Use SBI Personal Loan EMI Calculator to calculate SBI personal loan EMI online. Lowest EMI Rs. 2626 per lakh ✪ Eligibility Calculation, Criteria, loan amount ✪ Apply Online in 3 simple steps.
|Loan Amount||Interest Rates||EMI Per Month for 1 lakh|
|1,00,000||12.05%||Rs. 2636 for 4 Years|
|1,00,000||12.55%||Rs. 2660 for 4 Years|
|1,00,000||13.05%||Rs. 2685 for 4 Years|
|1,00,000||15.05%||Rs. 2786 for 4 Years|
Table of Contents
SBI Personal Loan EMI Calculator
SBI personal loan calculator is a tool which helps you to know how much amount you have to pay per month in the form of EMI to bank. EMI depends on three factors:
- Loan Amount
- Interest Rates
- Repayment Period / Time Taken for repay the loan amount.
If you choose the longer period for repay the loan it means you have to pay much higher interest amount to bank. In this case you can do one thing, you can prepay or part pay the amount on regular interval to bank. Assume you have some cash which is with you what you don’t have a need so you can part pay that cash to bank under your loan account, it helps you to complete the repayment in lesser time and also reduced the interest amount in loan.
As per our calculation if you take a loan amount of Rs. 5 lakhs you have to pay around Rs.13,130 per month for 48 months, it means if you apply for loan amount of 15 lakhs than your EMI for 4 years will be Rs. 39,390 per month.
Get Details On – SBI Personal Loan Interest Rates 2019
For making our users experience better we can show some pre-calculated example below:
Below the pre calculated monthly EMI for personal loan is derived at 13.05% rate of interest and at different loan amount and tenure.
|Loan Amount||EMI For 1 yr||EMI For 1 yr||EMI For 1 yr||EMI For 1 yr|
How SBI Personal Loan Calculator Helps You in Saving your Hard Earned Money?
Look, you choose the loan amount with higher repayment period, but are you sure you choose the right scheme for you, don’t know so let’s have a look at it:
|Total Amount Paid in Full Tenure|
EMI for 1 Years
|Rs. 88,872||Rs. 10,66,466|
EMI for 2 Years
|Rs. 47,097||Rs. 11,30,324|
EMI for Years 3
|Rs. 33,238||Rs. 11,96,575|
EMI for Years 4
|Rs. 26,358||Rs. 12,65,203|
If you choose 3 years Repayment plan in comparison to 4 years plan than you can save approx. Rs. 68628/- thousand by just paying Rs. 6880/- extra EMI per month.
SBI Personal Loan Eligibility Calculator
SBI personal loan eligibility is calculated on your monthly net income / salary, for example if you have a monthly income of Rs.25000/-, than sbi calculate your eligibility on half of your salary or 60%. It may vary from bank to bank. It means your monthly paying capacity for loan will be Rs.12500/- (25000 per month income / divided by 2).
Now bank check other factors:
- Pending loan amount
- Running loans / EMI’s
- Insurance policy premiums
- Other liabilities like Children Tuition Fees, ELSS etc.
If you have any of these bank will decrease your loan eligibility further. for example you have to pay every month 3500 personal loan emi & 700 insurance premium, than bank will calculate your eligibility
Income per month (25000) / 2 = 12500 – (3500 personal loan emi) – 700 Insurance premium = 8300/-.