1. What is the Upstox SBI Loan Calculator?

The Upstox SBI Loan Calculator helps estimate monthly payments for loans obtained through Upstox platform with SBI, with interest rates starting at 10.49% p.a. It uses the standard loan payment formula to calculate your EMI (Equated Monthly Installment).

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

Where:

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

Explanation: The formula accounts for both principal and interest components of your loan payment, showing how much you need to pay each month to repay the loan over the selected term.

3. Importance of Loan Payment Calculation

Details: Calculating your monthly payment helps in financial planning, comparing loan offers, and determining affordability before taking a loan.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (starting at 10.49% for SBI via Upstox), and loan term in years. All values must be valid (principal ≥ 1000, interest rate > 0, term 1-30 years).

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for SBI loans via Upstox?
A: The current starting rate is 10.49% p.a., but your actual rate may vary based on credit profile.

Q2: Are there any additional charges?
A: This calculator shows only principal and interest. Processing fees or other charges may apply separately.

Q3: How accurate is this calculator?
A: It provides a close estimate, but your actual EMI may differ slightly due to rounding or specific loan terms.

Q4: Can I prepay my loan?
A: Most SBI loans allow prepayment, but terms may vary. Check with Upstox for specific prepayment conditions.

Q5: Is the interest rate fixed or floating?
A: This calculator assumes a fixed rate. For floating rates, your EMI may change during the loan term.