# How To Calculate EMI For SBI Personal Loan

State Bank of India (SBI) has designed its personal loan schemes to fulfill the requirements of the consumers. The bank provides personal loan to the customer in numerous ways. SBI personal loan scheme offers personal loans at the low interest rate, minimum processing fees, no prepayment penalties and lots more to help customers to support their genuine requirements. State bank of India (SBI), one of biggest lenders in the country, offers a personal loan to help individuals at the time of distress and emergencies.

Product features:

• Low interest rates. Besides, SBI charges interest on a reducing daily balance.
• Low Processing charges.
• No hidden cost/ administrative charges.
• Minimal documentation is required.
• No prepayment penalties. Hence, you can prepay the loan when you have more funds and save a lot of money.
• No collateral or security required.
• Higher personal loan amount.
• Fast approval and disbursal.

SBI Personal Loan EMI

Personal loan EMI is the fixed amount which customer has to pay against the money they received from the bank. Every month before the fixed date you have to pay the EMI until your loan is fully repaid. SBI provides personal loan in different categories at different interest rates and they are as follows:

How to calculate EMI for SBI personal loan

It is a brilliant idea to evaluate your home loan EMI in advance to calculate how much amount you will be paying every month. Now it is very easy to calculate the EMI for any loan. You can calculate the EMI by using EMI Calculator available on Afinoz or by using formula in Microsoft Excel.

The SBI personal loan is determined using four important aspects of the calculator –

1. Loan amount: Quantum of personal loan you want to avail. Higher is the loan amount, higher will be your EMIs.
2. Interest rate: Interest rate is the premium you need to pay for using money offered by a lender. It is the extra money you pay on top of the amount you have received from the bank. The interest rate is charged on the outstanding balance. Interest rates vary from lender to lender.
3. Loan tenure: Loan tenure is the time for which you get a personal loan. You can choose the loan tenure according to your repayment capacity. You can increase the loan tenure to make your EMI affordable if your EMI is not affordable.

Put in the following information while using Afinoz personal loan EMI Calculator:

• Principal loan amount you want to get
• Rate of interest (offered on SBI personal loan)
• Loan term

You can use the following formula to calculate SBI EMI in excel worksheet.

P*r* (1+r)^n/([(1+r)^n]-1)

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 15 Lakh.

r = Rate of interest per month. Current rate ranges from 11.75% — 14.75% p.a.

n = tenure in month. For SBI, this can be 60 months.

Factors affecting SBI Personal loan EMI

Loan amount: Loan amount is the sum of money which SBI offers to borrowers. The higher a loan amount, the higher your monthly EMI will be.

Interest rate: Interest rate has significant impact on loan EMIs. Higher interest rate increases the EMI and the overall cost of the loan. However, SBI offers competitive interest rate.

Loan tenure: Longer the loan tenure means smaller EMI but the interest rate will increase. Usually SBI offers a personal loan for a maximum tenure of 5 years.

Don’t’ worry. Just relax. If you have any questions regarding SBI Personal loan, feel free to connect with us. The customer care team of Afinoz is available to help you. Pick up your phone and dial 8795021552 or email your suggestions/questions to us at info@afinoz.com. We value your requirements and are dedicated to helping you in the best possible manner.