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Disclaimer: State Bank of India is not a Paisabazaar partner for personal loans and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to State Bank of India for personal loans. No offers/services from State Bank of India are being provided by Paisabazaar for personal loans. For further information about State Bank of India for personal loans, users are required to reach out directly to State Bank of India.
SBI Personal Loan EMI Calculator
SBI Personal Loan Calculator is an online tool offered by the State Bank of India, which prospective personal loan borrowers can use to calculate the loan instalment amount that they are required to pay every month. The EMI amount of personal loan may vary based on the interest rate, loan amount and repayment tenure chosen by the borrower. Borrowers can also use Paisabazaar’s EMI Calculator for Personal Loan to choose the optimal tenure and EMIs for their SBI Personal Loan depending on their repayment capacity.
Instantly Calculate Your SBI Personal Loan EMI Online
Personal Loan EMI Calculator
₹
%
Year(s)
Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Here are their prevailing interest rates of some of our partner Banks and NBFCs:
| Lender | Interest rate (% p.a.) | EMI (Rs) Loan Amount. – Rs 5 lakh Tenure – 5 years | EMI (Rs) Loan Amount. – Rs 1 lakh Tenure – 5 years |
| HDFC Bank | 10.90-24.00 | 10,834-14,384 | 2,167-2,877 |
| Tata Capital | 11.99 onwards | 11,120 onwards | 2,224 onwards |
| ICICI Bank | 10.85-16.65 | 10,834-12,332 | 2,167-2,466 |
| Bank of Baroda | 10.90-18.30 | 10,846-12,778 | 2,169-2,556 |
| Axis Bank | 11.25 onwards | 10,896 onwards | 2,179 onwards |
| Kotak Mahindra Bank | 10.99-16.99 | 10,869-12,424 | 2,174-2,485 |
| Bank of India | 11.60-16.20 | 11,021-12,212 | 2,204-2,442 |
| Canara Bank | 10.45-15.90 | 10,722-12,132 | 2,147-2,426 |
Missed Your SBI Personal Loan EMI? Here’s What It Could Cost You
If you miss paying your SBI personal loan EMIs, the bank may charge a penal interest of up to 5% per annum on the overdue amount for the period of irregularity, which can increase the overall cost of your loan and negatively impact your credit score.
How to Use SBI Personal Loan EMI Calculator
Steps to Use Paisabazaar’s Personal Loan EMI Calculator
You can easily calculate your SBI Personal Loan EMI using Paisabazaar’s online EMI Calculator by following these simple steps:
- Enter the desired SBI personal loan amount
- Select the applicable interest rate and loan tenure
- Click on the ‘Calculate’ button
- View your estimated EMI, total interest payable and total repayment amount instantly on the screen
How Paisabazaar’s Personal Loan EMI Calculator Works – EMI Calculation Formula
SBI Personal loan EMI Calculator works on the below-mentioned formula:
E = P x R x (1+R) ^N/ ((1+R) ^N-1); where,
E = EMI; P = Principal Amount; R = Interest Rate and N = Tenure (in months)
Benefits of Using SBI Personal Loan EMI Calculator
1. Instant and Accurate Results
No need for manual calculations or complex formulas. Just enter your loan details and the calculator will give you accurate results in no time, thereby, saving your time and effort.
- Better Budget Management
As the EMI of a fixed-rate SBI personal loan remains constant throughout the tenure, you can use the EMI calculator to know its EMIs in advance. This allows you to plan your monthly budget more efficiently by adjusting your expenses to accommodate the EMI comfortably—ensuring stress-free repayments. - High Credit Score
Knowing SBI Personal Loan EMI in advance can help you in planning your finances better and ensure timely loan repayments. This reduces the risk of loan defaults and helps maintain or even improve your credit score, thereby, making you eligible for better credit offers in future.
4. Improve Loan Eligibility
SBI does not approve personal loan application if the proposed EMI of the applicant exceeds 50% of his net monthly income. The EMI calculator helps ensure your SBI personal loan EMI stays within this limit—improving your eligibility and chances of approval.
Factors Affecting SBI Personal Loan EMI
Understanding the key factors that influence your SBI Personal Loan EMI can help you plan your loan better and choose the most affordable repayment terms. Here’s what you need to keep in mind:
- Rate of Interest: SBI personal Loan interest rate plays a significant role in determining your EMI. Lower interest rates mean lower EMIs and reduced total interest costs. Higher interest rates will increase both your monthly EMIs and overall loan cost. That’s why it’s important to compare interest rates from multiple lenders before applying, to ensure you get the most affordable deal.
- Repayment Tenure: SBI offers personal loan tenures of up to 5 years. A longer repayment tenure lowers your EMI amount but increases the total interest you’ll pay. A shorter tenure results in higher EMIs but reduces the overall interest cost. Using the SBI Personal Loan EMI Calculator can help you find the right balance based on your repayment capacity.
- Loan Amount: SBI offers personal loans of up to Rs. 20 lakh. A higher loan amount will naturally lead to higher EMIs and total interest payout. Your loan eligibility depends on factors like monthly income, existing EMIs and your EMI-to-Income (EMI/NMI) ratio. Note that SBI does not approve personal loan application if the proposed EMI of the applicant exceeds 50% of his net monthly income.
How to Reduce Your SBI Personal Loan EMI
- Partly prepay your personal loan – Doing so will not only reduce your personal loan EMI but also the total interest payout, provided the tenure remains unchanged.
- Transfer your outstanding loan to another lender offering lower interest rate, longer tenure or both – The reduction in personal loan interest rates will not only reduce your monthly payments but also the overall interest cost, if the tenure of the new loan remains the same as the residual loan tenure of the original loan.
How to Choose the interest rate for SBI Bank Personal Loan EMI Calculator?
SBI Personal Loan EMI Calculator offers the option of choosing ROI from a wide range of interest rates. Prospective borrowers can choose different combinations of loan amounts, interest rates and tenures to find specific EMIs for each combination. That said, the final SBI personal loan interest rates offered to the applicants will be based on SBI personal loan eligibility, which depends on a several factors such as the monthly income, age, credit score, age, repayment capacity, occupation profile, etc.
Fees & Charges related to SBI Personal Loan EMI
On failing to repay the SBI personal loan EMIs by the due dates, you would attract these charges:
| Penalty for failure in making on time EMI | Rs. 250 (for every EMI dishonour) In case of standing instruction (SI)/ cheque/ ECS bounce, legal action u/s 138 of the Negotiable Instruments Act, 1881 may be initiated. |
| Cheque Bounce Charges | Rs. 250
Note: If a cheque bounces due to technical reasons where a customer is not at fault, no charges will be levied as per RBI guidelines. |
| Penal Interest | For loans above Rs. 25,000, penal interest @ 2% per month, over and above the applicable interest rate, is levied on the overdue amount for the period of default.
Note: If only a part of EMI remains overdue, then penal interest will not be levied. |
Why You Should Use SBI Personal Loan EMI Calculator?
By using an SBI Personal Loan EMI Calculator, you can:
- Check your EMI affordability
- Determine the optimum loan tenure for comfortable repayments
- Plan your finances more efficiently to ensure timely loan repayments
Note that SBI does not approve personal loan application if the proposed EMI of the applicant exceeds 50% of his net monthly income.
FAQs on SBI Personal Loan EMI Calculator
What is Personal Loan EMI?
Personal Loan EMI is the amount payable every month until the end of the loan repayment tenure. The EMI amount includes both the principal and interest component of the personal loan. Borrowers have to pay this amount every month until the entire loan amount is repaid in full. Note that the EMI will remain the same throughout the loan tenure in case of fixed rate personal loans like SBI Personal Loan.
What is the EMI for Rs 5 lakh personal loan from SBI?
The EMI for Rs 5 lakh personal loan from SBI will depend on the tenure you opted for and the interest rate set by the bank. You can use online personal loan EMI calculators to find the EMI of Rs 5 lakh personal loan for various combinations of interest rates and tenures.
Can I calculate the EMI for my SBI Personal Loan across different tenures?
You can calculate your SBI Personal Loan EMI for different tenures by either using the EMI calculator available on the bank’s official website or through the Paisabazaar Personal Loan EMI Calculator. All personal loan EMI calculators allow their users to edit the fields of tenure, interest rate and loan amount as per their choice.
Can I calculate my SBI Personal Loan EMI without affecting my credit score?
Using personal loan EMI calculators would not impact your credit score unless it requires you to fill in your PAN and other personal details. Your credit score would be affected only when the lender uses your PAN or other personal details to check your credit report.
What is the EMI for a 3 lakh personal loan for 3 years?
The EMI for a Rs 3 lakh personal loan would depend on two key factors: the loan tenure and the interest rate. You can use online personal loan EMI calculators to find the EMI of a Rs 3 lakh personal loan for various combinations of tenure and interest rate.
What is the EMI for a Rs 20 lakh personal loan from SBI?
The EMI for a Rs 20 lakh SBI Personal Loan will depend on the interest rates set by the lender and the loan tenure you opted for. You can use various online personal loan EMI calculators to find out your EMI for various combinations of interest rates and tenure.
Which method of EMI calculation does SBI use?
SBI uses reducing balance method for calculating the personal loan EMIs. Under this method, interest is calculated on the outstanding loan amount and not on the total principal. This leads to a lower interest cost than loans quoted at flat rates.
Can I prepay my SBI personal loan?
Yes, you can prepay or foreclose your SBI personal loan, subject to the applicable prepayment charges.
In case of prepayment, will my EMI on SBI personal loan change?
When you prepay, the outstanding principal amount reduces. Here, in this case, customers may be asked to choose to reduce either their loan EMIs or tenure. So, the choice is yours if you want to change your EMI in case of loan prepayment.
How can I arrive at the right EMI amount for my personal loan?
Check your unavoidable expenses, pre-existing EMIs, average credit card dues and monthly investment contributions towards your crucial financial goals. For increasing the chances of loan approval, ensure to keep your total EMIs, including the SBI personal loan EMIs, within 50% of your Net Monthly Income.
What is the EMI for Rs 10 lakh SBI Personal Loan?
At the current SBI interest rate of 10.30% p.a., the Rs 10 lakh personal loan EMI by SBI across various tenures will be as below:
| Tenure | EMI |
| 1 year | Rs 88,055 |
| 2 years | Rs 46,284 |
| 3 years | Rs 32,408 |
| 4 years | Rs 25,507 |
| 5 years | Rs 21,395 |