The day to day living expenses has increased for the average person. And then, there are sudden expenses that come up when you need to spend large sums of money but do not have access to it. It could be situations like a wedding or hospitalization. Then, there are situations wherein you may want to spend but do not want to use up all your savings at one go such as a holiday, property and education. That is when you take a personal loan. You can avail these loans from many borrowers, but today, we shall talk about SBI personal loans and how we can use the SBI interest calculator to evaluate the kind of EMI or interest that you would pay on a certain loan amount.
Features of SBI Personal Loan Schemes
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Listed below are the salient features of SBI personal loan schemes:
1. SBI offers various personal loan schemes such as SBI Xpress Credit Personal Loan, SBI Pension Loan, SBI Festive Season Loan, and SBI Saral Personal Loan.
2. You can avail an amount of up to a value of 15 Lakhs.
For salaried class, the maximum loan given is 12 times the monthly income – whichever is lower. Loan eligibility can be improved with spouse added as a co-borrower
24 times the salary for the Xpress Credit Personal Loan
3. The rate of interest ranges between 11.6% and 15.15%.
4. The processing fee is 1- 3% of the loan amount plus GST.
5. The approval time of the loan is only 10 minutes, which works well when you have an urgent requirement.
6. The loan can be paid within a maximum time period of 4 years.
7. There is no extra charge if you wish to pay it off earlier under some schemes. In other schemes, you can make part-payments after 6 installments have been paid for a fee.
If you know the rate of interest that you can avail, you can instantly calculate your EMIs and hence the cumulative interest using the SBI interest calculator. The rates for different loan schemes for various consumer segments are updated regularly and you can find out the rate applicable to you with the SBI interest rate calculator.
The Popular Schemes
1. SBI Xpress Credit Personal Loan
With this scheme, you can avail up to 24 times your monthly income as a loan, the maximum amount is 15 Lakhs. The rates for this vary between 11.65% and 14.65% p.a. The processing fee charged is 1% plus applicable taxes and you can make part-payments after 6 monthly installments have been paid off.
You can apply for a loan under this scheme if you are employed with certain government units, specific educational institutes and a few select corporate and if you have a minimum salary of INR 7,500. The SBI credit card personal loan EMI calculator is a helpful tool to understand the way in which the repayments are made throughout the repayment schedule.
2. SBI Pension Loan
Under this scheme, the maximum loan amount disbursed depends on the age of the pensioner and is divided into 3 slabs i.e. below 72 years, between 72 and 74 years and between 74 and 76 years.
- The minimum loan to be availed here is INR 25000. The income is considered 50% of your pension, the maximum amount being 14 Lakhs for the youngest age group. For the older age groups, it is 12 lakhs and 7.5 lakhs respectively.
- In case of the death of the applicant, the authorized spouse i.e. the family pensioner can avail the loan. In such cases, the maximum loan amounts available are 5 lakhs, 4.5 lakhs, and 2.5 lakhs respectively.
- The rate of interest charged is 11.60% p.a. (as in December 2018).
- The processing fee charged is 0.51% plus applicable taxes (no processing fee charged for SBI Defence Pensioners) and there are no pre-payment charges.
3. SBI Saral Pension Loan
This loan can be availed for legitimate purposes by those in the corporate sector, professionals, the self-employed and MBA holders employed for a minimum of two years.
- In rural areas, the minimum loan value should be 10,000 with a maximum limit of 10 Lakhs.
- In urban areas, the minimum limit is set at 24,000.
- The processing fee for this scheme is set at 2%-3%.
- The repayment should be done in a maximum of 4 years.
Usage of calculators makes life simpler when evaluating a loan scheme. The SBI Personal Loan EMI calculator helps you to understand the suitability of a loan scheme with your repayment capabilities. Besides that, the calculators give you quick and accurate results and help you plan your monthly budget around it. You only have to feed the three variables into the calculator. These are the loan amount, the rate of interest and the chosen tenure.
The SBI interest calculator gives you the valuation of the EMI as well as the total amount of interest that you would be paying as per the tenure selected. The maximum tenure of any personal loan is five years and hence this can help with any tenure of 5 years or lesser.
As and when you make a prepayment, you can recalculate the EMI depending on whether you want to reduce the EMI or the tenure. The repayment schedule depends on the outstanding balance and a revised schedule or EMI can be generated with the help of this.
The calculators save you from the tedious manual calculations, which can be erroneous and might create confusion when repaying the loans. So, if you happen to have unexpected expenses that need funding, you can surely use the calculators and head over to SBI fully prepared with the figures.