1. What is SBI Personal Loan EMI?

The SBI Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their loan. SBI (State Bank of India) offers personal loans with interest rates starting at 10.49% p.a. for eligible customers.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Loan principal amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment needed to fully repay the loan (principal + interest) over the specified term.

3. Importance of EMI Calculation

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

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 84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from SBI?
A: SBI typically offers personal loans starting from ₹25,000, but the exact minimum may vary based on customer profile.

Q2: What is the maximum repayment period?
A: SBI offers personal loans with repayment periods up to 84 months (7 years) depending on the loan amount and customer eligibility.

Q3: Are there any prepayment charges?
A: SBI may charge prepayment penalties depending on the loan terms. Check with your branch for current policies.

Q4: What factors affect my eligibility?
A: Income, credit score, employment status, existing debts, and relationship with SBI all affect personal loan eligibility.

Q5: How can I get the best interest rate?
A: Maintain a good credit score (750+), have a stable income, and consider existing relationships with SBI (salary account, etc.) for better rates.