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How Does SBI Personal Loan EMI Calculator Help Me Do Repayment?

SBI Personal loan

SBI has an online calculator that will help you do the repayment. Using this tool, one can find his repayment amount. And the amount may vary as per your inserted details. So, it might not be the same as your actual EMI because you don’t know the interest rate before the loan application. But it can help you set a layout for the repayment. Continue reading this article and know more about the SBI Personal Loan EMI Calculator.

What is the SBI Personal Loan EMI Calculator?

As discussed above it is an online tool that generates your EMI. It works in a formula of –

EMI = P × R × (1 + R)N/((1 + R)N – 1)

Here, P symbolizes loan amount, R interest rate, and N tenure. Insert these details in the tool to find your EMI amount.

Illustration of SBI Personal Loan EMI Calculator

Sanjana, a 28-year-old corporate employee, works in an MNC company. Recently she found out she has stage one Cancer, so for the treatment, she needs a lump sum amount of INR 5 Lakh. After searching across various lenders she came across SBI and its personal loan offer. 

So, she uses the eligibility calculator to find the loan limit. Her loan limit as per the calculator is INR 6 Lakh. So, she can meet her medical bills if she applies for the loan. But before proceeding any further with the loan application she uses the EMI calculator.

Sanjana assumes her interest rate to be 12.00% per annum and as you know she needs a lump sum of INR 5 Lakh. The tenure she chooses is 5 years. Let’s see the SBI Personal Loan EMI Calculator result –

  • EMI – INR 11,122
  • Interest Payout – INR 1,67,333

Well, the EMI is not what Sanjana expected. So, she entered a different tenure. This time the tenure is six years –

  • EMI – INR 9,775
  • Interest Payout – INR 2,03,807

Now, she can afford the EMI amount and the interest payout is only 40% of the loan amount.

What Benefits Do You Get from the SBI Personal Loan EMI Calculator?

When you use the SBI Personal Loan EMI Calculator, you’ll have the following benefits –

Know Your EMI Beforehand

With this, you can choose a tenure for your loan repayment. And afterward, choose a payment method. There is a wide range of repayment options. You can pay off the loan via cheque, linked bank account, etc. 

So, all the planning is easy when you already know your EMI amount. This advantage is available to those applicants who use the tool.


SBI doesn’t charge any prepayment fee from you. Here, what you have to do is pay off the loan balance. So, with the help of the SBI Personal Loan EMI Calculator, find when it will be affordable for you to do the same. Find the period for loan closure, and start investing your money. By doing so, you will have enough funds till that date to pay off the loan.

When the prepayment date arrives, visit the SBI branch office. Chat with the bank representative about the prepayment. Submit the cheque with the loan balance amount. When your cheque is cleared and the account is closed, you don’t have to pay the remaining interest. 

Upon loan closure, collect the no objection certificate from the bank. This document helps you save from any issues that may arise later. It will be proof of your full repayment of the loan amount. So, if your credit report shows the loan account is still open, you can file a dispute to correct the mistake. 

Because an open loan account can reduce your credit score. By submitting the NOC you can show that you have paid the loan in full. Top 5 Tourist Destinations in India

Written by admin

Sher Ali is the Editor in Chief and a writer at He has been writing for the blog since its inception in 2017. Sher Ali has a passion for writing about Business, Technology, and personal development. He also helps people achieve their goals. Email:

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