Wishes are so special and hold quite a lot of value. We all crave to realise our wishes on time. Many people wish to go on a long trip to Europe, exploring the beauty of the continent. Some simply wish to give a new makeover to their house while others dream of sending their children to the top foreign university.
Many parents dream of the best marriage function for their only son or daughter. Every wish is somehow linked to one element-finance. Finance plays a very important role in our day to day life. The perfect solution to realise all these dreams is a personal loan. There are so many lenders on the market who are ready to offer you a personal loan. Now you must decide accordingly and choose the one that matches your requirement.
The Personal loan offered by State Bank of India is very much in demand because of faster approval and affordable rate of interest. The rate of interest for an unsecured SBI personal starts from 11.90%. The product can be availed by any eligible salaried employee or a pensioner. Today, I will be telling you about SBI Personal Loan EMI calculator through which you can easily calculate your monthly EMI amount.
There are times when we tend to ignore one of the most important elements that has to be considered while availing a personal loan. We keep in mind the tenure period, the rate of interest or even the processing fee but we end up neglecting the EMI aspect. We are simply happy to receive the personal loan from the bank. But the main point is often we end up paying higher because we don’t pay heed to the EMI.
There are even times when we end up disturbing our monthly budget because we don’t plan accordingly. A smart person is one who is able to take the best decision by evaluating all important points. SBI Personal Loan EMI calculator will help you to take a balanced and smart decision. You must be thinking how right?
Before we move to the main part you should know about EMI. EMI stands for equated monthly installment. It is the amount which you will have to pay to the bank every month in order to successfully repay the entire loan along with the interest. Your EMI amount is a combination of the principal amount and the interest. It is a very good habit to pay the EMI on due time otherwise you can end up paying a hefty fee for the same. Knowing about the EMI is very important because you can then decide whether you should opt for the loan or not.
You can plan in advance regarding how much money you have to allot and keep separate for paying the EMI. SBI Personal Loan EMI calculator can prove to be your best friend in this matter. It has truly removed the need for manual calculation. The calculation is not only quick but is realistic and accurate.
The magical tool will provide you with all the information relating to your EMI amount along with the total interest payable. The best part is all this information is displayed on the screen within few seconds. You have to do nothing but feed in certain details. You will have to enter the loan amount you wish to take, the rate of interest and the tenure period you wish to secure. You can easily compare the EMI and total interest payable on different rates of interest and tenure. Let’s make things easier for with the help of an example.
Suppose Vikas Das, a software engineer wants to take his wife and children to a long trip to Paris. He approaches State Bank of India for a personal loan amounting to Rs. 4 Lakhs. SBI properly examines his repaying capacity and deems him to be eligible for the loan. He is offered the given amount at an interest rate of 12.5% for a tenure of four years. Vikas can use the tool for checking out the amount of the monthly EMI. The EMI amount will come out to be Rs. 10,362 and the total interest payable will be Rs. 1,10,336. This means Vikas will be paying the bank a sum of Rs. 5,10,336 for taking a loan of Rs. 4 Lakhs. The quick calculation has only been possible because of SBI Personal Loan EMI calculator.
Now Vikas can also use the calculator to compare the EMI on different rates of interest and tenure period. What if Vikas had taken a tenure of three years. Will the EMI amount or total interest payable change accordingly? Let;s use the calculator once again.
The EMI amount will come out to be Rs. 13,381 and the total interest payable will be Rs.81,732. The total amount which she will have to pay to the bank will amount to Rs.4,81,732. This clearly stresses on the fact that Vikas will save at least Rs. 25,000 if he opts for a tenure of three years. Vikas can consider this and take a smart decision all thanks to the magical calculator.