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Personal Loan Calculator Tool Sbi India

SBI Personal Loan EMI Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

INR
% p.a.
months

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1. What is SBI Personal Loan EMI Calculator?

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

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

Explanation: The formula calculates the fixed monthly payment needed to fully repay a loan over its term, including both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan their finances, and compare different loan offers before committing.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (SBI rates start at 10.49%), and loan term in months (up to 60 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 currently range from 10.49% to 14.49% p.a., depending on customer profile and loan amount.

Q2: What is the maximum loan term available?
A: SBI offers personal loans with repayment periods up to 60 months (5 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: Can I prepay my SBI personal loan?
A: Yes, SBI allows prepayment after 12 EMIs with a prepayment charge of 3% on the outstanding amount.

Q5: What documents are required for SBI personal loan?
A: Typically you need identity proof, address proof, income documents, and bank statements.

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