SBI gives you a personal loan for your financial needs. There are calculators by which you can manage repayment and prepayment. You get access to the SBI Personal Loan Calculator online. To use the tool, you just need your smartphone or laptop. Visit the official website of SBI and go to the tool & calculator section. There you’ll find the SBI Personal Loan Calculator. Read this page and know more about these calculators and their advantages below.
SBI Personal Loan Calculator Types
There are two calculators available for your SBI Personal Loan –
- EMI Calculator – This shows you the EMI that you’re going to pay for the rest of the tenure.
- Prepayment Calculator – Using this you can find out the total savings after the prepayment
Let’s learn about each of the SBI Personal Loan Calculators separately.
Let’s start with the SBI Personal Loan EMI Calculator. To use this calculator, you need to know the following –
- Loan amount – The amount you need to meet the financial need. SBI offers a loan amount of up to INR 20 Lakh. Your loan eligibility depends on the monthly income and credit record. So, if you earn more than INR 15,000 and have a credit score of 750 or more, you can get a high loan amount.
- Interest rate – On the borrowed loan, SBI puts an interest rate that is applicable throughout the tenure. The starting interest rate is 9.60% per annum. SBI is known for its lowest interest rate in the market. So, if you want to get a low rate of interest, you need to assure the bank that you won’t miss a payment. And this can be done if your credit history doesn’t have a record of non-payment.
- Tenure – SBI gives you a tenure longer than usual up to 72 months. So, it means you’ll get more time for repayment. So, if you have been struggling with a fixed tenure of five years, choose SBI as your personal loan lender.
When you enter the loan amount, interest rate and tenure, the calculator uses the formula of P × r × (1 + r)n/((1 + r)n – 1) to calculate the EMI amount which you see on your screen. Using this, you can choose a suitable tenure for repaying the borrowed amount.
Going forward with SBI Personal Loan Calculator. This allows you to foreclose the loan at the right time, saving you a handsome amount. If you’re dealing with a high-interest payout and want to get rid of it, first start investing some money to build a corpus. Later use that money to prepay the loan balance.
To find the right time for prepayment use the SBI Personal Loan Calculator and find the total savings. You can use this tool by entering the below details –
- Loan Current Balance
- Current EMI
- Months Left to Pay Back
- Interest Rate
Let’s see an example below and see how much interest one can save using the SBI Personal Loan Calculator.
Kashish has been paying an EMI of INR 26,030 for the past three years and there are three years more left in the repayment. The applicable personal loan lowest interest rate on her borrowed loan is 16.00% per annum. Now that she has saved INR 6 Lakh and her husband manages to get INR 2 Lakh Kashish has been thinking of paying off the loan balance.
To know more about interest savings, she uses the SBI personal loan calculator. She enters all the details and sees that the total amount she can save is INR 1,96,689.
NOTE – The above example doesn’t include the applicable prepayment charge which is 3% of the prepaid amount. So take that into consideration while calculating the total savings.
Loans feel better when it’s managed efficiently through the calculators mentioned above.