1. What is the SBM Personal Loan Calculator?

The SBM Personal Loan Calculator helps you estimate monthly payments for SBM Bank Mauritius personal loans, with a maximum loan amount of Rs 3,000,000. It uses the standard loan payment formula to calculate your monthly obligations.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest components.

3. Importance of Loan Payment Calculation

Details: Understanding your monthly payment helps with budgeting and ensures the loan is affordable before committing. It allows comparison between different loan terms and amounts.

4. Using the Calculator

Tips: Enter the principal amount in MUR (up to 3,000,000), annual interest rate in percentage, and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan amount from SBM Bank Mauritius?
A: The calculator is designed for personal loans up to Rs 3,000,000, which is SBM's ceiling for personal loans.

Q2: Does this include any fees or charges?
A: The calculation includes principal and interest only. Additional fees or charges would increase your total payment.

Q3: How does loan term affect my payment?
A: Longer terms reduce monthly payments but increase total interest paid. Shorter terms have higher payments but lower total interest.

Q4: What interest rates does SBM offer?
A: Rates vary based on creditworthiness, loan amount, and term. Check with SBM for current rates.

Q5: Can I pay off my loan early?
A: Most loans allow early repayment, but check with SBM about any prepayment penalties.