Here is an example of how to use the SBI personal loan calculator for the year 2023:
- Go to the SBI personal loan calculator webpage.
- Enter the loan amount you want to borrow in the “Loan Amount” field. Let’s assume you want to borrow Rs. 5,00,000.
- Next, enter the loan tenure in months or years. Let’s assume you want to repay the loan in 5 years, which is 60 months.
- Now, enter the interest rate that SBI is charging on the personal loan. Let’s assume the interest rate is 12% per annum.
- Once you have entered all the required details, click on the “Calculate” button.
- The SBI personal loan calculator will then display your monthly installment amount (EMI), the total interest payable, and the total amount payable. For example, for a Rs. 5,00,000 loan with a tenure of 60 months and an interest rate of 12% per annum, the EMI would be Rs. 11,122, the total interest payable would be Rs. 1,66,325, and the total amount payable would be Rs. 6,66,325.
Please note that the actual EMI, interest rate, and total amount payable may vary depending on several factors such as the borrower’s credit score, income level, and the terms and conditions of the loan agreement.