SBI Personal Loan EMI Calculator - Apr 2017
SBI Personal Loan Calculator
Lowest EMI on SBI Personal Loan - Rs. 2,658 per lakh
|Loan Amount (Rs.)||2 Years||3 Years||5 Years|
|100,000||Rs. 4,731||Rs. 3,345||Rs. 2,250|
|300,000||Rs. 14,192||Rs. 10,036||Rs. 6,749|
|500,000||Rs. 23,654||Rs. 16,727||Rs. 11,249|
|1,000,000||Rs. 47,307||Rs. 33,454||Rs. 22,498|
Factors affecting SBI Personal Loan EMI
- Borrower age should be between 21 years to maximum 58 years.
- Maximum personal loan amount offered by SBI is upto Rs. 1,500,000.
- Interest rates range from 12.50% to 16.60% depending upon customer profile, loan amount and other factors.
- Processing fee in SBI may be 2% to 3% of loan amount.
SBI Personal Loan EMI
- Personal Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to SBI against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
- With SBI offering Personal Loans with loan tenure upto 4 years, the loan EMI can be as low as Rs. 2,658 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by SBI are as low as 12.50%.
- This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
SBI Personal Loan calculator formula
Here is an illustration of how SBI Personal Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 10,000 to Rs. 1,500,000
r = Rate of interest per month. Current rate is 12.50%
n = tenure in month. For SBI, this can be 48 months
Personal loan EMI calculator SBI - How it works?
- SBI personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- SBI personal loan 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 personal loan reduces. SBI gives you two options:
- Reduce your loan tenure and keep your personal EMI same
- Reduce the amount of EMI and keep your loan tenure same It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the SBI in this option.
Frequently Asked Questions on SBI EMI Calculator
SBI offers personal loan at 12.50% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,658.Can I prepay my SBI personal loan?
SBI offers you an option of prepayment after 1 months at 3% of prepaid amount.Is there any processing charge on personal loan from SBI?
Personal Loan from SBI charges a processing fee of 2% to 3%.
SBI Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||977-916-2211|