In this article
SBI EMI Calculator – SBI Bank Loan EMI Calculator Online
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.
How can the EMI calculator help you?
The SBI loan EMI calculator enables borrowers to remove all confusion while focusing on how much to pay and at what time.
- Helps in budget planning: Finances are easily planned when you know how much you have to pay well before time. If you give inputs on the loan amount, interest rates and tenure, the calculating device will specify the exact instalment amount, thereby helping you to plan your budget accordingly.
- Saves you from manual calculations: To stay away from the hassle of complex calculations, the SBI online EMI calculator is a smart new way. In fact, long hours of manual calculations can prove both inaccurate and time-consuming.
- Evaluates varied schedules: The amortisation schedule is quite helpful for borrowers in understanding how much of their EMI payment is going towards interest payment and principal repayment, respectively.
The formula for calculating the monthly installment amount
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.
How to use the SBI EMI calculator?
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.
Benefits of using the SBI EMI calculator
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.
- A unique feature represented by the EMI calculator is its variety. No matter which type of loan one is availing, this tool calculates it all.
- While performing manual calculations, an individual might make some mistakes, but when you are using an EMI calculator, you can rest assured of its accuracy.
- With a click of the mouse, borrowers can quickly check the total number of repayments to be paid.
- Irrespective of place and time one can access this calculator and take charge of their financial decisions on the go.
- When data are represented graphically, then it makes things clearer. In the SBI bank EMI calculator, users will get pictorial representations, which prove to be advantageous.
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”
Frequently asked questions – SBI EMI Calculator
- Why choose SBI EMI calculators over Excel sheets?
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.
- What are the loan types that I can calculate on EMI calculating tool?
You can calculate all types of loans with the assistance of this loan calculation technique. There are no restrictions as such.
- What are the variables to put in the EMI calculator for getting the result?
The users have to put variables like the loan amount, rate of interest and the tenure in specific spaces given in the calculator.