SBI Personal Loan Payment Formula:
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The SBI Personal Loan Calculator helps you estimate your monthly payments for State Bank of India personal loans. It uses the standard loan payment formula with current interest rates starting at 10.49% p.a.
The calculator uses the loan payment formula:
Where:
Explanation: The formula accounts for compound interest over the loan term to calculate fixed monthly payments that fully repay the loan.
Details: Understanding your monthly payment helps with budgeting and ensures the loan is affordable. It also shows the total interest cost over the loan term.
Tips: Enter loan amount in INR, annual interest rate (10.49% is SBI's starting rate), and loan term in years. All values must be positive numbers.
Q1: What is SBI's current personal loan interest rate?
A: Rates start at 10.49% p.a. but may vary based on credit profile, loan amount, and tenure.
Q2: Are there any processing fees?
A: SBI charges up to 1% of the loan amount plus GST as processing fees (minimum ₹1,000 + GST).
Q3: What is the maximum loan amount and tenure?
A: SBI offers personal loans up to ₹20 lakhs with tenure up to 6 years (72 months).
Q4: Does this include insurance or other charges?
A: No, this calculator shows only principal and interest. Actual payments may include other charges.
Q5: Can I prepay the loan?
A: Yes, SBI allows prepayment after 12 EMIs with 0-3% prepayment charges depending on loan type.