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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

 

SBI Maxgain Home Loan EMI Calculator - FAQs

Q1. What is the charge to use the SBI Maxgain home loan calculator?

The Calculator is free, and you can use it as and when you want.

Q2. What is the maximum tenure for the SBI Maxgain home loan?

The maximum tenure for a home loan from SBI is 30 years. You can opt for tenure within this limit.

Q3. What are the details that I need to provide to know my EMI amount from the SBI home loan calculator?

You will have to provide the principal amount you are seeking, the tenure for the loan to be repaid, and the interest rate.

Q4. Can I use this Calculator more than three times?

The Calculator can be used as many times as required.

Q5. Do I need to sign in and use the SBI Maxgain home loan calculator?

No, you do not have to log in or sign up.

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