SBI Personal Loan EMI Calculator: Calculate Your SBI Bank Personal Loan EMI Online

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.

How can the  SBI personal loan EMI calculator assist you?

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.

  • Use this calculator to plan your finances forward easily.
  • Make it easy to calculate personal loan from SBI EMI calculator and stay sorted.
  • Get rid of the burden of debt by planning for personal loan repayment.

The formula used for our SBI personal loan EMI calculator

The following formula is to be applied while calculating EMI on a personal loan. It is a standardized formula –

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

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

Example of EMI calculation on personal loan:

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.

SBI Personal Loan Amortisation Schedule

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)
1 4347 10000 14347 995653
2 4391 9957 14347 991262
3 4434 9913 14347 986828
4 4479 9868 14347 982349
5 4524 9823 14347 977825
6 4569 9778 14347 973257
7 4615 9733 14347 968642
8 4661 9686 14347 963981
9 4707 9640 14347 959274
10 4754 9593 14347 954520
11 4802 9545 14347 949718
12 4850 9497 14347 944868

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.

How to use the personal EMI calculator?

The user is required to offer certain inputs in the personal loan EMI calculator by SBI India that include –

  • Tenure: You need to put in the total tenure or the period of repayment for the loan.  Generally, it ranges from 1 to 5 years.
  • Amount: Interest rates are applicable on the loan amount which is then repaid into EMIs. The next column to fill-in is the loan amount.
  • Rate of interest: This may fluctuate under the type of interest, or whether it is fixed or floating. An individual has to keep a check on the rise and fall in rates in case they have opted for a floating rate of interest.

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. 

“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”

Frequently Asked Questions (FAQ)

Here are some common doubts that consumers have.

  • How can I make sure my application is not rejected?

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.

  • Is there any age limit for borrowers?

Yes. No one above 65 years of age can avail a loan. The minimum age limit id 21.

  • What do lenders consider when disbursing a loan?

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.

Asset Management Company
Axis Mutual Fund DHFL Pramerica Mutual FundPrincipal Mutual Fund
Kotak Mutual FundSundaram Mutual FundBOI Axa Mutual Fund
Reliance Mutual FundInvesco Mutual FundUnion Mutual Fund
HDFC Mutual FundLIC Mutual FundTaurus Mutual Fund
SBI Mutual FundJM Financial Mutual FundEdelweiss Mutual Fund
ICICI Prudential Mutual FundBaroda Pioneer Mutual FundEssel Mutual Fund
Aditya Birla Sunlife Mutual FundCanara Robeco Mutual FundMahindra Mutual Fund
UTI Mutual FundHSBC Mutual FundQauntum Mutual Fund
Franklin Templeton Mutual FundIDBI Mutual FundPPFAS Mutual Fund
IDFC Mutual FundIndiabulls Mutual FundIIFL Mutual Fund
DSP Blackrock Mutual FundMotilal Oswal Mutual FundEscorts Mutual Fund
TATA Mutual FundBNP Paribas Mutual Fund
L and T Mutual FundMirae Asset Mutual Fund