SBI Personal Loan Calculator

SBI Personal Loan EMI Calculator, May 2022

Last Updated 29th Apr 2022

• Personal loan EMI in SBI depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
• SBI Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
• Lowest monthly EMI is ₹ 1,832 per lakh on SBI Bank personal loan as calculated using the lowest interest rate of 9.60% for the longest tenure of 72 months.
• For example, the table below gives the EMIs on SBI Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
 Loan Amount 1 Year Loan 3 Year loan 6 Year loan ₹ 1 Lakh ₹ 8,773 ₹ 3,208 ₹ 1,832 ₹ 5 Lakh ₹ 43,865 ₹ 16,040 ₹ 9,162 ₹ 10 Lakh ₹ 87,730 ₹ 32,080 ₹ 18,325

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Personal Loan EMI Calculator SBI

SBI Personal Loan EMI is a fixed amount of money paid by you to SBI based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your SBI personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator SBI. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use SBI Personal Loan EMI Calculator?

• Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for SBI personal loan which can range between 9.60% to 15.65%.
• Compare SBI personal Loan EMI: Helps you compare the estimated EMI on a personal loan from SBI with that of leading banks in India using the same loan amount of upto ₹ 15 Lakh for a maximum tenure of 72 months, but at different interest rates.
• Calculate interest on SBI personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from SBI over the loan tenure.
• Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at SBI or balance transfer to another bank.

SBI Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on SBI Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of SBI Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 9.60%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right SBI personal loan plan for you.Personal Loan EMI is calculated for SBI for different loan amounts and tenures at the rate of 9.60%.

 Loan Amount (Rs.) 2 Years 3 Years 6 Years 1 Lakh ₹ 4,596 ₹ 3,208 ₹ 1,832 3 Lakh ₹ 13,788 ₹ 9,624 ₹ 5,497 5 Lakh ₹ 22,980 ₹ 16,040 ₹ 9,162 10 Lakh ₹ 45,961 ₹ 32,080 ₹ 18,325

Factors Affecting SBI Personal Loan EMI

• Loan amount – You will pay a higher EMI for the higher loan amount. SBI gives a minimum loan of ₹ 50,000 and a maximum loan 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 9.60%. 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 over which you can repay your loan in SBI. So, your EMI will be lower if you take a 72months loan from SBI as compared to a loan taken for 6months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of SBI Personal Loan EMI with other Banks

 Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh SBI 9.60% ₹ 8,773 ₹ 43,865 ₹ 87,730 Bank of Maharashtra 9.85% ₹ 8,785 ₹ 43,923 ₹ 87,846 Indian Overseas Bank 10.00% ₹ 8,792 ₹ 43,958 ₹ 87,916 HDFC Bank 10.25% ₹ 8,803 ₹ 44,016 ₹ 88,032 ICICI Bank 10.25% ₹ 8,803 ₹ 44,016 ₹ 88,032

SBI Personal Loan Amortization Calculator

SBI Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. SBI gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 4.50 Lakh for 2 years from SBI at an interest rate of 9.60%. EMI calculated for this loan amount is ₹ 20,682 and the total annual EMIs to be paid annually is ₹ 2,48,187. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 4.50 Lakh over the 2 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 24,912 ₹ 1,40,546 ₹ 1,65,458 ₹ 3,09,454
2023 ₹ 19,833 ₹ 2,28,353 ₹ 2,48,187 ₹ 81,100
2024 ₹ 1,628 ₹ 81,100 ₹ 82,729 ₹ 0

In the above illustration, on a SBI Personal Loan of₹ 4.50 Lakh, taken at the lowest interest rate of 9.60, EMI paid is ₹ 20,682 and an annual total of EMIs is ₹ 2,48,187, the interest component is ₹ 33,936 while the principal component is ₹ 2,14,251 in year 1 of loan disbursement. You repay only 47.61% of the total principal after paying 12 EMIs during the first year.

SBI Personal Loan Interest Calculator Formula

SBI calculates personal loan EMI based on the following 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.SBI personal loan amount can range from ₹ 50,000 to ₹ 15 Lakh.

r = Rate of interest per month. The current SBI Personal Loan rate is 9.60%.
n = Tenure in month. This can range up to 72months in case of SBI.

How to use SBI Personal Loan EMI Calculator

• SBI personal loan calculator are online tool 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 meaning interest is charged for the month preceding the EMI payment date and not in advance.

SBI Personal Loan EMI for ₹ 1 Lakh

The following table shows SBI Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 9.60%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,0009.60% 1₹ 8,773
₹ 1,00,0009.60% 2₹ 4,596
₹ 1,00,0009.60% 3₹ 3,208
₹ 1,00,0009.60% 4₹ 2,517
₹ 1,00,0009.60% 5₹ 2,105

SBI Personal Loan EMI for ₹ 3 Lakh

The following table shows SBI Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 9.60%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,0009.60% 1₹ 26,319
₹ 3,00,0009.60% 2₹ 13,788
₹ 3,00,0009.60% 3₹ 9,624
₹ 3,00,0009.60% 4₹ 7,551
₹ 3,00,0009.60% 5₹ 6,315

SBI Personal Loan EMI for ₹ 5 Lakh

The following table shows SBI Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 9.60%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,0009.60% 1₹ 43,865
₹ 5,00,0009.60% 2₹ 22,980
₹ 5,00,0009.60% 3₹ 16,040
₹ 5,00,0009.60% 4₹ 12,585
₹ 5,00,0009.60% 5₹ 10,525

SBI Personal Loan EMI for ₹ 10 Lakh

The following table shows SBI Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 9.60%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,0009.60% 1₹ 87,730
₹ 10,00,0009.60% 2₹ 45,961
₹ 10,00,0009.60% 3₹ 32,080
₹ 10,00,0009.60% 4₹ 25,171
₹ 10,00,0009.60% 5₹ 21,051

How to Pay SBI Personal Loan EMI?

There are various online & offline methods to pay your SBI Personal Loan EMI. To repay your SBI EMI online, you can log in to your net banking account or else you can also use the mobile banking of SBI. SBI also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest SBI branch.

✅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. For instance, if you want to avail SBI personal loan at the lowest rate of 9.60% and your monthly EMI, which comes out at ₹ 1,832 is more than your monthly budget. You have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable. In addition, if you already know the EMI you have to pay each month, you can plan your expenses accordingly. Finally, based on the EMI amount, you can opt to make a prepayment of your loan in the future when you have a surplus amount.

✅What is the lowest EMI per lakh offered by SBI on a personal loan?

SBI offers a personal loan at a 9.60% interest rate for a maximum of 72 months, and hence lowest EMI per lakh loan amount is ₹ 1,832. However, SBI may offer a lower interest rate to you if you hold your salary account with the bank or if you are an existing customer.

✅How can I pre-close SBI personal loan?

You can pre-close 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 the 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%.You have to pay these charges if you decide to pay the loan amount before the due date.

✅Is there any processing charge on a 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 Nil on a Personal Loan.

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

No, for taking a loan from SBI, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high SBI personal loan rate.

✅What is the EMI for a₹ 20 Lakh personal loan in SBI Bank?

At the current rate of 9.60%, EMI on SBI personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,31,043, ₹ 2,42,860 and ₹ 2,80,088 respectively.

✅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 SBI Personal 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 SBI personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

Compare Personal Loan EMI of All Banks

SBI Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 979-350-2211
Ambala 999-637-2211
Anand 972-434-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhopal 989-328-2211
Bhubaneswar Cuttack 977-745-2211
Bikaner 979-933-2211
Chandigarh 977-916-2211
Chennai 979-094-2211
Cochin 999-539-2211
Coimbatore 979-191-2211
Delhi 995-880-2211
Durg 989-328-2211
Gandhinagar 972-434-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Indore 989-328-2211
Jabalpur 989-328-2211
Jaipur 979-933-2211
Jalandhar 977-916-2211
Jodhpur 979-933-2211
Kanpur 979-350-2211
Karnal 999-637-2211
Kolhapur 973-001-2211
Kolkata 974-842-2211
Kota 979-933-2211
Kozhikode 999-539-2211
Lucknow 979-350-2211
Ludhiana 977-916-2211
Meerut 976-020-2211
Mehsana 972-434-2211
Mohali Sas Nagar 977-916-2211
Mumbai 998-755-2211
Mussoorie 976-020-2211
Nagpur 973-001-2211
Nashik 973-001-2211
Noida 995-880-2211
Noida Extn 995-880-2211
Panipat 999-637-2211
Patna 995-595-2211
Pondicherry 979-191-2211
Pune 973-001-2211
Raipur 989-328-2211
Rajkot 972-434-2211
Ranchi 995-595-2211
Rohtak 999-637-2211
Roorkee 976-020-2211
Salem 979-191-2211
Shimla 980-509-2211
Sonipat 999-637-2211
Surat 972-434-2211
Trichy 979-191-2211
Udaipur 979-933-2211
Varanasi 979-350-2211
Vizag 995-919-2211

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SBI Personal Loan Reviews 3.6/5  by 7 customers
MyLoanCare Service
3.6/5.0
Banks Service
3.6/5.0
Pravin Chakre, Amravati
Reviewed on 09th Mar 2019
5 / 5 stars
SBI Personal Loan Availed in Apr 2018

Reviewed on 01st Sep 2018
4 / 5 stars
SBI Personal Loan Availed in Sep 2018

I like this for a better response to my loan process

RAJEEV DUBEY, Lucknow
Reviewed on 19th Apr 2018
4 / 5 stars
SBI Personal Loan Availed in Apr 2018

Interest Rate are High and Sales Service are Good. Post Sales Service is also Good.Read more...

Shikha Vats,
Reviewed on 02nd Jun 2015
5 / 5 stars
SBI Personal Loan Availed in Mar-17

Yashveer Singh, Gurgaon
Reviewed on 20th May 2015
2.5 / 5 stars
SBI Personal Loan Availed in Apr-17

I took a personal loan from SBI at a good rate of 13%. The loan in continuing to be fine till now. HRead more...

Shashank Thakur, Patna
Reviewed on 14th May 2015
2.5 / 5 stars
SBI Personal Loan Availed in Apr-17

The personal loan from SBI was a economical deal with low interest rate and no hidden charges. But, Read more...

Venkatesan, Chandigarh
Reviewed on 28th Feb 2014
2 / 5 stars
SBI Personal Loan Availed in Jan-17

rate of interest are vet low. ThatRead more...

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SBI Personal Loan News - May 2022
• 2022-04-21 : Indian Banks Ranking Improve in Asia Pacific Largest Banks
As per the latest Global Market Intelligence ranking of the Asia Pacific largest banks, State Bank of India (SBI) and HDFC Bank have climbed up two notches. The third largest lender ICICI Bank has also found a place in the league table of the top 50.
• 2022-04-05 : State Bank of India to Provide Special Offers to BSF Personnel
SBI has signed a pact with the Border Security Force to offer special benefits, including complimentary personal and air accidental insurance (death) cover, additional cover in case of on-duty death, and permanent total disability or partial disability cover. The bank will provide these offers to the serving and retired BSF personnel and family pensioners.
• 2022-01-28 : SBI led Consortium Agrees to Give Loans to Tatas
The SBI led Consortium, which includes all large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, has agreed to grant both term loans and working capital loans to Tata for Air India.
• 2021-11-26 : SBI Waivers Processing Fee on Personal Loans
State Bank of India has waivered the processing fees on personal loans. The bank is charging an interest rate of 9.60%.
• 2021-08-25 : FM Niramala Sitharaman Launches EASE 4.0
Finance Minister Nirmala Sitharaman launches Ease 4.0 (Enhanced Access and Service Excellence )to undertake the public sector banks (PSBs). It is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
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