Keep Your Worries & Confusion Away as SBI EMI Calculator is Here

Being worldwide known as one of the most reputed and renowned banks, there is no denying the fact that State Bank of India (SBI) is a name you can easily trust. This Government-owned corporation with its widest range of financial products and services caters the multiple needs of one and all. If we talk about some of its most popular products such as home loan, personal loan, car loan, etc., it would not be wrong to say that this leading bank covers a majority of the audience. So, if you are someone who wants to avail a loan from this leading bank, this article is worth reading for you. Yes, many of us pay attention on interest rates only, but about EMIs? Though your monthly installments are linked with the interest rate, it is all-in-all a different topic which should separately be covered. Let’s get started and throw some light on the topic below.

Now, if we are talking about monthly installments how can SBI EMI Calculator be missed? Yes, this smart and innovative tool allows you to know the exact calculations of your monthly installments in the easiest way. In fact, not only the monthly installments, but you can also easily know about your Interest Outgo and Total Amount Payable on a loan in the quickest manner. This device by taking into account, Loan Amount, Tenure and Interest Rate gives you the exact results within few seconds. With the help of using the same, it becomes easier for a borrower to know whether his/her EMIs are pocket-friendly or not.

Well, let’s just understand the fundamental of the same by looking at different loan scenario. How this device functions for different types of loans. Let’s find out the same in the article below…

Personal Loan:

Suppose, Rajat Kapoor, a 30-year-old, SEO Manager by profession, having a monthly income of ₹20,000 is looking to avail a personal loan of ₹2 Lakh so as to visit to Singapore with his family. Now, after evaluating his profile one lender has agreed to offer him the same loan amount at an interest rate of 11.49% for a tenure of 5 years. But, Rajat before saying yes to the lender, wants to know the exact amount of monthly amount he needs to pay to the lender. Actually, he wants to figure-out whether his monthly installments Re pocket-friendly or not so that he can easily repay the loan. So, after using the calculator, the value came out to be:

EMI: ₹4,398

Interest Outgo:₹63,851

Total Amount Payable:₹ 2,63,851

Well, 4k is not a big amount which Rajat can’t afford for the next 5 years. He has no other monthly expenses, hence can easily repay the loan. So, he approved the offer and availed the loan.

Home Loan:   

Suppose, Naman Ahuja, a 25- year-old, Internet Marketing Head by profession earns a monthly income of ₹30,000. He wants to avail a home loan of ₹25 Lakh in Gurgaon, nearby his office. Thus, for the same, he has applied in 3 banks, and luckily one lender approved his application by offering him the same loan amount at an interest rate of 8.40% for a tenure of 20 years. But, Naman wants to be fully sure about the repayment, thus he used an Home loan EMI calculator to know whether his monthly installments will be pocket-friendly or not. So, after using the device, the amount came out to be:

EMI:₹21,538

Interest Outgo:₹26,69,027

Total Amount Payable: ₹51,69,027

So, here you can see an EMI of 21k comes out in the case of Naman, which is obviously difficult for him to afford on an income of ₹30,000 as he has other monthly expenses also. Naman had also understood the thing as he used the SBI EMI calculator. Now, without an EMI Calculator, it wouldn’t have been easier for him to know his exact monthly installments and most importantly to know whether his monthly installments are pocket-friendly or not. This can only be possible with the online availability of this smart and innovative device, which has been thoughtfully designed to ease the burden of every loan seeker.