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Current Sbi Personal Loan Calculator

Personal Loan EMI Formula:

\[ PMT = P \times \frac{r (1 + r)^n}{(1 + r)^n - 1} \]

INR
% per annum
years

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1. What is the Personal Loan EMI Formula?

The Personal Loan EMI (Equated Monthly Installment) formula calculates the fixed payment amount a borrower makes each month to repay a loan over its term. The formula accounts for the principal amount, interest rate, and loan duration.

2. How Does the Calculator Work?

The calculator uses the EMI formula:

\[ PMT = P \times \frac{r (1 + r)^n}{(1 + r)^n - 1} \]

Where:

Explanation: The formula calculates the fixed monthly payment that will completely pay off the loan (principal + interest) over the specified term.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan their finances, and compare different loan options before committing to a loan.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (current SBI personal loan rate), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current SBI personal loan interest rate?
A: As of 2023, SBI personal loan interest rates typically range from 10.50% to 16.00% per annum, depending on customer profile and loan amount.

Q2: What is the maximum loan amount available?
A: SBI offers personal loans up to ₹20 lakhs, depending on income and repayment capacity.

Q3: What is the maximum repayment period?
A: SBI personal loans typically have a maximum tenure of 5 years (60 months).

Q4: Are there any prepayment charges?
A: SBI usually doesn't charge for prepayment of personal loans after 12 EMIs have been paid.

Q5: What factors affect EMI amount?
A: EMI depends on three factors: loan amount, interest rate, and loan tenure. Higher loan amounts or rates increase EMI, while longer tenures reduce EMI.

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