personal loan

How Is SBI Personal Loan EMI Calculator Helpful?

Finance

When you take a personal loan or any other loan, using a loan EMI calculator is said to be a very helpful tool. The reason behind saying this is that when you use SBI Personal Loan EMI calculator, you not only get to know the monthly installments you will be liable to pay to your lender. But also get the exact figures of the total interest and repayment amount you pay to SBI.

State Bank of India is like a home to borrowers because they can trust the lender with their money and that they will be getting the suitable deal only. However, there is no harm in preparing yourself as per your budget and maybe you need to request the lender to give you a much lower rate just in case the EMI is out of your budget.

How SBI Personal Loan EMI Calculator Works?

The calculator shows results on the basis of the loan amount, SBI personal loan interest rate and tenure on the loan. Here is an example for your better understanding:

  • Loan amount₹5,00,000
  • Interest rate– 11.35% p.a.
  • Tenure–  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

  • EMI₹10,959
  • Total Interest Outgo1,57,521
  • Total Amount₹6,57,521

What are different personal loan schemes available at SBI?

Below are the types of personal loans that you get at SBI:

  • Xpress Credit Personal Loan
  • Pension Loan
  • Saral Personal Loan

What is the eligibility required to apply for each scheme?

The purpose of each of the personal loan is different so is the eligibility criteria. To get the approval, you must match personal loan eligibility criteria as mentioned below:

Eligibility for SBI Xpress Credit loan

  • The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
  • The minimum monthly income of the applicant should be ₹7,500/-
  • The EMI/NMI ratio should not exceed 50

Eligibility for SBI Personal Loans for Government Employees (Pension Loan)

  • The maximum age of the applicant should be 76 years
  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
  • If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.

Eligibility for Saral Personal Loan

  • Self-employed engineer
  • Doctor
  • Minimum work experience of 2 years for an MBA graduate
  • Available for Chartered Accountants and Architect

What is SBI Personal Loan eligibility criteria for salary account holders?

The eligibility for salary account holders is:

  • Central and State Government
  • Quasi-Government
  • Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute
  • Selected Corporates who have business relationship with the Bank
  • Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions
  • The minimum net monthly income should be ₹5000/-
  • EMI/NMI ratio should not exceed 50%
  • The loan amount the applicant can get under the term loan is from ₹25,000/- to 24 times NMI or maximum of ₹15 lakhs
  • The loan amount the applicant can get under the overdraft facility is from ₹5 lakhs to 24 times of NMI or a maximum of ₹15 lakhs. The overdraft facility will be subject to monthly reduction in DP so that DP becomes NIL in 60 months
  • The maximum loan amount for school teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility
  • The maximum tenure for the loan is 60 months or residual service period whichever is less

What are the documents required to apply for the loan?

The documentation required to apply for a personal loan is as follows:

  • Completely filled application form
  • Two photographs of passport size
  • Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card
  • Processing fee cheque
  • Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ Rent and Lease agreement/ Electricity bill
  • Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.
  • Bank statement of the past six months

Where can you apply for the loan?

You can either apply online or offline by visiting the nearest SBI branch. The choice is yours which is obviously dependent on your convenience. Be it any medium, if you match the criteria and have proper documents, your application would be approved soon. However, don’t forget to use SBI personal loan EMI calculator.

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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