According to Wikipedia, a personal loan is a ‘small expense’ loan that is mostly used by people to finance their day to day emergencies. By going with the definition mentioned above, it seems that availing a personal loan isn’t that hectic task. To support that claim, we can think about various financial institutions, banks and NBFCs and their significant presence all over the country.
Despite having facts on our side, there are zillion number of rejected loan applications. This happen because of lack of awareness among people about the eligibility criteria of various bank. To make availing personal loan more convenient and reduce the rate of rejected loan applications, SBI has come up with SBI Personal Loan Eligibility Calculator. Read more to understand what is and how you can successfully apply personal loan online.
What is SBI Personal Loan Eligibility Calculator?
SBI Personal Loan Eligibility Calculator is an online tool/form through which you can check if you’re eligible for the loan before applying for the loan. By doing so, not only you will save your time and effort but also your credit score. As multiple loan application rejection leads to bad credit score, we advise you to check your eligibility with SBI Personal Loan Eligibility Calculator.
How SBI Personal Loan Eligibility Calculator Decides Your Eligibility?
SBI Personal Loan Eligibility Calculator works very fast. You can check your eligibility within few minutes. For that, it asks for these details
- The desired loan amount
- Your monthly salary
- Existing EMI (If applicable)
- Your company’s name
- Your E-mail address
Once you’re done filling out the SBI Personal Loan Eligibility Form, representative of SBI will get in touch with you for further loan procedure. To avoid any hassle or doubt, make sure every input you provide is 100% clear and true. For providing fake information, SBI can deny you any kind of loan for a while.’
What is the interest rate of SBI Personal Loan?
SBI provides personal loan on very minimal terms. To avail, all you have to do is to meet some basic criteria. SBI Personal Loan is customer-friendly loan and covers every type of financial needs. The interest rate of SBI Personal Loan and other charges applicable are mentioned in the table given below.
|SBI Personal Loan Intrest Rate 2019||10.55% – 16.60%|
|Loan Amount||Term Loan – Min. ₹24,000, Max. 24X of monthly salary or ₹20 Lacs Overdraft – Min ₹10 Lacs, Max. 24 of monthly salary or ₹20 Lacs|
|Tenure||Up to 6 years|
|Processing Fees||0-1% of the Loan Amount + GST|
|Prepayment Charges||0-3% of the principal outstanding|
SBI Personal Loan Interest Rate Deciding Factors
- Monthly income – SBI charges low-interest rate to those who are drawing high salary. As high salary means low-risk in repayment, SBI lends personal loan at low-interest to those having good salary package.
- Corporate-SBI tie-up – SBI has tie-ups with many corporates in India. For that reason, they provide personal loan and charges next to none interest rate to the staff of the that corporate.
- Credit profile of the customer – having a credit score of 750 or above guarantees that you will be offered personal loan at low-interest rate. Those who have bad credit history, as well as credit score, will be given no loan. In case, he/she is provided with loan of any amount, the interest rate that will be charged will be higher end of the spectrum.
- Personal relationship with the bank – Those who are having salary account in SBI or have successfully completed loan tenure with good repayment history can avail SBI personal loan at comparatively low-interest rate.
SBI Personal Loan EMI Calculator
As the name suggest, SBI Personal Loan EMI Calculator calculate the EMI that you will be paying throughout the loan tenure for the loan amount that you are seeking for. It works on a very simple mathematical formula and helps you in planning personal loan properly.
Working Formula of SBI Personal Loan EMI Calculator
E = P * r * (1+r) ^n/((1+r) ^n – 1),
Here E = Equated Monthly Installment (EMI), P = Desired Loan Amount, r = rate of interest (it varies from one loan to another and also on the applicant’s profile), n = Desired loan tenure
Example – In the table mentioned below, we have provided you with the examples of various calculations done on the basis of ₹ 10 Lac Loan at 12% for 2,3 and 5-years loan tenure.
Comparison Table of EMIs for Different Loan Tenures
|Loan Tenure||2 years||3 years||5 years|
|EMI for loan of ₹ 10 Lacs at 12% rate of |
|Total amount you will be paying|
(principal loan amount + total interest)
|Total interest you will pay||₹1,29,763||₹1,95,715||₹3,34,666|
You can also check Afinoz EMI Calculator to compare and choose the best personal loan available in the market.
Apply Personal Loan Online
Need a loan? If your answer is “Yes”, we have some great news for you. Due to rise of NBFCs and digitisation of many banks, a hassle-full personal loan has become a thing of past. Now, you can easily apply personal loan online with few clicks.
Benefits You Avail When You Decide to Apply Personal Loan Online
- A handful of time to do your everyday chores
- Quick approval and disbursal
- Option to track the status of your personal loan application
- Impeccable online customer support
- Option to choose and compare
- Tailored personal loan offers for you
You can avail these benefits and many more when you choose to apply for personal loan online with Afinoz. Afinoz understands your financial concern and provides a-z financial assistance to help you cope up with it.