SBI Personal Loan EMI Calculator

SBI Personal Loan

The State Bank of India expects personal loan borrowers to pay the loan amount in equated monthly installments and this is known as the personal loan EMI. You can use the SBI personal loan EMI calculator to know the personal loan amount you can borrow comfortably.

The SBI Personal Loan Calculator

A calculator available at our site used to calculate the EMI payable for the entire tenor when you take a loan from SBI is the SBI personal loan calculator.

The Formula for Calculating SBI Personal Loan EMI

The SBI bank personal loan EMI calculator formula for calculating the EMI is either by using excel or by a mathematical formula

1) SBI Personal Loan EMI Calculator Excel

EMI on the excel sheet is calculated as PMT wherein

  • P – Rate of interest or rate – this must be a monthly interest rate
  • M – Number of periods or nper – here the period is 4 months, hence, the number of years is divided by 4
  • T – The loan value or present value or pv – the total loan amount to be availed

Hence, in the excel sheet, the formula used is

= (PMT)

2) Loan Amount Calculator – SBI – Online Mathematical Formula

EMI on the online calculator uses the following formula:

= [P x R x (1+R)٨N]/[1+R٨N-1]


  • P – the principal amount or the total amount the borrower will avail as loan
  • R- Rate of interest per month – if a rate of interest is 12% then the formula used is 12/(12X100)
  • N – Number of monthly installments or the loan tenor divided into months

Both the formulas should give the same result, and this is the amount that the borrower will have to pay every month until the loan is repaid in full.

Factors Affecting SBI Personal Loan EMI

As is obvious from the above mathematical calculations and excel sheet formulas used in the SBI EMI personal loan calculator, there are various factors affecting the equated monthly installments or EMI. These are:

  1. Interest Rate – Though the Reserve Bank of India lays down the rules and regulations, SBI will charge an interest rate based on your repayment capacity, risks associated with giving you a loan, job history, income, your CIBIL score.  The interest rate is directly proportional to the EMI, hence, higher the interest rate, higher the EMI. You can use the SBI personal loan interest rate calculator to know the interest rate applicable for your loan amount.
  1. Loan Tenor – Though most personal loans are available for a tenor of 1-5 years, the amount can vary across financial institutions. The loan tenor is indirectly proportional to the EMI, hence, longer the loan tenor, the lower the EMI.
  1. CIBIL score – The Credit Information Bureau (India) Limited gives a score to every individual citizen of the country. The score is based on loan history and considers your payments, late payments, and other factors. The score is given out of 900. A credit score is indirectly proportional to EMI, hence, the higher the credit score, the lower is the interest rate charged, and the lower is the EMI.
  2. Level of Income – Banks are willing to negotiate a lower interest rate for people with higher earnings. Thus, the income you earn is indirectly proportional to the EMI, hence, the higher the income, the lower the rate of interest and the lower is the EMI.  

Benefits of calculating EMI with State Bank Personal Loan EMI Calculator online

There are many benefits of using the online EMI calculator instead of the excel sheet:

  1. It is easier – All you must do is input P, R, and N, and click on calculate, and you will get the EMI. This is the most hassle-free way to calculate the personal loan EMI
  1. Errors are eliminated– Since you do not have to manually calculate the number of periods, or the monthly rate of interest, errors are eliminated, giving you accurate results
  1. It is free – An online EMI calculator is free to use.
  1. You can access online calculators from anywhere – An online calculator can be easily accessed on any device from laptops to smartphones and tablets.
  2. Calculate by changing parameters –. Change loan amount or monthly installments (you just must fill the number of years and the calculator will do the rest) to know the amount you are comfortable paying every month.

Using the SBI Personal Loan EMI Calculator

The SBI personal loan EMI calculator is an easy-to-use tool, which can simplify the calculations. Like all other calculations, this requires you to fill in details such as principal amount, tenor and interest rate.


1. Who Is SBI?

SBI is the State Bank of India. It is the largest, public sector bank of the country, offering personal and corporate services.

2. Who is RBI?

RBI is the Reserve Bank of India. The Central Banking Institution of the country is responsible for the monetary policy which governs the Indian currency – the Rupee. All financial institutions of the country are directly or indirectly regulated by the bank.

3. Why should I calculate the EMI online?

There are many benefits of calculating personal loan EMI which are shared above, but the biggest advantage is being able to calculate your EMI before approaching the bank and using various combinations to arrive at a figure you are most comfortable paying.

4. Does the online calculator give exact EMI?

The Loan EMI Calculator gives an approximation, and you should approach a Customer Executive to help you calculate the exact EMI payable.

5. What is the CIBIL Score?

The score is given to an individual out of 900 points. It determines the statistical loan paying capacity of an individual. A CIBIL score of 750+ is considered as good.


1. Principal Amount

The loan amount approved by the bank for the borrowers to meet their expenditures is known as the principal amount.

2. Interest Rate

The interest that SBI will charge on the loan amount is known as the interest rate.  

3. Tenor The number of years within which a borrower is expected to repay the principal and interest amount in full to the bank is known as the tenor.

4. EMI

This is the equated monthly installment, which a borrower has to pay every month after availing the loan, and until the loan amount with interest is repaid in full.

5. Processing Fees

The fee charged by the SBI for processing the personal loan amount is known as the processing fees. A State Bank EMI calculator will not take the fee into account while calculating the EMI.

6. PrepaymentWhen a borrower pays the amount before the initially agreed upon tenor is known as prepayment. Prepayment can be made for a part of the loan, or the whole amount.


Marginal Cost of Fund based Lending Rate (MCLR) is the internal benchmark rate used by banks to fix the interest rate on floating rate loans.  It refers to the minimum rate of interest of a bank below which it cannot lend, except in some cases permitted by RBI. 


Pradhan Mantri Awas Yojana was launched in June 2015 with an aim to provide affordable housing in urban poor areas and to address the gaps in the rural housing program. In this scheme, the government will provide an interest subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme (CLSS) from the start of a loan.

9. Processing Fees and Charges for SBI Personal Loan

Before noting the fees and charges, you should know all about the SBI personal loan eligibility calculator to know if you are eligible for the loan, keeping the following factors in mind

  1. Documentation- You have to provide you KYC along with income proof, bank statement, and photograph
  1. Age – You should be an Indian citizen between the ages of 21-58 years
  2. Income & Salary – You need a minimum salary of 5,000 with a minimum work experience of 2 years.
Fees & Charges Range Type
Interest Rate 12.75-14.75 Floating Rate
Processing Fee 1% + Applicable tax One-time fee
Loan Amount 25,000 – 150,000
Tenor Up to 5 years


Taking a personal loan can be unavoidable, but knowing you have the capacity to repay the loan without a hassle is also important. Hence, you should use the SBI personal loan calculator to know the amount you will be liable to pay every month if the loan is approved.