SBFC is one of the leading and popular financial institutions of our country that offers a wide range of banking products to customers. But one of the most popular loan options is the Personal Loan facility with which customers can fulfill their various needs and desires. SBFC offers this unsecured loan to customers for a maximum period of 5 years at an affordable rate of interest. Many people don’t know the impact of SBFC Personal Loan Interest Rates on the repayment amount (EMI amount). This EMI amount is the monthly installments that individuals pay towards repayment of the loan.
Since personal loan is an unsecured loan which means customers don't need to pledge any security against the loan amount. This is the reason behind the importance of interest rates on a personal loan. Usually, Personal Loan Interest Rates range from 11% to 20% per annum. But the final rate depends on several factors and SBFC Personal Loan interest rates vary from one individual to another. In this article, we will discuss the impact of rates on your Repayment amount and how you can use the SBFC Personal Loan EMI Calculator. To know more, keep reading! Impact of SBFC Personal Loan Interest Rates on EMI amount Now as we told you earlier that interest rates affect your repayment amount. You must be thinking about how? Well, SBFC Personal Loan Interest Rates directly impact your EMI amount. Higher rates will make your EMI amount higher whereas lower rates will make your EMI amount lower. So, consider it as a direct impact on your Repayment. That's why it is always advised to always choose the lower rates so that you don't end up having a huge pressure on your pocket. Now, let's understand this with an example so that it can be more clear. Suppose an individual wants to opt for a 4-year SBFC Personal Loan of INR 7,50,000. To know SBFC Personal Loan Interest Rates affect your EMI amount, we are taking two different interest rates of 15.30% and 17.99% per annum. On taking the interest rate of 15.30% per annum, the monthly installments he would need to pay is INR 20,987 and interest outgo will be INR 2,57,390. On the other hand, when we consider the interest rate of 17.99% per annum, the EMI amount would be INR 22,027 and interest amount will be INR 3,07,312. From the above results, you can see that when we are choosing a higher rate, the EMI amount is higher whereas when choosing a lower rate, the EMI amount is lower. If you are thinking about the method by which we made these calculations, let us tell you that it can be with the SBFC Personal Loan EMI Calculator in an easy way. Let’s know in detail. How to use SBFC Personal Loan EMI Calculator? This is a tool to have an early estimate about the monthly installments for your personal loan. A lot of people don't do this and end up paying a higher monthly installments than their repayment capacity. There are a few details that you will need to put in the calculator. We are showing them in detail. Please check. Required Loan Amount This is the first thing you will need to put in the tool. With the SBFC Personal Loan, customers can opt for a loan amount maximum of INR 10 lakhs. However this is not the final loan amount and depends on several factors. SBFC Personal Loan Interest Rates This is the second thing to put in the tool. SBFC decides the final rate of interest for an individual after assessing several factors such as Monthly Income, Repayment Capacity, Existing Obligations, Residing City, and Credit Score. Tenure This is the third and last thing to put in it. Choose a tenure according to your repayment capacity and income from a maximum of 60 months. As soon as you put all these details into the sbfc Personal Loan EMI calculator, you will get the EMI amount, interest outgo and Total Amount payable.
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Anika Sharma
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