1. What is the SBM Personal Loan?

The SBM Bank Mauritius personal loan provides financing for various needs with competitive interest rates. Minimum loan amount is Rs 50,000. Some loans require salary to be credited to SBM accounts.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

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

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

3. Loan Requirements

Details: Minimum loan amount is Rs 50,000. Some loan products require salary to be credited to SBM accounts. Interest rates vary based on credit profile and loan type.

4. Using the Calculator

Tips: Enter principal amount in MUR (minimum 50,000), annual interest rate in percentage, and loan term in months (1-120). All values must be valid positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount?
A: The minimum personal loan amount is Rs 50,000 at SBM Bank Mauritius.

Q2: Do I need to have my salary credited to SBM?
A: Some loan products require salary to be credited to SBM accounts, while others don't. Check with the bank for specific requirements.

Q3: What factors affect my interest rate?
A: Interest rates depend on your credit score, loan amount, term, and relationship with the bank.

Q4: How long does loan approval take?
A: Approval times vary but typically take 2-5 working days for complete applications.

Q5: Are there prepayment penalties?
A: Check with the bank as terms may vary. Some loans allow early repayment with minimal or no penalties.