What Is SBI Personal Loan Calculator And How It Provide Benefits?

For your personal financial needs, you can borrow a desired loan amount from State Bank Of India at an attractive interest rate. And, to compute the equated monthly loan installments you can use the SBI EMI calculator. The bank provides a loan calculator to make the loan process easier for the customer. Using the SBI personal loan calculator you can manage your loan payments. To know the calculator functioning and benefits read this article. 

Can anyone use SBI personal loan calculator?

SBI provides personal loans to all so do their calculators, anyone can access the loan calculators by visiting the bank official website. You can use the calculator by mentioning the details of your personal loan such as principal amount, interest rate and loan amount. Two types of SBI personal loan calculator is provided for the customer one is EMI calculator and another is prepayment calculator. Both the loan calculators estimate the accurate loan installments for the borrowed amount. 

SBI personal loan calculator workings and details

SBI Personal Loan EMI calculator:  You can compute the EMI of your borrowed amount using this SBI personal loan calculator. It functions in the formula [P x R x (1+R)^N]/[(1+R)^N-1], where P is the loan amount, N is the loan tenure and R is the rate of interest. Just set the borrowed amount, interest rate and loan tenure and your EMI would be generated within a second. For a loan amount of INR 25 lakh with an interest rate of 11.30% for 5 years the calculated EMI would be INR 54,731 according to loan calculator. 

SBI Prepayment Calculator: SBI doesn’t charge prepayment or foreclosure charge from the customer. And, if prepayment is done after 6 months of the loan approval then you are charged with maximum 3% prepayment fee. To calculate the prepayment amount use SBI personal loan calculator so that you can get benefits on your prepayment. Just enter current EMI, outstanding principal amount, tenure and interest rate to compute your prepayment amount. 

How to get a personal loan from SBI?

You can apply for a personal loan from SBI to make your financial needs easier by borrowing a desired loan amount. The loan interest rate depends on the individual credit capacity and credit score. SBI personal loan interest rates are starting from 10.50% and repayment can be done in maximum 5 years. To get a personal loan you just need to submit a few documents and charges such as ID proof, income proof and address proof. And, you need to submit a processing fee for your personal loan that is minimum 1% of your borrowed loan amount. 

So, make your financial needs easily fulfilled with the borrowed amount and make your loan payment manageable with SBI personal loan calculator. All in all, if you are looking for a personal loan with a lowest interest rate and longer tenure along with the best services then apply for a loan from SBI and make your wish fulfilled.