People often take personal loans to fulfil personal requirements. These loans are different from home loans and education loans. When you borrow a home loan you can use the funds for, planning a wedding or any event, investing in a business, redecorating your house, etc. in fact, it is very convenient to get a personal loan and it requires less documentation.
Various banks offer you personal loans at reasonable interest. Similarly, SBI offers personal loans at an interest rate of 9.60%. It offers a loan of up to 20 lakhs for a tenure of 6 years. Furthermore, it also offers a pension loan of 14 lakhs for a tenure of 7 years. In addition to that SBi also offers pre-approved loans with instant fund disposal.
To make your life easier, the SBI personal loan emi calculator helps you with keeping track of your loans. You can use this calculator to determine your monthly instalments and the reducing balance. This article will help you with all the knowledge about the SBI Personal Calculator.
SBI EMI calculator for a personal loan – Benefits
A personal loan EMI calculator is a very useful tool to help you calculate the monthly instalments so that you can pay them on time without missing the date. This calculator will assist you with your EMI by just entering a few important details about your personal loan. The calculator will ask you to put in details about the loan such as the loan amount, tenure of the loan, and the interest rate for the calculator to effectively calculate the EMIs. Below are a few benefits of the SBI personal loan calculator.
- Helps you determine if your earnings are accurate enough to apply for the loan or not.
- The EMI calculator helps you with computing the payments per month.
- With this calculator, you can find out the recent SBI interest rate and calculate the extract EMI.
- If you have a salary account with the State Bank of India then you can also avail offers that are only available for the existing customers.
- According to the conditions laid down by the bank, there are multiple features that you can take advantage of. For example, you can choose to either pay the loan partially or even deposit the entire amount before the tenure ends.
- The calculator will save you from paying extra per month by helping you with the interest rate. This is helpful when you have an unsecured loan because these loans usually have high-interest rates.
- Further, if you know your monthly EMI beforehand and hence you will be able to negotiate the interest rate.
- A quick outlay of the personal loan funds requires minimal paperwork which attracts customers.
- This calculator also helps you with planning your finances better
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How to use SBI Personal Loan Calculator?
To use the SBI personal loan emi calculator you need to consider three things:
Loan Amount: The higher the loan amount the higher will be the interest rate. SBI gives out a personal loan of a minimum of Rs 50,000 to 20 lakh.
Interest Rate: High-interest rate will lead to a high EMI for your loan. SBI offers a lower interest rate to salaried personnel. Hence a reduced EMI. The lowest interest rate that SBI offers is 9.60%. Although you should do thorough market research before applying for any kind of loan.
Loan Tenure: the tenure of your loan highly influences your EMI. if the loan tenure is longer then your EMI will also be lesser every month. However, this is a bit burdening in the long run.
Now that you are acquainted with the factors that determine your EMI you can use the loan calculator effectively.
- You just need to go to SBI’s website or download the app.
- Then search for the loan calculator where you will have to put in the details about your loan.
- Use the slider to select the loan amount.
- Next, you need to put in the loan tenure in months.
- Then move to enter the interest rate.
- You will also need to put in the processing fee percentage.
- Click the calculate button to get the final results.
- The calculator will show you the payable EMI, the interest and the outstanding loan balance. With this calculator, you will be able to recalculate your EMI anytime.
In conclusion, the SBI Personal home loan calculator is a very helpful tool. For people who prefer planning their finances, you should use a calculator to always have an edge. A personal loan calculator is accurate and also saves you a lot of time. This calculator also helps you easily compare loans with other banks. The best thing about a personal loan calculator is that you can use it limitlessly. Hence, next time when you take a loan check with the particular bank’s loan calculator.