State Bank of India (SBI) provides you access to its online personal loan EMI calculator, using this you can generate your loan EMIs and interest payout. But what more can you do with it? Well, you can use the SBI Personal Loan EMI Calculator to reduce your interest payout, EMI payments or transfer your existing personal loan to SBI. So, as you can see the calculator could help you in repayment of the loan in various manners, know more about the usage of SBI Personal Loan EMI Calculator in this article below.
Use SBI Personal Loan EMI Calculator While Applying for the Loan If you are seeking a new personal loan from SBI, you should use the SBI Personal Loan EMI Calculator by following the below steps -
Planning SBI Personal Loan Prepayment, Use EMI Calculator Before doing prepayment for the SBI Personal Loan, do check the amount you’ll save from this. Because this way you can know whether the SBI Personal Loan prepayment will be beneficial for you in terms of money saving. Check out the example below to understand it better. Suppose you have borrowed INR 10 Lakh at an SBI personal loan interest rate of 10.10% per annum and choose a repayment tenure of 48 months. Now, after 12 months of EMI payment, you want to prepay the SBI Personal Loan and for this the bank charges a prepayment fee of 1.00% of the balance loan amount. So, if you are confused about the total amount you need to pay for the prepayment of your personal loan, use SBI Personal Loan EMI Calculator. As per the calculator, your balance loan amount at the end of the 12 month of the repayment tenure will be INR 7,86,362. This means you need to pay INR 7,86,362 + INR 7,863 (1% of the principal amount) = INR 7,94,225. And from your prepayment you’ll be saving INR 1,20,558. Want to Avail of SBI Personal Loan Interest Rate Benefits? Transfer Your Loan to SBI SBI Personal Loan Interest Rate starts from 9.60% per annum, so if your existing loan gives you hard time in repayment, switch to SBI personal loan. You can balance transfer your loan to SBI by paying a nominal fee for it. To know whether this balance transfer will be beneficial for you or not, use SBI Personal Loan EMI Calculator. Using the EMI tool, you can find out the total amount you will be saving on EMI and interest payout by switching to SBI Personal Loan. For example, if you have an existing loan of INR 8 Lakh at an interest rate of 15.00% per annum and you have paid 12 EMIs for the same, and now want to reduce your EMI payments because it is ruining your monthly budget, switch to SBI personal loan. Suppose you get an offer of SBI Personal Loan Interest Rate of 11.20% per annum and transfer your loan to SBI, you will get the following benefits -
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8/21/2023 05:53:05 am
'If you die
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