The Indian economy is currently going through a phase of strong-rooted financial growth, encouraging individuals and entities to spend more. This brings good news for the unsecured loan market where a large number of individuals are availing personal loans to meet short-term immediate financial goals.
One of the simplest and convenient techniques to calculate loan repayment is to utilize the SBI personal loan EMI calculator available at Groww. In case you are unable to decide whether to apply for a loan or not, then the SBI bank personal loan EMI calculator is sure to help you out.
It is perhaps the most effective tool to keep track of the cumulative amount to be repaid on your personal loan. With SBI online personal loan EMI calculator, you need not make any effort. Rather, put in all your data in specified columns and get instant results.
You are encouraged to go through the below-mentioned features of this SBI personal loan EMI calculator.
The following formula is to be applied while calculating EMI on a personal loan. It is a standardized formula –
In the formula the letters represent the following –
|R||Interest rate on loan amount|
|EMI||Equated monthly instalment|
|N||Tenure for repaying the loan amount|
|P||The principal amount|
If the principal amount is Rs. 1 Lakh with a rate of interest of 10% and tenure of 5 years, the EMI will be calculated as –
[1,00,000 X 10 X (1+10) ^5]/ [(1+10) ^ 5-1] = 2,124.
The EMIs you will be liable to pay is Rs. 2,124.
Say, you have taken a loan of Rs 10 Lakh for a period of 10 years or 120 months. The interest rate is fixed at 12% every year. The following is the amortization schedule.
|Month||Principal (in Rs)||Interest (in Rs)||Principal + Interest||To be paid (in Rs)|
This table provides an estimate for the first 12 months of a loan. For the leftover the period, the principal component will increase at the same rate while the interest amount reduces gradually.
The user is required to offer certain inputs in the personal loan EMI calculator by SBI India that include –
As unsecured credits, personal loans have gained massive popularity in the Indian context. Over 78% of all credits availed in India fall under this category. Individuals planning to avail one should calculate the EMI amount beforehand and plan their loan options accordingly.
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Here are some common doubts that consumers have.
If you wish to have a fool-proof personal loan application procedure in place, you must consolidate all previous debts, pay all outstanding credit card bills, maintain a CIBIL score of 750 or above (the maximum score is 900), and never apply for multiple loans simultaneously.
Yes. No one above 65 years of age can avail a loan. The minimum age limit id 21.
Most lenders look at your creditworthiness and reliability. Hence the first question. Besides, your income levels, age, resident status, spouse’s income, properties and other assets are also considered.
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