1. What is the SBI Personal Loan Calculator?

The SBI Personal Loan Calculator helps you estimate your monthly payments for State Bank of India personal loans in 2024. It uses the standard loan amortization formula with current interest rates starting at 10.49% p.a.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

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

Explanation: The formula accounts for compound interest over the loan term, calculating equal monthly payments that pay off both principal and interest.

3. Importance of Loan Calculation

Details: Accurate loan payment calculation helps borrowers understand their repayment obligations, compare loan offers, and plan their finances effectively.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (10.49% is the current SBI starting rate), and loan term in months (typically 12-84 months for SBI personal loans).

5. Frequently Asked Questions (FAQ)

Q1: What is SBI's current personal loan interest rate?
A: As of 2024, SBI personal loan rates start at 10.49% p.a. for salaried individuals, with final rates depending on credit profile.

Q2: What is the maximum loan amount from SBI?
A: SBI offers personal loans up to ₹20 lakhs for salaried individuals, subject to eligibility criteria.

Q3: What is the typical loan tenure?
A: SBI offers personal loans with repayment periods from 6 months to 7 years (84 months).

Q4: Are there any processing fees?
A: SBI charges up to 1% of the loan amount as processing fee plus applicable GST.

Q5: Does this calculator include all charges?
A: This calculates principal and interest only. Other charges like processing fees or late payment penalties are not included.