With the rising standards of living, we all need assistance to meet increasing capital demand. In case you are out of money, applying for a loan is the most viable medium of financial survival. A lot of financial institutions can help you in this regard. Be it a personal loan, home loan or any other credit instrument, calculating EMIs and paying them on time is a slightly challenging task.
Well, the task is simplified with the introduction of SBI EMI calculator. If you are among those who are still dependent on manual calculations, let Groww assist you.
The SBI loan EMI calculator enables borrowers to remove all confusion while focusing on how much to pay and at what time.
The formula which is adopted by Groww for checking EMI amount is mentioned below:
EMI= [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
In the given formula the variables represent
|EMI||Equated monthly instalment|
Let’s understand it with the help of an example.
Suppose an individual avails a loan of Rs. 9 Lakh for 2 years at an interest of 10% per annum. The EMI will be calculated as follows:
EMI= [9, 000, 00 X 10 X (1+10) ^ 2]/[(1+10)^(2-1)], which equates to Rs 79,124.
EMI is calculated based on the principal amount, interest rates and total tenure. With this calculator, you can calculate EMI for a home loan, car loan and personal loan as well.
Just enter the value of the loan amount, interest rate and select the tenure from the dropdown. The equated monthly installments will be calculated within seconds.
Now, you might be wondering why people choose the SBI bank loan EMI calculator. This section will help you know about some benefits of using an EMI calculator.
No more getting tangled in lengthy EMI calculations. With Groww, you have to just have to visit SBI EMI calculator online page and ease your monthly installment payments.
“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”
EMI calculations can be conducted with the help of spreadsheets; however, there is a certain amount of difference between calculating EMIs on spread-sheets and EMI calculators. The difference lies in the convenience of the calculators offer. Online calculators are way better than Excel sheets as they give accurate and quick information.
You can calculate all types of loans with the assistance of this loan calculation technique. There are no restrictions as such.
The users have to put variables like the loan amount, rate of interest and the tenure in specific spaces given in the calculator.
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