sbi personal loan emi calculator

Plan Your Monthly Installments With SBI Personal Loan EMI Calculator

Finance

SBI Personal Loan is a one-stop shop which caters to all your financial emergencies in a jiffy. Whether it’s the long lost house renovation plan that has been keeping you worried or your child wants to study that extravagant course which might burn a hole in your pocket. SBI Personal Loan takes care of all your worries!

SBI Personal Loan EMI Calculator is one of the most useful tools available. SBI Personal Loan Calculator 2017 eases the process of EMI calculation and saves your time spent on the lengthy and cumbersome calculations.

EMI Calculator for Personal Loan not only gives you the exact amount of your monthly installments but all churns out the total amount of interest that you would be paying off during the entire loan tenure. Keep reading to know more about the Personal Loan and SBI Personal Loan EMI Calculator!

About SBI Personal Loan

SBI Personal Loans is categorised under two categories:

Xpress Credit Personal Loan: SBI Xpress Credit Personal Loan is for those who are either salaried professional working in a private or public firm or are self-employed individuals. The interest rate charged on this type of Personal Loan ranges between 12.95% to 14.55% with a spread of about 4.80% to 6.80% over a 2 year MCLR at 8.10%. The loan amount that one can avail under the SBI Xpress Credit Personal Loan is from ₹ 15,000 to ₹ 15 lakhs.

SBI Pension Loan: SBI Pension Loan is for those individuals who are pensioners as per the State or Central Government and have a pension account with SBI bank. The rate of interest charged under this type of Personal Loan is about 12.45% with a spread of about 4.35% over a 2 year MCLR. The amount of loan that can be availed under SBI Pension Loan varies according to the age bracket of the applicant.

Features of SBI Personal Loan

Easy Availability: SBI Personal Loans are easy to avail if the candidate fits in the eligibility criteria.

Minimum Documentation: Minimum documentation is required to apply for the SBI Personal Loan which makes the whole process hassle-free.

Calculation of Interest Rates: SBI calculates the Personal Loan interest Rates on the basis of MCLR i.e. Marginal Cost of Lending Rate. SBI has priced the Personal Loan Interest Rate at a 2 year MCLR.   

Faster Loan Approval: SBI Personal Loans are quickly approved providing a swift and uncomplicated loan application experience to the applicant.

No Prepayment Charges: SBI follows a policy of no prepayment charges. This means that the borrower doesn’t have to pay any extra fee in case he/she intends to prepay the loan.  

Repayment Tenure: SBI provides a relaxed and easily manageable repayment tenure which ranges between 6 months to 5 years.

Eligibility Criteria

Age Limit: The applicant must come under the age bracket of 21 years to 58 years so as to be eligible for the SBI Personal Loan.

Monthly Income: the applicant must have a monthly income of a minimum of ₹ 7,500. The EMI/NMI ratio prescribed by the bank is equal to or less than 50.

Work Experience: The applicant must have a work experience of a minimum of 2 years to be eligible for the loan.

SBI Personal Loan EMI Calculator

SBI Personal Loan EMI Calculator is one of the most useful tools when you are trying to ascertain your monthly installments. The tool helps you find out the EMIs by putting in basic details of your loan such as the loan amount, the rate of interest and the tenure of the loan.

SBI Personal Loan EMI Calculator also shows you the break-up of your repayment amount by dividing it into the loan amount and the interest amount that is payable. This way, you get to know the amount of total interest that you are liable to pay during the loan tenure. Another advantage of using the SBI Personal Loan EMI Calculator is that you can use the tool endlessly by changing the inputs and find out the monthly installments.

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