With the increasing real estate prices, we usually look for alternatives to paying, such as home loans. Moreover, with so many personal and bank home loans available, it has become easier and hassle-free. To do the entire calculations of EMIs and interest rates. However, now certain banks and money lending companies have their own personal loan EMI calculators. For example, the State Bank of India or SBI has its own SBI personal loan calculator, using which you can now easily apply for loans, calculate EMI and check interest rates.
What is SBI personal loan calculator?
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Home loans generally have long tenures and heavy calculations regarding EMIs and interest rates, which require you to spend hours planning for a loan. However, with the sbi personal loan calculator, you can track, apply and check the monthly EMIs and interest you need to pay. The SBI personal loan calculator also comes with a feature which shows the details of your home loan, such as payment schedules and the total payment value.
How to use the SBI personal loan calculator?
The SBI home loan calculator is a tool which saves a lot of time and effort. It is an effective way of making your loan processes smooth and easy. But before you use it, it is very important to learn how to use it and its features. Following is the step by step method of utilising the SBI personal loan calculator to calculate the monthly personal loan EMI.
Step 1: Visit the official page of the State bank of India or SBI and go to the SBI home loan portal.
Step 2: Launch the amount of loan you have taken in the text box.
Step 3: Undertake the value of the Tenure for your loan. which is the period over which you wish to repay the loan with interest.
Step 4: Click on the button labelled ‘calculate your EMI’ to get the value of your loan EMI.
How does the calculator calculate the EMI?
The online tool has an inbuilt system and algorithms which uses the following equation to calculate the EMI. Once you input the values automatically.
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Here,
- P = Loan amount
- N = Tenure in number of months
- R = Rate of interest
Using the SBI personal loan calculator to check SBI loan EMI interest online
One of the most significant advantages of the SBI personal loan calculator is the feature of checking different SBI loan EMI interest rates. In the comfort of your home. Now you no longer have to visit banks and get consultations for different interest rates. Now you can do this online with the help of a calculator. SBI provides other interest plans for a loan. You can easily compare multiple interest rates through the online calculator and choose the best for your loan plan. Following are some of the advantages of using the SBI online calculator are:
- Recommends you the suitable Tenure and interest rates so that your loan and your EMI are affordable.
- The calculator keeps track of your loan scheduling. And gives a monthly alert about the EMI that needs to be paid.
- The process becomes less time-consuming and effective, as you no longer need to do the calculations manually.
Conclusion
So if you are considering to apply for a home loan through SBI or have already applied, you can use the SBI personal loan calculator to make the entire process of personal loan EMI seamless and free of concerns. Additionally, you don’t even have to get concerned about missing the monthly EMI deadlines or calculating wrong values.
