Often the call of SBI gets louder when comes the time to fulfill the personal aspirations of higher education, a glittering wedding, or even the sudden medical emergencies that can arise. The reason of SBI being the popular choice for the same is its PAN India presence connecting every nook and corner of the country.
The country’s largest lender State Bank of India (SBI) has mastered the art of providing flexible and attractive personal loans to meet such aspirations and needs. Even though it’s getting popular among the masses, a glance at Personal Loan EMI Calculator SBI would pay you greatly in the long run. Let’s take a close look at how the calculator functions and other details.
SBI Personal Loan Interest Rate & Its Impact on EMI Calculator
The function of the EMI calculator is largely dependent on three variables – loan amount, tenure and interest rate. Since these three variables dominate the function of the calculator, it’s important to know what SBI offers on the same. Starting with the interest rate and you will find it to be within 10.75%-15.15% per annum. A loan of up to ₹15 lakhs can be provided for as long as 5 years.
Now, the interest rates and loan amount draw same analogy with the EMI, a short term used for Equated Monthly Installment. Lesser of them would lead to lesser EMI amount and vice-versa. In contrast, the tenure has a rather indirect relationship with the EMI. Lesser of it would lead to higher EMI and vice-versa.
What you need to do is to just enter the three variables in the EMI calculator, which can be found online, to compute the EMI. By getting the amount of installment beforehand, you can plan your repayment better.
How Can You Bargain on SBI Personal Loan Interest Rate?
As you are now aware of SBI Personal Loan Interest Rate and its impact on your repayment sojourn, you should bargain for a lower rate when you do apply for the loan. The points on which you can bargain include your income, credit score and repayment potential.
Choose Your Loan Tenure Wisely to Save on the Interest
Even though you can be given a maximum of 5 years to pay off the loan, it won’t be ideal to choose the same tenure. The reason being the excessive outflow of interest from your pocket with a long tenure. At the same time, the tenure must not be too short to raise the amount of installment beyond your comfort. Therefore, you should choose a shorter tenure that not only contains the interest outgo but also keeps the EMI affordable to help you experience a smooth journey.
Should You Ask for Personal Loan Amortization Schedule?
An amortization schedule shows a break-up of your repayment over the course of a loan tenure. The estimated principal and interest repayments to be made year-on-year would be shown. Apart from the same, you can also see the outstanding loan balance at the end of every year. Given the insights the amortization schedule can provide, it’s worth having the same.