Wishes are infinite and so there’s a need to assess those and find achievable and practical ones. One thing on which most of the wishes depend for fulfillment is a personal loan that can be availed at banks across India. However, most of the eyes are on State Bank of India (SBI) for a loan, aren’t they?
Available at around 25,000 branches that the largest lender has in India, the loan offer is increasingly accessible for the customers. But you must not rest with the bank’s wide accessibility alone as there’s a need to check the interest rate that forms the basis of a monthly repayment via EMIs, which stand for equated monthly installments.
So, you must know the effect of interest rate on the EMIs payable. You can know so using SBI Personal Loan EMI Calculator. Let’s open the discussion on the same.
SBI Personal Loan Calculator 2018
SBI Personal Loan Interest Rates range from 10.65%-14.65% per annum. Besides, the maximum loan amount offer equals to 15 times net monthly income (NMI), up to ₹15 lakhs. The loan can be availed for as long as 5 years. Now, you have got to know all three variables based on which the EMI is calculated. Yes, the EMI calculation needs one to enter the loan amount, interest rate and tenure in the calculator that can be found online. Apart from the EMI, the calculator also shows the total amount of interest to be paid from your end to SBI for the chosen period of a loan.
SBI Personal Loan Interest Rate for Salary Account Holders
The personal loan rate offers, however, would be lower in case of those maintaining salary account with SBI. Yes, these individuals can bag away from the loan at 10.65%-12.15%. The offers are contingent on the credit score one may have. Those maintaining a credit score of 800 and above can get a loan at 10.65% interest rate. While those having a score of 700-799 and 600-699 would have to service the debt at 11.15% and 12.15%, respectively.
SBI Personal Loan Amortization Calculator
Amortization means the schedule of repayment over the period of a loan. So whatever the interest and principal repayment likely to be paid year-on-year will know using the amortization calculator. At the same time, you can get a sight of the outstanding loan balance at the end of every year. By glancing at the amortization, you can prepare yourself mentally and be ready with the adequate amount for a smooth repayment of the loan. With the growth in emolument, you can even think of prepayment during the course of the loan tenure. To help you do so, the calculator can be handy.
Apply After EMI and Other Payment Calculation
After calculating the EMI and interest outgo using different variables, you must have zeroed in on an offer which you would like to apply for. You can thus talk to SBI officials for the same. If they agree to lend you the amount and at the interest rate you are looking for, then it’s time to apply, isn’t it? You can thus visit the official website of SBI and apply after giving personal and professional details. At the same time, you can also visit the nearest SBI branch and submit the application. In either of the two cases, SBI will investigate the details and give a nod only after a successful verification.