The State bank of India has been ruling the Indian banking sector for ages. It is a government-owned bank and is also the 45th largest public sector bank in the world. It is easily the largest in India with an approximate asset size of Rs. 40 lakh crores, and a vast customer base of around 500 million.

SBI personal loans are one of the most highly recognized ones with attractive and diverse personal loan products to meet the distinct requirements of salaried & self-employed individuals and working professionals as well as pensioners. Some of the most talked about personal loan products of SBI are - SBI Xpress credit personal loan, SBI Saral personal loan, and SBI pension loan.

What is an SBI personal loan EMI?

An EMI (Equated monthly Installment) is the monthly amount that needs to be paid by a borrower to the State Bank of India against the personal loan availed, on a fixed date every month, over the scheduled loan tenure. The amount is fixed by considering both the principal amount and the interest calculated on it. Even if the EMI amount mostly remains constant, the proportion of the principal and the interest component fluctuates every month. With every EMI repayment done, the principal component of the SBI personal loan keeps on increasing, and the personal loan interest component keeps on reducing.

What is an SBI personal loan EMI calculator?

An SBI personal loan EMI calculator is a tool that helps you with detailed calculations about your possible monthly installments if you want to avail an SBI personal loan. If you are confused about how the State Bank calculates your EMI, you should use the SBI personal loan EMI calculator.


SBI personal loan EMI calculator formula

The SBI personal loan EMI calculator provides comprehensive information about the money you would have borrowed and the money you would have repaid at different stages of your loan tenure. This Personal loan EMI calculator works on the below-mentioned simple formula to calculate your personal loan EMI-

E = P * r * (1+r)^ n/([(1+r)^n] – 1)

  1. Where E is the SBI personal loan EMI.
  2. P is the loan amount you wish to borrow from the State Bank of India
  3. ‘r’ is the SBI interest rate being offered. The monthly interest rate is considered here, rather than the annual compounded interest rate. It is calculated by the formula r = (annual interest/12) * 100.
  4. ‘n’ is the SBI personal loan tenure in months. For example, 60 months is written instead of 5 years.

What are the inputs to be provided to the SBI personal loan EMI Calculator?

You need to feed certain inputs to the personal loan EMI calculator of State Bank of India before it can display the final result.

  • Loan tenure

This is the time period before the expiry of which you should repay your SBI personal loan amount. Usually, this period ranges from 6 months to 48 months for an SBI personal loan. Longer personal loan tenure results in a lower EMI for you. If after putting a particular tenure into the SBI personal loan EMI calculator, the EMI comes to be more than the affordable range, you can try again with lower loan tenures till your EMI comes to be inside your affordable range.

  • Loan amount

This is the amount an individual wants to borrow from SBI, and the bank calculates the interest accrued on this loan amount. A higher loan amount results in more SBI personal loan EMI. SBI offers loans from a minimum of Rs 10000 to Rs 15 lakhs, depending on the repayment history and the financial records of the borrowers. You need to put the personal loan amount you wish for into the SBI personal loan EMI calculator in the space provided for the same.

  • Rate of Interest

It is the prescribed rate at which the SBI will calculate the interest on your loan amount. The higher is the SBI personal loan rate of interest, the higher will be your personal loan EMI.  This rate usually starts at 11.95%. However, these rates can vary from case to case basis, as per the credit profiles of the individual borrowers.

Features of the SBI personal loan

 Some of the unmatched features and benefits provided by the SBI personal loan are as follows-

  • Attractive rate of interest
  • The SBI personal loan interest rate  is charged on a reducing balance
  • Fully transparent loan disbursal procedure
  • Special loan offers for women employees
  • Highly transparent loan disbursal procedure
  • Zero hidden cost and administrative charges
  • Zero foreclosure charges
  • Flexible repayment period from 6 months to 48 months
  • Easy SBI loan payment options, including PDCs & ECS.
  • Low processing fee in the range of 2% to 3% of the personal loan amount plus the service tax as applicable.
  • Simplified documentation
  • Wide operational network that covers almost every nook and corner of the country.
  • Multiple loan options based on customer requirements
  • Special personal loan products for low-salaried professionals

How to decide on the right SBI personal loan EMI for yourself?

The following tips would help you to decide on the right SBI personal loan EMI amount for yourself-

  • Evaluate your present financial obligations: Before availing an SBI personal loan, it is imperative for you to evaluate your present expenses every month, including EMI obligations, if any. It will help you decide on the EMI amount that you can pay to the bank comfortably on any given month.
  • Decide the amount to borrow: You need to estimate the SBI personal loan amount you require well in advance. Being mostly an unsecured loan, an SBI personal loan often comes at high-interest rates and therefore, you would do well to limit the loan amount to a bare minimum.
  • Calculate your State Bank of India personal loan eligibility: The SBI personal loan eligibility is an assessment of your repayment capacity, which is again derived from your monthly salary/income and other fixed obligations. The State Bank of India calculates your personal loan eligibility by employing either of the 2 methods mentioned below-
    • Multiplier method 

This is the simplest method to calculate personal loan eligibility. In this method, the SBI applies a multiplier to your net take home salary. This multiplier is a function of your company profile (stability, reputation, annual turnover and size) and the take-home salary. If you earn a hefty salary and work in a company with a good reputation, the multiplier will be high enough, and it will positively impact his personal loan eligibility. It will also mean that the borrower will be able to get the best personal loan rates too.

  • FOIR or Fixed Obligation to Income Ratio method

In this method, The SBI considers the ratio of your fixed income to obligations. It ascertains the maximum EMI you can spend, about your net income and expenses (such as existing EMIs and rents) on a given month. Usually, the State Bank of India accepts about 50% of your monthly income to be consumed by EMIs, credit card outstanding, or other fixed obligations.  If such obligations exceed further, the bank may either reduce the loan amount or may increase the loan tenure.  You may also pay back some of the existing short-term loans so that the FOIR is improved. SBI is expected to be a bit more lenient in case of high income borrowers.

The footnote:

Apply for an SBI personal loan through, the favorite online market place for loan seekers in India, from the absolute comfort of your home. Also, the efficient tool named the Afinoz Personal loan EMI calculator will inform you about the exact amount of your SBI personal loan EMI in a minute! Thus, you can ‘crunch the numbers’ and can save yourself from any impending financial distress later on. This personal loan EMI calculator is highly accurate and you can get quick results at your own convenience, without any errors. Also, you can have your own permutations and combinations regarding the SBI personal loan tenure, interest rates and loan amount. Thus, you will be at liberty to make your own informed decisions as per your unique need and affordability.