Use SBI Personal loan EMI Calculator To Compute Your Installments

Get a personal loan from one of the reputed banks in India SBI, It provides you loan at an attractive starting interest rate of 12.50%. You can use the loan amount for any purpose such as for wedding expenses, education, vacation, medical emergency and a lot more. With the bank flexible loan tenure option, you can easily pay the loan amount in monthly installments. Know your loan EMIs using the SBI personal loan EMI calculator. Read more about the SBI personal loan in the article.

What is the eligibility to apply for an SBI Personal loan?

To apply for an SBI personal loan you must meet the following eligibility criteria:

Age of the borrower: Your minimum age should be 21 years to avail a personal loan from SBI, this is criteria is for both salaried and self-employed applicants. The maximum age during the loan maturity should be 58 years for salaried individuals and 65 years for self-employed individuals.

Occupation: Any applicant with a regular income can apply for an SBI personal loan, whether a private and public sector employee, salaried doctor, self-employed architect, businessman, etc.

Residential status and proof: The applicant must be an Indian citizen with a valid identity proof such as voter-id card, pan card, Aadhaar card, etc. NRIs can also apply for a personal loan but at certain criteria with proof like visa, passport, etc.

Income per month: For a salaried applicant the minimum income should be Rs. 15,000 to apply for SBI personal loan. The self-employed must earn a profit of Rs. 3 lakh to apply for a loan from the State Bank Of India.

Check loan EMIs Using SBI loan calculator

Find the estimated EMI of your desired loan amount using the SBI personal loan EMI calculator. It is easy to use as you just need to enter your loan details, such as loan amount, duration of the loan and interest rate then you will get the calculated EMI of your loan in a few seconds.

You can check a simple formula to determine your loan EMI which is as follows.

EMI= Principal amount * rate of interest * (1+rate of interest)^loan duration / ((1+rate of interest)^loan duration-1)

Features and benefits of SBI Personal loans

The bank provides you amazing customer service with quick and easy approval of the loan. It also provides special schemes and discounts to existing loan customers and account holders. There is no hidden cost, an applicant can easily apply online with minimum documentation. SBI personal loan processing fees are 1% of the loan amount plus GST. You can apply for a maximum loan amount of Rs 15 lakh. SBI Personal loan interest rates are low and most affordable in the market. The loan comes with convenient repayment options such as check-off facility, post-dated cheques, auto-debit or cash. The SBI personal loan is repayable in 48 EMIs. One can easily make the prepayment of EMIs before the end of the loan tenure. But you need to pay the prepayment charges at 3% of the prepaid loan amount. But there won’t be any prepayment charges if the account is closed from the proceeds of a new loan of a new scheme.