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What Is the SBI Personal Loan EMI Calculator?
A personal loan helps you meet various financial needs, whether a medical emergency, a marriage, or a home renovation. It doesn’t require you to pledge any collateral, the documentation is minimal, and these loans are processed fast. However, the interest rate can be high, so you must follow the repayment schedule closely. It is also wise to check affordability before committing to a loan. You can do this by calculating how much you have to pay monthly to repay the loan. If you plan to get a personal loan from SBI, you can use the SBI personal loan EMI calculator on Angel One to assess the EMI in advance and plan your finances.
You can get an instant EMI estimate by simply entering the loan amount, tenure, and interest rate. The tool will also yield values of the total principal, total amount payable and interest payable. The online SBI personal loan EMI calculator on Angel One is free to use, and you can compare EMIs for different loan amounts and tenures to decide the best option per your needs.
How Does the SBI Personal Loan EMI Calculator Work
The SBI personal loan EMI calculator helps determine the EMI you must pay to repay your loan. The calculator eliminates the need for lengthy manual calculations that may also be prone to errors. This makes it a great financial planning tool.
The Angel One online SBI personal loan EMI calculator requires you to input values of variables like the total loan amount, loan duration, and interest rate to compute the EMI. It will also tell you the total interest and the total amount you need to repay by the end of the tenure.
What is the SBI Personal Loan EMI Calculator Formula?
The SBI personal loan 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 = Rate of interest
N = Duration of the loan
How to Use the SBI Personal Loan EMI Calculator Online?
You can follow these steps to use the Angel One SBI personal loan EMI calculator online:
- Enter your preferred loan amount.
- Enter the interest rate at which you have to pay back the loan.
- Enter the loan tenure.
The calculator will display the EMI, principal amount, the interest you will accrue over the tenure, and the total amount payable. Here is an example.
Say, you decide to borrow Rs. 10,00,000. Assume that the interest rate is 10%, and the tenure is 6 years. Once you enter these values, the online SBI personal loan EMI calculator will show Rs. 18,526 per month as EMI, Rs. 3,33,860 as total interest, and Rs. 13,33,860 as the total amount payable.
Benefits of Using a SBI Personal Loan EMI Calculator
- Free and convenient: The Angel One SBI personal loan EMI calculator is available for free and can be accessed anytime, anywhere.
- Eliminates manual errors: When using the mathematical SBI personal loan EMI calculator formula manually, it is easy to make mistakes. To ensure accuracy, you can use the online calculator.
- Enables comparison: You can enter different values for the loan amount, interest rate, and tenure to compare the EMI and total amount payable in different scenarios. This helps you finalise an affordable loan amount and choose suitable terms.
- Helps with budgeting: The online SBI personal loan EMI calculator can help you decide the right EMI amount and thus plan other expenses better.
Factors Influencing the Personal Loan EMI Amount
- Loan amount: A higher loan amount will require you to pay more as EMI. For instance, borrowing Rs. 5,00,000 at a 10% interest rate for 5 years means your EMI will be Rs. 10,624. However, borrowing Rs. 10,00,000 will make your EMI Rs. 21,247.
- Loan tenure: Thoughlong tenures mean lower EMIs, it will lead to a higher interest burden. For example, if you take a loan of Rs. 10,00,000 at a 10% interest rate for 5 years, then your EMI will be Rs. 21,247, and the total interest shall be Rs. 2,74,823. Increasing the tenure to 10 years will make the EMI Rs. 13,215, but the total interest payable will be Rs. 5,85,809.
- Interest rate: Your EMI is directly proportional to the interest rate, so higher interest rates will mean higher EMIs. For instance, borrowing Rs. 7,00,000 for 5 years at an 8% interest rate will make your EMI Rs. 14,193. A higher interest rate, say 12%, will take your EMI to Rs. 15,571.
- Credit score: Those with a good credit history pose a lower risk to the lender and thus bag the best interest rates. Thus, you can avail of lower interest rates with a high credit score. This will ensure that your EMI is lower.
- Income and age: You can get a low-interest rate and pay a small EMI if your income is steady and you have years to go before retirement. This is because these factors help instil trust in your repayment capabilities.
Types of Personal Loans Provided by SBI
- Xpress Flexi: If you earn a monthly salary of Rs. 50,000 or above, you can enjoy the overdraft facility with Xpress Flexi.
- Xpress Credit: Using Xpress Credit, those with a salary account with SBI can borrow up to Rs. 30,00,000.
- Pension loans: If you are a pensioner, you can choose from various pension loans such as SBI Pension Loan, Jai Jawan Pension Loan, SBI Pension Loan Scheme to Pensioners of PSUs, and Insta Pension Loan Scheme Through YONO.
- Pre-approved personal loans: You can instantly avail of pre-approved personal loans through Internet banking or YONO.
- Loan against securities: If you need funds, you can obtain a loan against securities such as shares, mutual funds, time deposits, insurance policies, etc.
- QUICK Personal Loan: If you don't have a salary account with SBI, the Quick Personal Loan allows you to borrow up to Rs. 20,00,000.
- Xpress Elite: If you earn a salary of Rs. 1,00,000 or above, SBI allows you to borrow up to Rs. 35,00,000 under this scheme.
- Real-Time Xpress Credit: If you are a Defence or Government employee, you can instantly borrow up to Rs. 35,00,000 through YONO with Real-Time Xpress Credit.
The SBI personal loan EMI calculator is an easy-to-use online tool that quickly and accurately calculates the EMI, total interest, and total payable amount on a personal loan once you enter variables like loan amount, interest rate, and duration.
You can access SBI personal loan EMI calculator on the Angel One website. Once done, enter the loan amount, tenure, and interest rate, into the calculator. The EMI and total payable amount will be displayed.
Yes, the SBI personal loan EMI calculator is free to use. You can use the personal loan EMI calculator multiple times on Angel One website.
The minimum tenure of a personal loan can vary. It can differ based on the borrower's income, credit history and requirements.
The interest rates on SBI personal loans depend on your credit score, age, income, loan amount, tenure, and other factors. The rates are generally higher than other types of loans and are also revised periodically.