Plan your Domestic Tour by Estimating your Budget with SBI Personal Loan EMI Calculator

Are you planning for a trip within India? Wondering whether paucity of funds don't permit you to make this happen? Go for SBI Personal loans, a loan that is meant to meet out your instant requirements where personal loans get transferred directly in your bank account within seconds. SBI personal loans are unsecured loans which comes along with less documentation processing and friendly assistance from a financial representative. 

Now you may be able to keep some portion along from your net monthly intake in order to repay your EMIs rather than bearing a huge burden to settle down your instalments which may happen in no time. With the help of SBI Personal loan EMI Calculator, you would be able to assess the affordability of your monthly instalments with the interest outgo. In this manner, you would be able to plan potentially your domestic tour without falling short of budget. Let's explore your eligibility criteria before examining your affordability amount.

SBI Personal Loan Interest Rate 2017 and other details.

The interest rate for SBI Personal loan ranges from 11.90% - 14.90% p.a. with a tenure of 5 years or 60 months without collateral security. The following are the loan prerequisites:

• The minimum amount of term loan is ₹ 24000/- whereas the minimum loan amount is ₹ 10 lakhs p.a.
• The maximum loan amount is Net Monthly Income(NMI) subject to a maximum of ₹ 15 lakhs in terms of overdraft.
• The processing fee amounts to 0.5% of the loan amount +GST
• The prepayment charges amounts to 3% of the principal outstanding.

SBI Personal Loan Eligibility

SBI offers personal loan in the category of SBI Xpress Credit with a stipulated below-mentioned criteria:

• Net Monthly Income(NMI) of the applicant should be atleast ₹5,000 per month.
• The ratio of the applicants for EMI/NMI should not go beyond 50.

SBI offers Pension Loan with the specified criteria:

• The applicant's maximum age should be 76 years.
• The applicant drawing a pension from the central or state governments should possess his/her pension account with the bank.
• If the family pensioner is the wife of a pensioner who is entitled to obtain the pension then their age shouldn't exceed 76 years of age.

SBI EMI Calculator for Personal Loan

SBI EMI Calculator is an online arithmetical calculator in order to perform lengthy and tedious calculation towards your personal loan. You are required to enter the inputs in your calculator such as the amount of personal loan, the tenure and interest rate on SBI Personal loan which will be useful for deriving the final value.

To calculate SBI Personal Loan EMI, the following formula is applied thereon:

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

EMI = equated monthly installment

P = the principal or the amount borrowed as a loan

R = the rate of interest which is applicable on the loan amount (the interest rate should be based on the monthly rate)

N = the tenure of the loan repayment or the number of monthly installments you will pay (tenure should be in months)

For example : If you are obtaining a personal loan of ₹ 30 lakhs at 11.90%- 14.90% p.a interest rate for a tenure upto 5 years. Then in such case, your EMI and total interest outgo will be:

EMI : ₹ 66,582-₹71,212

Total Interest Amount : ₹9,94,911-₹ 12,72,745

Total Amount(Principal+Interest)=₹ 39,94,911-₹ 42,72,745

Documents Required for Personal Loan in SBI

Following are the documents necessary for SBI Personal Loan:

For Salaried Individuals

• Loan Application Form
• Salary Slips for last 3 months
• 2 Passport size photos
• Residence Proof (Driving License/Voter ID Card/Aadhaar card, etc.)
• Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
• Last 3 months Bank Statements
• Employment Proof
• Signature Proof

For Self-Employed Professionals

• Loan Application Form
• Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
• 2 Passport size photos
• Office Residence Proof
• Income Proof: Audited financials for the last 2 years
• Last 6 months Bank Statements
• Employment Proof
• Signature Proof