SBI Personal Loan EMI Calculator

Personal loans can fund major expenses and achieve lifestyle goals. However, borrowing wisely requires evaluating if the Equated Monthly Instalment (EMI) fits your budget. An unaffordable EMI can stress monthly cash flows and lead to loan defaulting.

This is why ACKO offers the SBI Personal Loan EMI Calculator – an intuitive tool designed to match your unique loan requirements. As one of India's leading nationalised banks, the State Bank of India (SBI) offers some of the most competitive interest rates to personal loan borrowers. With competitive SBI personal loan interest rates ranging from 11.40% to 11.55% p.a., the calculator provides a clear view of your loan costs, helping you assess your repayment capacity before committing.

Understanding indicative SBI personal loan EMIs will bring transparency into the costs of borrowing. Comparison with income gives clarity on repayment capacity before signing the dotted line. Use ACKO’s calculator to make well-informed funding decisions for your needs and goals.

Personal loans are often sought to fulfil significant financial goals, such as home renovations, weddings, higher education, or even overseas travel. Unlike credit cards, which allow for gradual spending, personal loans are typically disbursed as a lump sum amount to cover immediate financial needs.

Repayment of personal loans is structured through Equated Monthly Instalments (EMIs) over a set tenure, which typically spans 1 to 5 years. The duration of the loan depends on various factors, including the loan amount sanctioned and the borrower’s profile. Generally, larger loan amounts and stable income allow longer repayment periods, whereas smaller loans or variable income may result in a shorter tenure.

To simplify your decision-making, SBI Personal Loan EMI Calculator helps you easily calculate your monthly repayments. Whether you're using the SBI personal loan eligibility calculator or checking the SBI personal loan interest rate calculator, this tool clarifies your borrowing costs.

The EMI is calculated using the formula:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

where:

For example, if you take a ₹5 lakh personal loan for 4 years (48 months) at 15% annual interest:

Plugging this into the formula:

Monthly rate (R) = 15%/12 = 1.25% per month

EMI = [5,00,000 x 1.25% x (1+1.25%)^48]/[(1+1.25%)^(48-1)]

EMI = ₹12,068

The equated monthly instalment (EMI) comprises two parts:

To demonstrate how this calculator performs, consider this example:

A personal loan helps meet financial goals like debt consolidation, home renovation, weddings, medical needs, etc. You can borrow a lump sum amount to be repaid in Equated Monthly Instalments (EMIs) over a tenure of 1-5 years usually.

Term insurance is a life insurance policy that provides financial protection to your family in case of your untimely demise. It pays out the assured sum insured amount to nominees if the policyholder passes away during the policy coverage period.

Personal loans and term plans cater to different financial needs but can complement each other in certain aspects:

Securing the loan you need is an important step, but ensuring your future protection is just as crucial. This is where ACKO steps in to guide you, offering innovative insurance solutions to safeguard all your needs. It uses advanced technology to make purchasing and managing insurance easier than ever. Use ACKO’s SBI Personal Loan EMI Calculator for accurate projections and to determine the best EMI structure suited to your financial situation.