To use the SBI personal loan calculator by Paisabazaar, follow the simple steps mentioned below:
SBI Personal Loan EMI Calculator
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Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
How to Use SBI Personal Loan EMI Calculator by Paisabazaar
How SBI Personal Loan EMI is Calculated
SBI personal loan calculator works on the below-mentioned formula:
EMI= [PXRX(1+R)^N]/[(1+R)^N-1]
Meaning of Letters Used in the Formula
| R | Interest rate on loan amount |
| EMI | Equated monthly instalment |
| N | Tenure for repaying the loan amount |
| P | The principal amount |
SBI Personal Loan Amortisation Schedule
Suppose you borrow a loan of Rs. 10 lakh at a 10.50% rate of interest for a tenure of 60 months, then the following will be your amortization schedule.
| Month | Principal (Rs.) | Interest (Rs.) | Principal + Interest (Rs.) | Balance to be Paid (Rs.) |
|---|---|---|---|---|
| 1 | 12744 | 8750 | 21494 | 987256 |
| 2 | 12855 | 8638 | 21494 | 974401 |
| 3 | 12968 | 8526 | 21494 | 961433 |
| 4 | 13081 | 8413 | 21494 | 948351 |
| 5 | 13196 | 8298 | 21494 | 935156 |
| 6 | 13311 | 8183 | 21494 | 921844 |
| 7 | 13428 | 8066 | 21494 | 908417 |
| 8 | 13545 | 7949 | 21494 | 894871 |
| 9 | 13664 | 7830 | 21494 | 881208 |
| 10 | 13783 | 7711 | 21494 | 867424 |
| 11 | 13904 | 7590 | 21494 | 853520 |
| 12 | 14026 | 7468 | 21494 | 839495 |
This table illustrates an estimate of the first 12 months of the loan. For the remaining period, the principal component will continue to increase at the same pace, while the interest portion will gradually decrease
Benefits of Using SBI Personal Loan EMI Calculator
Factors Affecting SBI Personal Loan EMI
Understanding the key factors that influence your SBI Personal Loan EMI can help you plan your loan better and choose the most affordable repayment terms. Here’s what you need to keep in mind:
Tips to Reduce Your SBI Personal Loan EMI
Fees & Charges related to SBI Personal Loan EMI
On failing to repay the SBI personal loan EMIs by the due dates, you would attract these charges:
| Penalty for failure in making on time EMI | Rs. 250 (for every EMI dishonour) In case of standing instruction (SI)/ cheque/ ECS bounce, legal action u/s 138 of the Negotiable Instruments Act, 1881 may be initiated. |
| Cheque Bounce Charges | Rs. 250
Note: If a cheque bounces due to technical reasons where a customer is not at fault, no charges will be levied as per RBI guidelines. |
| Penal Interest | For loans above Rs. 25,000, penal interest @ 2% per month, over and above the applicable interest rate, is levied on the overdue amount for the period of default.
Note: If only a part of EMI remains overdue, then penal interest will not be levied. |
Tips to Manage Your EMI Payments Effectively
Follow these simple tips to stay on top of your EMIs and maintain a healthy credit profile:
1. Set Payment Reminders
Use auto-debit, standing instructions, or calendar alerts to ensure timely payments and avoid penalties.
2. Maintain an Emergency Fund
Keep 3–6 months of EMI funds aside to handle unexpected financial situations.
3. Avoid Taking Multiple Loans
Too many ongoing EMIs can strain your finances and lower your credit score.
4. Opt for a Suitable Tenure
Choose a loan tenure that keeps your EMI affordable while minimizing total interest cost.
5. Make Part-Prepayments When Possible
Prepaying reduces your outstanding balance, interest burden, and future EMIs.
6. Review Your Finances Regularly
Reassess your income, expenses, and EMIs periodically to stay within a safe debt-to-income ratio.
7. Avoid Missing EMI Deadlines
Timely EMI payments protect your credit score and prevent additional charges or penal interest.
SBI Personal Loan EMI Table
| Loan Amount | Tenure | Interest Rate (p.a.) | Approx. EMI | Total Interest Payable | Total Repayment |
|---|---|---|---|---|---|
| Rs. 1 lakh | 1 year | 11% | Rs. 8,838 | Rs. 6,058 | Rs. 1,06,058 |
| Rs. 5 lakh | 3 years | 11% | Rs. 16,369 | Rs. 89,297 | Rs. 5,89,297 |
| Rs. 10 lakh | 5 years | 10.5% | Rs. 21,494 | Rs. 2,89,634 | Rs. 12,89,634 |
| Rs. 15 lakh | 5 years | 10.5% | Rs. 32,241 | Rs. 4,34,451 | Rs. 19,34,451 |
| Rs. 20 lakh | 5 years | 10.5% | Rs. 42,988 | Rs. 5,79,268 | Rs. 25,79,268 |
Related Links
Compare & Choose the Best Offer
Pre-approved Offers with Instant Disbursals
Know Your Chances of Approval
End-to-End Digital Process
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
What is an SBI Personal Loan EMI Calculator?
The SBI Personal Loan EMI Calculator is an online tool that helps you calculate your monthly EMI, total interest payable, and total repayment amount based on your loan amount, interest rate, and tenure. It provides instant and accurate results to help you plan your finances better.
Is the SBI Personal Loan EMI Calculator free to use?
Yes, the SBI Personal Loan EMI Calculator available on Paisabazaar is completely free and can be used multiple times to compare different loan amounts, tenures, and interest rates before applying.
Can I reduce my SBI Personal Loan EMI after availing the loan?
Yes, you can reduce your EMI by making part-prepayments, transferring your loan to another lender offering a lower interest rate (balance transfer), or extending your loan tenure, if the bank permits.
How can the SBI Personal Loan EMI Calculator help improve my loan eligibility?
By using the calculator, you can estimate your EMIs and ensure they don’t exceed 50% of your monthly income. Maintaining a healthy debt-to-income ratio enhances your eligibility and increases your chances of loan approval.
What is the EMI for a Rs. 3 lakh personal loan for 3 years?
The EMI for a Rs. 3 lakh personal loan would depend on two key factors: the loan tenure and the interest rate. You can use online personal loan EMI calculators to find the EMI of a Rs. 3 lakh personal loan for various combinations of tenure and interest rate.
What is the EMI for a Rs. 20 lakh personal loan from SBI?
The EMI for a Rs. 20 lakh SBI Personal Loan will depend on the interest rates set by the lender and the loan tenure you opt for. You can use various online personal loan EMI calculators to find out your EMI for various combinations of interest rates and tenure.
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