Look Beyond SBI Personal Loan Interest Rate to Compute the EMIs

SBI Personal Loan

State Bank of India (SBI), the leader in the banking space with around 25,000 branches across the country, comes with an attractive personal loan offer to fulfill all your needs and aspirations. Doesn’t matter if it is about travelling to the Maldivian beaches or getting your daughter wed in the grandest fashion possible, its personal loan caters to all. With maximum finance at affordable interest rates, SBI has proven the say, no dream is bigger’, true.

SBI Personal Loan Interest Rate ranges from 11.85%-15.10% per annum. The loans have to be repaid at the said rate over a maximum of 5 years. It’s not only the rate you need to consider but also the EMI, which stands for Equated Monthly Installment. After all, it’s the payment which you need to do month after month till the expiry of the loan tenure. Thus, you need to get an idea of it in advance so that you can budget your expenses accordingly for a smooth repayment of the installments. Let’s jump straight to EMI calculator, which is best suited for our pursuit.

SBI Personal Loan EMI Calculator

So here you have the EMI calculator ready to compute the installments based on the loan amount, interest rate and the tenure. The calculator not only shows the indicative installment but also the amount of interest to be paid by a borrower.

A mathematician? Take a look at the following formula to calculate the EMI.

E = P . R . (1+R)^N/((1+R)^N – 1),

Where E = EMI

P = Principal Loan Amount

R = Rate of Interest

N = Monthly Loan Tenure

Advantages of EMI Calculator

Easy to Use – The function of the calculator is seamless as you just need to enter loan amount, interest rate and tenure to compute the indicative EMI.

Opens Out Repayment Summary – So what you are supposed to pay in terms of interest over the loan tenure will be shown by the calculator. To top that, you can check out the amortization schedule, showing the likely interest and principal repayments on an annual basis. You can even know the principal outstanding at the end of each repayment year.

Reliability – The calculator’s results are governed by certified algorithms which help produce accurate results.

Massive Availability – You won’t have to lose any energy as the calculator is available online for use.

SBI Personal Loan Interest Rate for Salary Account

SBI offers customized personal loan interest rates according to the profession of an individual. So if you are a salaried professional, you can get customized rates.  SBI personal loan is offered under the name of Xpress Credit to employees of rated corporates, unrated corporates, IT employees, as well as salary account holders with India’s largest lender, etc. The rates differ according to the employees.

Rated Corporates – The interest rates offered to them fall in the range of 11.85%-14.45% per annum.

Unrated Corporates – SBI’s rate offers to employees working with unrated corporates is 12.60%-14.70% p.a.

IT Employees – These borrowers are likely to service SBI Personal Loan at an interest rate of 12.85%-14.85% p.a.

Express Elite Scheme – Those who hold salary accounts with SBI are eligible to apply for a loan under the scheme. The interest rates here can be anywhere between 11.35%-14.85% p.a.

Those who do not have a salary account with SBI will have to service the debt at 11.60%-15.10% p.a.

Employees, other than the ones mentioned above, would have to pay off the loan at 12.35%-14.70%.

So, all the details pertaining to SBI Personal Loan Interest Rate are showcased for you to know and calculate the installments. Do keep an eye on different interest rate offers for different sections of salaried professionals as shown in the article. Hope you accomplish all your aspirations and needs by virtue of SBI Personal Loan.


Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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