1. What is SBI Personal Loan EMI Calculator?

The SBI Personal Loan EMI Calculator helps you estimate your monthly installment (EMI) for personal loans from State Bank of India. It uses the standard EMI formula with SBI's current interest rates starting at 10.49% p.a.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment required to repay the loan over the specified term, including both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning, comparing loan offers, and determining loan affordability before applying.

4. Using the Calculator

Tips: Enter loan amount in INR, SBI's current interest rate (minimum 10.49%), and loan term in months (6 to 84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is SBI's current personal loan interest rate?
A: SBI personal loan interest rates start at 10.49% p.a. for salaried individuals, but actual rates may vary based on credit profile.

Q2: What is the maximum loan term available?
A: SBI offers personal loans with repayment terms up to 84 months (7 years), depending on loan purpose and customer profile.

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

Q4: Can I prepay my SBI personal loan?
A: Yes, SBI allows prepayment after 12 EMIs with prepayment charges of 3% on the outstanding amount.

Q5: What documents are required for SBI personal loan?
A: Typically requires identity proof, address proof, income documents, and bank statements. Exact requirements may vary.