1. What is SBI Personal Loan EMI?

The EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to the lender (SBI) each month until the loan is paid off. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Loan principal amount (₹)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan term in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified term.

3. Importance of EMI Calculation

Details: Knowing your EMI helps in financial planning and ensures the loan is affordable. SBI personal loans typically have terms from 1 to 7 years with competitive interest rates.

4. Using the Calculator

Tips: Enter loan amount in ₹, annual interest rate (SBI rates typically range from 9.60% to 15.65%), and loan term in years (1-7 years for SBI personal loans).

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount from SBI?
A: SBI offers personal loans up to ₹20 lakhs, depending on income and creditworthiness.

Q2: What are SBI's current interest rates?
A: As of 2023, rates range from 9.60% to 15.65% p.a. Check SBI's website for current rates.

Q3: Are there any processing fees?
A: SBI charges 1.5% of the loan amount + GST as processing fees (minimum ₹1,000 + GST).

Q4: Can I prepay my SBI personal loan?
A: Yes, SBI allows prepayment after 12 EMIs with a 2-5% prepayment charge.

Q5: What documents are required?
A: Typically need ID proof, address proof, income proof, and bank statements.