# SBI Maxgain Home Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
 Monthly EMI ₹ Principal amount ₹ Total interest ₹ Total amount ₹
Principal amount
Interest amount

The State Bank of India offers its customers the SBI Maxgain Home Loan. The Maxgain Home loan by SBI will let the customer earn an optimal yield on savings by reducing the interest burden on Home Loans with a reducing interest rate.

It helps the customer to use a temporary surplus of money to reduce the interest payable on the home loan. Like any other home loan, even the SBI Maxgain Home loan will be repaid through a monthly EMI or equated monthly installment.

You can also estimate the EMI on your SBI Maxgain Home loan through the SBI Maxgain Home Loan Calculator.

## What is the SBI Max Gain Calculator, and How Does it Work?

The SBI Maxgain Home Loan Calculator Excel is an online tool that will enable you to calculate the EMI from the Maxgain home loan facility from anywhere and at any given time. Also, the SBI Maxgain Home Loan EMI Calculator is an automated tool, and it works systematically to give you the most exact EMI amounts with the data that you provide.

There is a methodical way for how the Calculator will work, and you can use the Calculator.

## The Step by Step Procedure for using the Calculator is listed Below:

Step 1

You will have to enter the principal amount that you want as a home loan from The State Bank of India.

Step 2

You will then have to enter the tenure of the loan that you want to borrow from the bank. The tenure of a home loan can range up to a period of 30 years.

Step 3

Lastly, you will have to input the rate of interest that the SBI Bank is offering you for the home loan.

After all of these data sets have been provided, the Calculator will automatically display the amount of EMI you will have to pay for the home loan and the total interest that is charged on loan.

## How Can the SBI Maxgain Home Loan Calculator Assist You?

The SBI Maxgain Home Loan Calculator can help you in various ways. Firstly, it is an automated tool that will ensure that you do not have to do any manual calculations or incur human error due to that cause. You can also use the Calculator for free, and you do not have to sign up or log in to use it.

The tool is also helpful when you want to compare different tenures and amounts to find what is the most suitable combination for you. You can also identify if it is the right time to take this loan and if you are availing of the right scheme from the bank.

## What are the Features and Benefits of the SBI Maxgain Home Loan Calculator?

Using this Calculator has various advantages, and they are:

1. You can plan around your mouth when you know the EMI of your home loan from the SBI Maxgain home loan.
2. You can also adjust the tenures and amounts based on your financial stand.
3. You could also use it for instant solutions on predetermining the EMI amount you would be paying on a home loan that you are going to be paying.

## What is the Formula that SBI Maxgain Home Loan Calculator Uses?

The SBI Maxgain home loan calculator uses a standard formula to calculate the EMI amount, and it is explained below.

The Formula Used:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P = The Principal Amount

R = The Rate of Interest

N = The Tenure of the Loan

This formula can be explained through an example:

Mr Singh wants to borrow a home loan in July 2022 (on the scheme of SBI Maxgain Home Loan), and the details of the loan are mentioned below:

The loan amount = Rs. 40,00,000

The Interest Rate = is 8%

The Tenure of the Loan = 15 Years.

Therefore, it can be used in the formula in the below-mentioned manner.

• P = Rs. 40 lakhs
• R = 8%
• N = 15 Years

EMI = Rs. 38,226

## The Amortization to Show the Breakup of the Loan

Here is a table based on the example that has been mentioned above:

 Year Interest Principal Total Payment Outstanding Loan 2022 1,58,834 70,522 2,29,356 39,29,477 2023 3,08,946 1,49,768 4,58,714 37,79,710 2024 2,96,515 1,62,197 4,58,712 36,17,512 2025 2,83,053 1,75,659 4,58,712 34,41,852 2026 2,68,472 1,90,240 4,58,712 32,51,612 2027 2,52,683 2,06,031 4,58,714 30,45,582 2028 2,35,582 2,23,131 4,58,713 28,22,452 2029 2,17,065 2,41,650 4,58,715 25,80,803 2030 1,97,005 2,61,708 4,58,713 23,19,096 2031 1,75,286 2,83,426 4,58,712 20,35,668 2032 1,51,760 3,06,952 4,58,712 17,28,715 2033 1,26,285 3,32,430 4,58,715 13,96,286 2034 98,694 3,60,020 4,58,714 10,36,265 2035 68,811 3,89,902 4,58,713 6,46,363 2036 36,448 4,22,265 4,58,713 2,24,099 2037 5,258 2,24,098 2,29,356 0

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