SBI Personal Loan Calculator
State Bank of India, SBI, is one of the largest financial institutions providing retail and institutional loans to individuals and corporates. SBI is one of the most reported brand in the banking industry in India.
SBI offers SBI personal loans for individuals in need for an urgent cash requirement by the name of SBI Saral. The loan amount provided under SBI personal loan scheme can vary from Rs. 24,000 to Rs.10 lakhs. The repayment plans are very flexible to suit individual needs and can have a tenure of up to 4 years. The best part of SBI personal loan scheme is that they offer amortization of loan balance on daily reducing balance.
To become eligible for getting an SBI personal loan must have a good credit rating. Salaried persons employed with reputed employers or government servants can have an easy access to SBI personal loans. The rate of interest is approximately 18 to 20% on daily reducing balance.
Where to Get An SBI Personal Loan Calculator
If you’re looking to find an online version of SBI personal loan calculator on SBI official website, then let me tell you in the beginning itself that there is no such online EMI calculator for SBI personal loans. However, you can customize any amortization schedule calculator to calculate the EMI for SBI personal loans.
There are lots of websites offering free online loan calculators where you are required just to enter inputs like total loan amount, applicable interest rate and loan duration and the calculators will calculate the EMI for you. Some of these calculators will all so calculate the two components which constitute the EMI.
Here we present you want such calculator, which can easily be used for calculating SBI personal loan EMI. This calculator will also calculate the two main components of the EMI namely; the outstanding repayment component – which is used up for the repayment of a part of outstanding loan balance and interest component which is used to pay the lender for giving you his money.
The SBI personal loan EMI calculator made with the following online version will also allow you to adjust your loan period by infusing additional extra payments. These extra payments can either be in the form of lump-sum payments made to SBI as and when you are with surplus money or they can also be in the form of regular monthly payments made along with your EMI. With the help of this EMI calculator you can clearly see how these extra payments can reduce your overall interest burden and considerably reduce your loan servicing period.
We encourage you to download the basic MS Excel template spreadsheet used to make this online calculator. This will allow you more flexibility and you can compare different personal loan offerings from different banks and lenders to arrive at a considered decision.
Salient Features Of SBI Personal Loan
Some of the main features because of which SBI personal loans are quite popular in India are as given below.
- Flexible repayment delayed stretching up to 4 years.
- Wide range of loan amount from his 24,000 of Rs. 10 lakh in urban areas.
- No need of any collateral security
- Fast approvals and minimum documentation requirement.
- A wide range of purposes for which the SBI personal loans can be granted.