State Bank of India (SBI), one of the leading names in Indian banking sector, is known for offering a wide range of financial products to one and all, thus fulfilling the needs of many. This is the reason that over the years, the bank has created its own niche and has become the most trustable brand, especially when it comes to offering personal loan in India. Yes, SBI Personal Loan is no doubt one of the top selling financial products that come to you with plenty of remarkable features and benefits.
But, before availing the loan have you ever paid attention to SBI personal loan EMI calculator? Just like other factors such as interest rate, loan amount or the name of the lender, it is also important for you to consider the EMIs that you are paying each month to repay your loan.
After all, you are putting your hard earned money to get the finance for your personal needs. Thus, knowing the EMIs is a crucial or you can say a deciding factor while choosing the best lender.
Apart, from comparing the lenders on the factors mentioned above, it would be beneficial for you to compare them on the basis of EMIs as it can make a huge difference in your financial life cycle. But the question is how to calculate the EMIs? What is the best possible way to know the same? Curious to know the answer? Read the article further as the suspense is about to reveal.
If you are someone who wants to avail a personal loan from SBI, but at the same time eager to know how much will it cost i.e. whether that loan gonna be pocket-friendly for you or not, all you need is an SBI Personal Loan EMI Calculator. Yes, you read that absolutely right! This magical and smart device can solve all your worries by helping you in knowing the EMIs in a better way. All it needs just a few seconds of your life and rest it will do on its own.
You can use this tool anytime anywhere by just feeding few details such as loan amount, interest rate and tenure in it.
Now, the moment it will receive the data from your end, it will fetch the results for you in a hassle-free manner. It is time-saving, user-friendly and gives you the output with ease. That’s why one should always use this device while comparing the lenders on the EMI basis. However, to make you understand better, let’s take the help from an example below.
Just imagine, Praveen Sharma, a Senior Sales Executive wants to buy an SBI Personal Loan of Rs.2,00,000 to travel to Singapore. Well, his loan eligibility matches and the bank is ready to avail him a loan at an interest rate of 11.50% per annum for 4 years.
Now, what’s gonna be more interesting here is the fact that to know whether the EMIs that he is going to pay will suit his wallet or not? Can he actually afford to pay the EMIs of the same loan amount? This is where SBI Personal Loan EMI Calculator comes into play, helping him in knowing the exact amount of EMIs, which is Rs.5,218. With the help of an EMI calculator, he is now aware of the exact amount of EMIs needed to repay the personal loan.
So, let’s just hope, Praveen will take a calculative decision and have an enjoyable loan journey now!