1. What is the SBI Loan Calculator?

The SBI Loan Calculator helps you estimate your monthly payments for State Bank of India personal loans. It uses the standard loan payment formula to calculate your EMI based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment required to repay a loan over its term, including interest.

3. Importance of Loan Calculation

Details: Understanding your monthly payments helps with financial planning and ensures the loan is affordable. SBI personal loans currently start at 10.49% p.a. interest.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (default is 10.49%), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current SBI personal loan interest rate?
A: As of now, SBI personal loans start at 10.49% p.a., but rates may vary based on credit profile and other factors.

Q2: Are there any processing fees for SBI loans?
A: Yes, SBI typically charges a processing fee of up to 2% of the loan amount plus GST.

Q3: What is the maximum loan amount I can get?
A: SBI offers personal loans up to ₹20 lakhs, depending on your income and repayment capacity.

Q4: How accurate is this calculator?
A: This provides an estimate. Actual EMI may vary slightly due to rounding and exact number of days in each month.

Q5: Can I prepay my SBI loan?
A: Yes, SBI allows prepayment after 12 EMIs, usually with a prepayment charge of 0-3%.