Sbi Yono Loan Emi Calculator

EMI Calculation Formula:

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

Monthly Payment (EMI):

Total Payment:

Total Interest:

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1. What is SBI YONO Loan EMI Calculator?

The SBI YONO Loan EMI Calculator helps you estimate your Equated Monthly Installments (EMI) for loans availed through SBI's YONO app. It uses the standard EMI formula to calculate your monthly payments based on principal amount, interest rate, and loan tenure.

2. How Does the Calculator Work?

The calculator uses the following formula:

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

Where:

\( P \) — Principal loan amount (INR)
\( r \) — Monthly interest rate (annual rate divided by 12 and converted to decimal)
\( n \) — Loan tenure in months
\( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed payment amount required each month to pay off 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 accordingly, and compare different loan options before making a decision.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate (starting at 10.49% p.a. for SBI YONO loans), and loan tenure in years. The calculator will display your monthly EMI, total payment, and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for SBI YONO loans?
A: Interest rates start at 10.49% p.a. and may vary based on loan type, amount, tenure, and applicant's credit profile.

Q2: How does EMI change with loan tenure?
A: Longer tenures reduce EMI but increase total interest paid, while shorter tenures increase EMI but reduce total interest.

Q3: Are there any prepayment charges on SBI YONO loans?
A: SBI generally allows prepayment without charges, but terms may vary by loan product.

Q4: What factors affect my loan eligibility?
A: Income, credit score, existing obligations, employment stability, and loan-to-value ratio affect eligibility.

Q5: How accurate is this calculator?
A: This provides an estimate. Actual EMI may vary based on processing fees, insurance, and other charges.