SBI provides access to an online calculator which generates your EMI amount. The displayed result might not be 100% accurate but still, it shows you the repayment road. With the calculator result, you can see what could be your total interest payout and possible EMI. By just deciding on the SBI Personal Loan tenure you can have an easy repayment. To know how, continue reading this page below.
On What Formula Does the SBI Personal Loan Calculator Work?
The calculator uses the formula of –
EMI = P × r × (1 + r)n/((1 + r)n – 1)
In the formula the letters show your loan details, P is the loan amount, r is the interest rate and n is tenure. It means to get the EMI result you need to insert these details. As you don’t have any idea about the SBI Personal Loan Interest Rate, so the calculator result may slightly differ from your actual EMI.
How to Get the Desired Result?
Well to get the desired EMI or interest payment for your SBI Personal Loan, keep on changing the values inserted in the calculator. Check out the example below to know better.
Sanjana is looking for a lump sum amount of INR 3 Lakh and her EMI budget is only INR 7,000. So let’s see whether she can get the desired EMI from SBI. To know more about the EMI she inserted the loan amount, interest rate and tenure inside the online calculator of SBI. Now as she clicks the ‘Calculate’ button the EMI result displays. Let’s see which tenure will help her get the EMI amount under the budget.
First, she inserted an interest rate of 10.99% per annum and a tenure of 24 months.
She enters an interest rate of 10.99% per annum and a tenure of five years inside the tool. And the computed EMI is INR 6,521. Well, as you can see it is under her budget and this could help her meet her financial needs. So she proceeds with this tenure. And because of her good repayment record, she is successful in getting the rate she wants.
List of Benefits the Calculator Provide
Using the SBI Personal Loan EMI Calculator can help you get the following benefits –
Lower Interest Payout
The interest payment will be less when you use the calculator. How? You can enter different tenures inside the tool and see at which period of repayment, the interest is more affordable. The interest is less when your tenure is shorter. But this might increase your EMI amount, so to manage both you need help from an SBI Personal Loan EMI calculator.
When you decide on tenure with the help of an EMI calculator result, proceed with the application. But you should know the actual EMI may slightly vary from your calculator result. Why? Because the interest rate charged by SBI may be different from what you expected before the loan application.
Plan a Foreclosure
If you missed out on using the online calculator at the time of loan application, don’t worry there is still time. You don’t need to pay the remaining interest amount when you foreclose a loan. And to plan it you need assistance from the SBI Personal Loan EMI Calculator. This tool helps you know the amount you will save post payment of the loan balance.
When you use the calculator, you can see what the loan balance is after each year of payment. So this way you can select a period that you are comfortable affording the loan balance. And when you decide on the foreclosure date, do start investing money because you need a lump sum amount for the SBI Personal Loan closure. On the foreclosure, the date pays the loan balance and saves the interest payment.
Now that you know all about the SBI Personal Loan EMI Calculator benefits, apply for the loan to meet your financial needs.