What is The Importance of The SBI Personal Loan EMI Calculator?

Personal loans always come to the rescue in the times when you are in need of funds. This need can be for anything, be it for buying your new iPhone or your child’s education or your aborad travel or any other cause. And to fulfill your needs, there are several banks and financial institutions that provide a personal loan facility. State Bank of India (SBI) is one of the leading banks that provide personal loans to people from different strata. Be it pensioners, salaried people or any other ones.

But the thing that you need to understand here before opting for the loan is why you must use the SBI personal loan EMI calculator. When you decide to opt for a personal loan, you must figure out the need for which you are taking the loan amount. And when you know it, you could estimate the loan amount easily according to that particular need. For that loan amount, you will be repaying it with the help of easy monthly installments. You will pay the EMI from your monthly income every month which means there will be a substantial amount from your pocket that will be going towards the repayment.

When you will have a clear figure with the help of the SBI personal loan EMI calculator, you will be able to manage your budget accordingly. Suppose that, you don’t have an estimate of the EMI amount, and you didn’t change your spending behavior. This will only make a delay in your payments. If this will continue for a few months, you may default and this will surely make a dent on your credit score. So in this article, we will be telling you what are the details that you will need to have in order to use the EMI Calculator. Keep Reading!

What are the details that you will need to use SBI EMI Calculator?

If you have used any calculator for even once, you must have known that in order to use it, you need a certain set of values to get an output. SBI personal loan EMI calculator is no different from it. You can have a look at the below details to know what are those set of values you will need.

Required Loan Amount: This is the first thing that you will need to have. With the help of SBI personal loan, you can take upto INR 20 lakhs. Put the amount that you are in need of.

Rate of Interest: This is the most important thing that will decide your EMI amount as higher the SBI personal loan interest rate, higher will be the EMI. It ranges from 11.45% to 14.90% per annum which also depends on the applicant’s age, monthly income, repayment capability, and most importantly, your CIBIL score. If you have a good credit score, you could get a lower interest rate as compared to an individual with a poor credit score.

Required Tenure: This is the number of months within which you would repay the loan. SBI offers personal loan for a maximum period of 5 years. You can choose the required period according to your needs.

As soon as you feed all these details into the calculator, it will give you the exact EMI amount within a few seconds. You can put different values if you are not satisfied with the results.