personal loan

Types of SBI Personal Loan Calculator You Should Use Before Planning a Grand Wedding

Finance

Marriage on the cards? Family’s financial condition not right? Yes! So, you are left alone to do all those arrangements for guests, foods, and dozens of rituals that the Indian wedding is famous for. All that requires a massive amount, though, hard to predict the actual figure. But you can get a rough estimate after discussing the wedding expenses with your parents.

After getting an estimate, you need to search for best personal loan offers doing the rounds. And the loan best suited for the purpose is a personal loan that you can receive without having to submit a security to the lender.

Choosing a perfect lender is also vital as you need to repay the debt on a timely basis. To ensure the same, you must choose a lender that offers a loan that can help fulfill the purpose. Also, the interest rates should be lower to keep the monthly installments to a level you would feel comfortable repaying.

Keeping all these in mind, State Bank of India (SBI), the country’s largest lender, could be a perfect option for you. Even then, you need to use SBI Personal Loan Calculator to know how far the largest lender can help steady your ship. There are many calculators that you should use before applying for a loan.  Let’s read all such calculators which are available online.

SBI Personal Loan Eligibility Calculator

You should first know your eligibility for the loan you’re looking for. That brings the eligibility calculator into the equation. The calculator takes into account your income, savings, any running loan EMI, etc, before providing an amount that SBI would be comfortable lending you. SBI, before approving or setting a loan amount, sees whether the proposed EMI comes within 50% of the net monthly income. Here, the net income can have different connotations. The net income can be the salary that gets credited to your bank account every month. But with a running loan, the net income drops taking into account the EMI deductions. So accordingly, the 50% principle would differ. The maximum personal loan, though, is restricted to 24 times the net monthly income, subject to a limit of 15 lakh.

SBI Personal Loan EMI Calculator

Being unaware of the repayment ahead can set you back and cause financial troubles. That’s why you need to take a help from EMI calculator that computes the installment applicable to your SBI Personal Loan. The calculator gives an estimate of the EMI payable based on the loan amount disbursed, the interest rate charged, and the tenure opted by a borrower.

All you need is to go online and find the EMI calculator to compute the repayment. Just enter three variables – loan amount, the rate of interest and the tenure to calculate the installments. For your knowledge, SBI offers interest rates of 11.35%-15.10% per annum for a maximum tenure of 5 years.

SBI Personal Loan Amortization Calculator

Just beside the results of the EMI calculator, you can see the summary of amortization calculator showing the repayment of principal and interest each year. It also shows the outstanding balance at the end of each year. The calculator not only gives you a clue of the repayment but also help plan for a prepayment that you could do to prevent the outflow of interest. Prepayment means paying the loan fully mid-way before the tenure ends. So invest in an instrument that can help generate a surplus to pay off the loan faster.  

So, you checked different calculators pertaining to SBI Personal Loan. Hope these calculators have guided you perfectly to ensure a memorable marriage. Do negotiate with SBI to lower the interest rates on a personal loan. You can negotiate with SBI well if you have a savings account with the lender, maintain a strong credit history, and possess a sound repayment potential.

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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