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What is the SBI Credit Card EMI Calculator?
The SBI credit card EMI calculator is a useful tool that allows you to effortlessly determine the monthly instalment amount you would need to pay for your credit card expenses over a specific period. The SBI credit card EMI option allows you to convert your outstanding balance into manageable installments.
With the online SBI credit card EMI calculator, you can conveniently plan your finances and gain a clear understanding of your repayment obligations. This user-friendly online calculator on Angel One helps you to make informed decisions by instantly generating accurate EMI calculations.
By leveraging the online SBI credit card EMI calculator, you can efficiently manage your financial commitments and ensure timely repayments. This valuable tool eliminates the need for manual calculations and the possibility of errors, enabling you to strategize your budget effectively.
Whether you have a sudden emergency or wish to make a significant purchase, the SBI credit card EMI calculator is an indispensable resource. It allows you to convert your credit card repayment into manageable installments, allowing you to navigate your financial obligations more effectively.
How Does the SBI Credit Card EMI Calculator Work?
The credit card EMI calculator considers three parameters i.e. the outstanding amount, preferred tenure, and applicable interest rate, to calculate your EMIs and the total payable amount and interest. The credit card EMI calculator will instantly process this information and provide the precise monthly amount you are required to pay until your credit card balance is completely settled. The calculator will also tell you the total payable amount, the principal amount and the interest amount for the credit card borrowing.
What is the SBI Credit Card EMI Calculator Formula?
The SBI credit card EMI calculator formula is given below:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the principal loan amount
R is the rate of interest
N is the repayment tenure in months
How To Use the SBI Credit Card EMI Calculator Online?
Its user-friendly interface makes operating the SBI credit card EMI calculator simple. Follow the steps given below to use it:
- Visit Angel One and navigate to the SBI credit card EMI calculator.
- Enter the loan amount or the outstanding bill amount.
- Enter the rate of interest. You can also use the slider to adjust the value.
- Enter the duration (in years) in which you plan on repaying the loan.
Once you enter all values, the online SBI credit card EMI calculator will give you instant results, displaying the EMI amount, the total interest you’ll pay, and the total payable amount.
Here’s an example to help you.
Suppose you want to pay your Rs. 3,00,000 bill in EMIs in 3 years, and the bank charges a 7% interest rate. Once you enter these details into the SBI credit card EMI calculator, it will display the EMIs as Rs. 9,263. The total payable amount will be Rs. 3,33,473, with an interest of Rs. 33,473.
Benefits Of Using the SBI Credit Card EMI Calculator
There are several benefits of using the online SBI credit card EMI calculator. Some of them are:
- Convenient: The SBI credit card EMI calculator on Angel One offers a user-friendly interface with easily understandable parameters. It's simple to operate, and you can access it from anywhere since it's available online.
- Flexible usage: No restrictions exist on how often you can use the online SBI credit card EMI calculator. You can use it for multiple types of calculations as needed.
- Free of cost: The SBI credit card EMI calculator is completely free to use. You don't have to pay or provide any form of payment to access the results. There are no subscriptions required, and it's readily available online.
- Error-free results: You can eliminate manual errors using the SBI credit card EMI calculator. The online SBI credit card EMI calculator employs an algorithm to calculate the values accurately and provides a detailed report showing the monthly EMI, payable interest, and total loan amount to be paid.
Types Of Credit Cards Offered by SBI
SBI provides you with a myriad of credit cards. Some of them are:
- SBI Card Elite: The SBI Card ELITE offers various benefits. You receive a welcome e-Gift Voucher worth Rs. 5,000 and free movie tickets worth Rs. 6,000 yearly. Additionally, you can earn up to 50,000 bonus reward points worth Rs. 12,500 per year. Annual spending of Rs. 3 lakhs and four lakhs will give you 10,000 bonus Reward Points. Moreover, you earn 5X reward points on dining, departmental stores, and grocery spending. For all other spends, except fuel, you earn 2 reward points per Rs. 100.
- SBI Card Pulse: With SBI Card PULSE, you can enjoy 10 Reward Points for every Rs. 100 spent on the chemist, pharmacy, dining, and movies. You earn two reward points per Rs. 100 for all other spends. Plus, you get the renewal fee waived on annual spending of Rs. 2 lakhs. You also get a Rs. 1500 e-voucher. Additionally, avail yourself of a Fraud Liability Insurance Cover worth Rs. 1 lakh and an Air Accident Cover of Rs. 50 lakh.
- Doctor’s SBI Card: With SBI's Doctor's Card, you gain a professional indemnity insurance cover of Rs. 20 Lakhs and receive an e-gift voucher worth Rs. 1,500 upon joining. You can earn 5X reward points on medical supplies, travel bookings, international spending, and Doctors' Day. Additionally, when you reach an annual spend of Rs. 5 Lakhs, you earn an e-Gift Voucher worth Rs. 5,000.
- SBI Card ELITE Advantage: With SBI Card ELITE Advantage, you'll receive a welcome e-gift voucher worth Rs. 5,000 and free movie tickets worth Rs. 6,000 annually. You can earn up to 50,000 bonus reward points worth Rs. 12,500 per year, along with 10,000 bonus reward points when you achieve annual spending of Rs. 3 lakhs and Rs. 4 lakhs.
The SBI credit card EMI calculator helps you calculate the monthly amount you must pay to reimburse your credit card loan or outstanding bills.
You can access the online SBI credit card EMI calculator on Angel One. The credit card EMI calculator will display the EMIs and total payable amount once you have entered the principal amount, tenure, and interest rate.
Yes, the SBI credit card EMI calculator is free to use. You can access it on the Angel One website and use it as often as you want.
You can calculate the credit card EMIs using the formula, EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. Alternatively, you can use the online SBI credit card EMI calculator on Angel One to calculate credit card EMIs.
Paying credit card bills in EMIs can be beneficial if you cannot pay the entire bill amount upfront. However, it's essential to consider the interest rates and fees associated with EMI options to make an informed decision.