SBI offers personal loans up to INR 20 lakh and its interest rate begins from as low as 9.60% per annum. Currently, it is one of the lowest personal loan rates of interest. If you don’t know anything about personal loan repayment, use the EMI calculator. This tool of SBI allows you to find the EMI amount that you possibly pay to the bank. The actual may slightly differ based on what loan offer you get. Read the page below and know how an EMI calculator helps you reduce the SBI Personal Loan Interest Payout.
What are the Functions of the SBI Personal Loan Calculator?
The SBI Calculator generates EMI and total interest of your loan amount. To do the same, the tool uses a formula – EMI = P × R × (1 + R)N/((1 + R)N – 1). The letters symbolize your loan details such as –
- P – Principal Loan Amount
- R – Interest Rate
- N – Repayment Period
When you insert these three details inside the tool, you can see your possible payout.
How to Get Access to SBI Personal Loan EMI Calculator?
To use this tool, follow the instructions shown below –
- Go to the official website of SBI
- Go to the product section and select ‘Personal Loan’
- On the personal loan page, you’ll see the ‘EMI Calculator’ button, click on it
- Afterward, you’ll be redirected to a new page
- Insert your loan amount, interest rate and tenure
- Check out the EMI and total interest
- If the result is according to your budget, proceed with the loan application
- Otherwise, change the values inside the tool and see at what terms you should deal with SBI
Illustration of the EMI Calculator SBI
Ramesh is a 30-year-old employee who’s been looking for a lump sum amount of INR 3 Lakh for his travel. While searching online, he came across the SBI Personal Loan and found its interest rates lower than that of its competitors.
He gets the desired loan amount offered from SBI at an interest rate of 15.00% per annum. Let’s see his expected total interest payouts according to the calculator.
As you know SBI offers you six months to six years to repay a personal loan. So, choosing the right tenure and containing interest payouts is paramount to you. Let’s check the payouts periodically to figure out the best repayment estimate for Ramesh
12 Months – INR 27,077 EMI and INR 24,930 Total Interest
24 Months – INR 14,546 EMI and INR 49,104 Total Interest
36 Months – INR 10,400 EMI and INR 74,386 Total Interest
48 Months – INR 8,349 EMI and INR 1,00,763 Total Interest
60 Months – INR 7,137 EMI and INR 1,28,219 Total Interest
72 Months – INR 6,344 EMI and INR 1,56,732 Total Interest
From the above results, Ramesh sees the shorter the tenure, the lower the interest payout. As you can see for a 12-month tenure, the interest payout is less than one EMI. And as the tenure increases, the SBI Personal Loan Interest increases as well.
How to Get SBI Personal Loan Interest Benefits on the Existing Loan?
With a balance transfer request, you can switch to a lower SBI Personal Loan Interest Rate on your remaining loan balance from the existing lender. Before you do the same, use the SBI Calculator and see the total savings post transfer of the loan. Because if there isn’t a huge difference in the repayment, this facility won’t be beneficial for you.
To use the tool, insert your loan balance, paid EMIs, existing interest rate and other details. Using the data, the calculator computes your savings. When you transfer your loan to SBI, don’t forget to collect the NOC from the existing lender. Otherwise, it may not look good on your credit report. These small errors can make a gradual decrease in your credit score.
