1. What is the Personal Loan Calculator?

This calculator computes monthly payments for SBM Bank Mauritius personal loans, with a ceiling of Rs 3,000,000 for SBM Boost (no guarantee required). It uses the standard loan payment formula to determine your monthly obligations.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (MUR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments
• \( PMT \) — Monthly payment amount (MUR)

Explanation: The formula accounts for compound interest over the life of the loan to determine fixed monthly payments.

3. About SBM Bank Mauritius Loans

Details: SBM Bank offers personal loans up to Rs 3,000,000 through their SBM Boost product, with competitive interest rates and no collateral requirement. Loan terms typically range from 12 to 84 months.

4. Using the Calculator

Tips: Enter the principal amount (up to Rs 3,000,000), annual interest rate (as percentage), and loan term in months. The calculator will show your monthly payment, total repayment amount, and total interest paid.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount for SBM Boost?
A: The maximum is Rs 3,000,000 with no guarantee required.

Q2: How is the interest rate determined?
A: Rates vary based on creditworthiness, loan amount, and term. Contact SBM Bank for personalized rates.

Q3: Are there any processing fees?
A: SBM Bank may charge processing fees. Consult with the bank for exact fee structures.

Q4: Can I prepay my loan?
A: Most loans allow prepayment, sometimes with a small penalty. Check with SBM Bank for their prepayment policy.

Q5: How accurate is this calculator?
A: This provides estimates. Actual loan terms may vary based on bank policies and your financial profile.