Description The State bank of India has been ruling the Indian banking sector for ages. It is a government-owned bank and is also the 45th largest public sector bank in the world. It is easily the largest in India with an approximate asset size of Rs. 40 lakh crores, and a vast customer base of around 500 million. SBI personal loans are one of the most highly recognized ones with attractive and diverse personal loan products to meet the distinct requirements of salaried & self-employed individuals and working professionals as well as pensioners. Some of the most talked about personal loan products of SBI are - SBI Xpress credit personal loan, SBI Saral personal loan, and SBI pension loan.

What is an SBI personal loan EMI? An EMI (Equated monthly Installment) is the monthly amount that needs to be paid by a borrower to the State Bank of India against the personal loan availed, on a fixed date every month, over the scheduled loan tenure. The amount is fixed by considering both the principal amount and the interest calculated on it. Even if the EMI amount mostly remains constant, the proportion of the principal and the interest component fluctuates every month. With every EMI repayment done, the principal component of the SBI personal loan keeps on increasing, and the personal loan interest component keeps on reducing. What is an SBI personal loan EMI calculator? An SBI personal loan EMI calculator is a tool that helps you with detailed calculations about your possible monthly installments if you want to avail an SBI personal loan. If you are confused about how the State Bank calculates your EMI, you should use the SBI personal loan EMI calculator.

SBI personal loan EMI calculator formula The SBI personal loan EMI calculator provides comprehensive information about the money you would have borrowed and the money you would have repaid at different stages of your loan tenure. This Personal loan EMI calculator works on the below-mentioned simple formula to calculate your personal loan EMI- E = P * r * (1+r)^ n/([(1+r)^n] – 1) Where E is the SBI personal loan EMI. P is the loan amount you wish to borrow from the State Bank of India ‘r’ is the SBI interest rate being offered. The monthly interest rate is considered here, rather than the annual compounded interest rate. It is calculated by the formula r = (annual interest/12) * 100. ‘n’ is the SBI personal loan tenure in months. For example, 60 months is written instead of 5 years. What are the inputs to be provided to the SBI personal loan EMI Calculator? You need to feed certain inputs to the personal loan EMI calculator of State Bank of India before it can display the final result. Loan tenure This is the time period before the expiry of which you should repay your SBI personal loan amount. Usually, this period ranges from 6 months to 48 months for an SBI personal loan. Longer personal loan tenure results in a lower EMI for you. If after putting a particular tenure into the SBI personal loan EMI calculator, the EMI comes to be more than the affordable range, you can try again with lower loan tenures till your EMI comes to be inside your affordable range. Loan amount This is the amount an individual wants to borrow from SBI, and the bank calculates the interest accrued on this loan amount. A higher loan amount results in more SBI personal loan EMI. SBI offers loans from a minimum of Rs 10000 to Rs 15 lakhs, depending on the repayment history and the financial records of the borrowers. You need to put the personal loan amount you wish for into the SBI personal loan EMI calculator in the space provided for the same. Rate of Interest It is the prescribed rate at which the SBI will calculate the interest on your loan amount. The higher is the SBI personal loan rate of interest, the higher will be your personal loan EMI. This rate usually starts at 11.95%. However, these rates can vary from case to case basis, as per the credit profiles of the individual borrowers.

Features of the SBI personal loan Some of the unmatched features and benefits provided by the SBI personal loan are as follows- Attractive rate of interest

The SBI personal loan interest rate is charged on a reducing balance

Fully transparent loan disbursal procedure

Special loan offers for women employees

Highly transparent loan disbursal procedure

Zero hidden cost and administrative charges

Zero foreclosure charges

Flexible repayment period from 6 months to 48 months

Easy SBI loan payment options, including PDCs & ECS.

Low processing fee in the range of 2% to 3% of the personal loan amount plus the service tax as applicable.

Simplified documentation

Wide operational network that covers almost every nook and corner of the country.

Multiple loan options based on customer requirements

Special personal loan products for low-salaried professionals