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SBI Personal Loan Calculator

SBI Personal Loan EMI Calculator, May 2021

Last Updated 04th May 2021

  • Get monthly EMI as low as ₹ 1,832 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 EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
Loan Amount1 Year Loan3 Year loan6 Year loan
₹ 3 Lakh₹ 26,319₹ 9,624₹ 5,497
₹ 6 Lakh₹ 52,638₹ 19,248₹ 10,995
₹ 12 Lakh₹ 1,05,276₹ 38,496₹ 21,990
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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 ₹ 1,832 per lakh for a tenure of 72 months and lowest rate of interest at 9.60%.
  • SBI Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the SBI personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

SBI Personal Loan EMI Calculation

Personal Loan EMI for different loan amounts and tenures @ 9.60% interest rate

Loan Amount (Rs.)2 Years3 Years6 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
  • 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 ₹ 1 Lakh loan amount at lowest 9.60% interest rate offered by SBI for different tenures

The table below 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. For instance, if you take a ₹ 1 Lakh loan from SBI for 72 years, you pay the lowest EMI of . However, you pay an interest of on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from SBI at the lowest loan rate for 2 years, you pay a higher EMI of and pay an interest of only 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.

Calculated Results for SBI Personal Loan Loan EMI 2 years 3 years 6 years
SBI EMI for a loan amount Rs. 1 lakh at 9.60% ₹ 4,596 ₹ 3,208 ₹ 1,832
Total amount you pay back to the bank including principal and interest ₹ 1.10 Lakh ₹ 1.15 Lakh ₹ 1.32 Lakh
Interest you have to pay during the loan tenure ₹ 10,304 ₹ 15,488 ₹ 31,904

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 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 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.

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
PNB 8.95% ₹ 8,743 ₹ 43,714 ₹ 87,428
Kotak Bank 10.25% ₹ 8,803 ₹ 44,016 ₹ 88,032
Axis Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144
IndusInd Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144
IDFC First Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 3 years at an interest rate of 10.25%. EMI calculated for this loan amount is ₹ 9,715 and the total annual EMIs to be paid annually is ₹ 1,16,585. The EMI schedule of loan for 3 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 3 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 18,760 ₹ 58,964 ₹ 77,723 ₹ 2,41,036
2022 ₹ 20,265 ₹ 96,320 ₹ 1,16,585 ₹ 1,44,716
2023 ₹ 9,914 ₹ 1,06,670 ₹ 1,16,585 ₹ 38,046
2024 ₹ 816 ₹ 38,046 ₹ 38,862 ₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 3 Lakh, taken at the lowest interest rate of 10.25%, EMI paid is ₹ 9,715 and an annual total of EMIs is ₹ 1,16,585, the interest component is ₹ 26,600 while the principal component is ₹ 89,984 in year 1 of loan disbursement. You repay only 29.99% of the total principal after paying 12 EMIs during the first year.

In year 3, the interest component of EMI is around 5.34%, while the principal component is around 94.66%. Upto 3 years, you have cumulatively repaid 100% of your total Personal Loan.

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 9.60%

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

How to decide the right amount of EMI?

As a borrower, calculating the 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 a 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 9.60% to 16.40%.
    • Lowest EMI of ₹ 1,832 per lakh.
  • Processing Fees: 1.00% 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 is an online tools which gives 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.

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 your 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.

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 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.

Other Loan Calculators


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 9.60% interest rate for a maximum of 72 months, and hence lowest EMI on per lakh loan amount is ₹ 1,832. 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%.

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 1.00% 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, you 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.

What is the EMI for ₹ 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, 3 & 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 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.

How does a personal loan repayment happen?

A borrower has to pay the equated monthly instalments, which comprises the principal and interest. Both the principal amount and the loan’s interest are apportioned across the tenure and form part of the EMI. If you want to repay the EMI before the predetermined tenure, you may have to pay a pre-closure penalty on your personal loan 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
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad Bihar 973-001-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhiwadi 973-001-2211
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
Dehradun 976-020-2211
Delhi 995-880-2211
Durg 989-328-2211
Faridabad 995-880-2211
Gandhinagar 972-434-2211
Ghaziabad 995-880-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Hyderabad 995-919-2211
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
Madurai 979-191-2211
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
Vadodara 972-434-2211
Varanasi 979-350-2211
Vijaywada 995-919-2211
Vizag 995-919-2211

SBI Personal Loan Reviews 3.6/5  by 7 customers
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SBI Personal Loan News - May 2021
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
  • 2021-03-21 : SBI recorded digital transactions as high as 67%
    State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
  • 2021-02-23 : SBI launched YONO Merchant app
    SBI Payments launched YONO Merchant App to expand the digitisation of merchant payments in the country. The Bank is aiming to create a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure in lesser penetrated areas of the country.
  • 2020-12-10 : SBI recasts only 4,000 retail loans
    SBI has recast loans of just around 4,000 retail customers so far under the limited window of the RBI, indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. The bank clarified that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI.
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
*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
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