How to use SBI Personal Loan EMI Calculator Online?

by Sakshi Kharbanda Financial Consultant

With the help of the sbi personal loan calculator, you will have no trouble calculating how much your regular payment will be. The monthly instalment payment (EMI) for your personal loan can be calculated as follows: 

To begin, either use the slider that is located under Loan Amount or manually enter the exact amount that you would like to borrow into the field that is provided for you. 

Step 2: Either move the slider located under "Tenure" to the desired loan repayment period or manually enter the exact number of years for which you wish to submit an application for the loan. 

You will enter the interest rate into the form during the third and final step of the process. 

In the fourth step, you will indicate what percentage of the overall processing fee you will be responsible for paying. The rate for the standard SBI deposit is 1.5%. 

After you have entered the data into the appropriate fields, you can proceed by clicking the "Calculate" button. 

The sbi personal loan calculator will then show the monthly EMI for the personal loan after you enter the information. After this step is completed, you will be able to obtain a comprehensive accounting of the total amount that is due to you. The full schedule for the repayment of the loan is presented in the form of an amortisation table at the bottom of the page.

Benefits of Using sbi personal loan calculator

  • helps the bank determine if you meet their eligibility requirements for an account. 
  • You may find out how much your monthly payments would be based on the term you select. 
  • The exact EMI can be determined by obtaining the current interest rate from the bank with sbi personal loan calculator. 
  • If your employer has an SBI corporate or salary account, you will be eligible for discounts otherwise available exclusively to direct clients. 
  • According to the terms and circumstances set forth by SBI, you can take advantage of many benefits. For instance, the SBI Personal Loan can be repaid in full or in part before the end of the period. 
  • If you can afford to pay even a little bit more each month, you should. These are especially helpful if you have an unsecured personal loan from a bank. 
  • The cost can be slightly renegotiate as well. It could be effective. 
  • Clients are entice by the fast loan processing and low paperwork involve. 


What the sbi personal loan calculator won't tell you? 

The decision regarding your application for sbi personal loan calculator from SBI is solely in the hands of the loan manager. An EMI calculator would not able to forecast the outcome in this case. The quote interest rate may fluctuate with market conditions and is therefore not guarantee. A prepayment penalty may apply. 

Can I expect to see prepayment and processing fees detailed in SBI's online EMI calculator? 

The processing and prepayment costs are not factor into the online EMI calculator findings. These fees will vary from lender to loan. In addition, it varies from case to case. The amounts of these fees will detail in the loan agreement that is provid to the borrower at the time the loan is disburse. 

When it comes to determining EMIs, what method does the State Bank of India use?  

SBI employs a decreasing balance method to establish a borrower's EMI for a personal loan. This method uses the outstanding loan balance as the basis for the sbi personal loan calculator rather than the original loan amount. 

Putting a hold on payments on your personal loan during the COVID-19, how will it affect? 

Putting a hold on payments on your personal loan during the COVID-19 crisis may ease some of your financial stress in the short term, but it could come back to haunt you in the long run. Interest will continue to accrue on your loan balance throughout the moratorium period, so you will essentially have to make three EMI payments plus interest that has compounded for three months. Therefore, the SBI personal loan moratorium should only  select in times of extreme financial trouble. 

I have a personal loan from SBI; how much would the late fee be if I miss an EMI payment? 

Any time an EMI payment is late, a penalty of Rs. 500 + GST will add. Penalty interest of 2% per month will add to the loan's regular interest rate. 

Where can I find online instructions for making my SBI personal loan EMI payment? 

The EMI on a personal loan can pay electronically through the ECS (Electronic Clearing System), NACH (National Automated Clearing House), or ACH (Automated Clearing House). Through these channels, you can fund your loan account with your regular monthly payment from any bank account. Your loan EMI can also pay in person at any branch with cash, cheque, or DD.

Sponsor Ads

About Sakshi Kharbanda Advanced   Financial Consultant

39 connections, 0 recommendations, 131 honor points.
Joined APSense since, February 14th, 2019, From India, India.

Created on Nov 15th 2022 04:38. Viewed 63 times.


No comment, be the first to comment.
Please sign in before you comment.