ₹ 1.20 Lakh ₹ 1.43 Lakh
Interest you have to pay during the loan tenure ₹ 13,544 ₹ 20,420 ₹ 42,632

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan from SBI for 72 years, you pay the lowest EMI of ₹ 1,981. However, you pay an interest of ₹ 42,632 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from SBI at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,731 and pay an interest of only ₹ 13,544 which is less than half of what you pay for a 72 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting SBI Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from SBI. If you apply for a higher loan amount, your monthly EMI will be high. SBI gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 15 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. SBI personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by SBI is 12.50%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in SBI. Longer loan tenure means lower personal loan EMI. Generally, SBI offers a loan for a maximum tenure of 6 years.

SBI Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how SBI Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 15 Lakh

r = Rate of interest per month. Current rate is 12.50%

n = tenure in month. For SBI, this can be 72 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your SBI personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - SBI calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - SBI will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. SBI lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. SBI's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • SBI will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on SBI personal loan
  • Purpose of Loan: SBI personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 15 Lakh.
    • Loan Tenure 1 to 6 years.
    • Interest rates in the range of 12.50% to 16.60%.
    • Lowest EMI of ₹ 1,981 per lakh.
  • Processing Fees: 1% of loan amount. This is to be paid at the time of loan application
  • Special schemes: SBI offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special loan offers of SBI are:
    • SBI Xpress Credit Personal Loan
    • SBI Saral Personal Loan
    • SBI Pension Loan
    • State Bank Festival Loan
    • Jai Jawan Pension Loan

Personal loan EMI calculator SBI – How it works?

  • SBI personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • SBI EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, SBI will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from SBI, the interest rate and the remaining tenure in the EMI calculator.

FAQs on SBI EMI Calculator

Why should I calculate SBI loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your SBI personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount
What is the lowest EMI per lakh offered by SBI on personal loan?

SBI offers personal loan at 12.50% interest rate for a maximum of 72 months, and hence lowest EMI on per lakh loan amount is ₹ 1,981. However, SBI may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close SBI personal loan?

You can preclose your SBI personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on SBI ?

SBI offers you an option of prepayment after 6 months at 3% charges.

Is there any processing charge on personal loan from SBI?

Yes, SBI charges a certain amount of processing fee to process your loan application. Currently, SBI charges a processing fee of 1% on Personal Loan.

Will I get the personal loan from SBI if i have a bad credit score?

No, for taking a loan from SBI, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with SBI ?

Yes, you can opt for a co-applicant to take a personal loan from SBI that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in SBI personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my SBI loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

SBI Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
SBI 979-350-2211
SBI 972-434-2211
SBI 999-637-2211
SBI 972-434-2211
SBI 973-001-2211
SBI 973-193-2211
SBI 989-328-2211
SBI 979-933-2211
SBI 973-001-2211
SBI 989-328-2211
SBI 977-745-2211
SBI 979-933-2211
SBI 977-916-2211
SBI 979-094-2211
SBI 999-539-2211
SBI 979-191-2211
SBI 976-020-2211
SBI 995-880-2211
SBI 989-328-2211
SBI 995-880-2211
SBI 972-434-2211
SBI 995-880-2211
SBI 973-001-2211
SBI 995-880-2211
SBI 995-880-2211
SBI 995-705-2211
SBI 989-328-2211
SBI 995-919-2211
SBI 989-328-2211
SBI 989-328-2211
SBI 979-933-2211
SBI 977-916-2211
SBI 979-933-2211
SBI 979-350-2211
SBI 999-637-2211
SBI 973-001-2211
SBI 974-842-2211
SBI 979-933-2211
SBI 999-539-2211
SBI 979-350-2211
SBI 977-916-2211
SBI 979-191-2211
SBI 976-020-2211
SBI 972-434-2211
SBI 977-916-2211
SBI 998-755-2211
SBI 976-020-2211
SBI 973-001-2211
SBI 973-001-2211
SBI 995-880-2211
SBI 995-880-2211
SBI 999-637-2211
SBI 995-595-2211
SBI 979-191-2211
SBI 973-001-2211
SBI 989-328-2211
SBI 972-434-2211
SBI 995-595-2211
SBI 999-637-2211
SBI 976-020-2211
SBI 979-191-2211
SBI 980-509-2211
SBI 999-637-2211
SBI 972-434-2211
SBI 979-191-2211
SBI 979-933-2211
SBI 972-434-2211
SBI 979-350-2211
SBI 995-919-2211
SBI 995-919-2211

SBI Personal Loan News - Dec 2019
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More