1. What is SBI Personal Loan Eligibility Calculator?

This calculator helps determine the maximum loan amount you may be eligible for from State Bank of India (SBI) based on your affordable monthly payment, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the standard loan formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan term in months

Explanation: The formula calculates the present value of a series of future payments at a given interest rate.

3. Importance of Loan Eligibility Calculation

Details: Knowing your maximum eligible loan amount helps in financial planning and ensures you don't apply for amounts beyond your repayment capacity.

4. Using the Calculator

Tips: Enter your comfortable monthly payment amount, current SBI personal loan interest rate, and desired repayment period (12-84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for SBI personal loans?
A: SBI personal loan interest rates typically range from 10.5% to 16% p.a., depending on your credit profile.

Q2: What is the maximum loan term available?
A: SBI offers personal loans with repayment periods up to 84 months (7 years).

Q3: Are there any processing fees?
A: SBI charges up to 1.5% of the loan amount as processing fee plus applicable GST.

Q4: What factors affect my actual eligibility?
A: Your income, credit score, existing obligations, employment type, and relationship with SBI may affect final eligibility.

Q5: Is this calculator exact for SBI loans?
A: This provides an estimate. Actual eligibility is determined by SBI based on their complete assessment.