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. State Bank of India offers personal loans with interest rates starting at 10.49% p.a. with flexible repayment terms.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 months and 100)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment needed to completely 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 choose loan terms that fit their budget.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (SBI rates start at 10.49%), and loan term in years. All values must be valid (principal > 0, rate > 0, term 1-10 years).

5. Frequently Asked Questions (FAQ)

Q1: What is SBI's current personal loan interest rate?
A: SBI personal loan rates start at 10.49% p.a. for salaried individuals, but actual rates may vary based on credit profile.

Q2: What is the maximum loan term available?
A: SBI typically offers personal loans with terms up to 5 years (60 months), but some cases may extend to 6 years.

Q3: Are there any processing fees?
A: Yes, SBI charges up to 1% of loan amount (min ₹1,000 + GST) as processing fee.

Q4: Can I prepay my SBI personal loan?
A: Yes, prepayment is allowed after 12 EMIs with a prepayment charge of 3% on outstanding amount.

Q5: What is the minimum salary required?
A: For salaried individuals, minimum net monthly income should be ₹15,000 in metros/₹10,000 in other cities.