The SBFC personal loan EMI calculator can help you determine your total EMI outflow within a few seconds. This tool has several advantages. This article will help you understand all of them and it will also take you through the variables that will affect the EMI amount you will pay towards your SBFC personal loan.
Year | Principal | Interest | Balance |
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The SBFC personal loan EMI calculator which is available on Bajaj Markets is a simple algorithm-based tool that you can use to ascertain your EMI amount ahead of applying. It only needs you to enter three kinds of information pertaining to your personal loan, such as your principal amount, your applicable interest rate and your repayment tenor in months. Once you have entered all that information in the relevant fields, you will see a near-to-accurate estimate of your total EMI outflow flash in front of your screen within seconds.
The following formula will help you calculate your SBFC personal loan EMI manually:
SBFC Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
Your monthly SBFC personal loan EMI amounts with different loan repayment tenors will look as follows. For the table below, we will assume that the interest rate is 14% per annum.
Loan amount |
2 years |
3 years |
5 years |
₹1 lakh |
₹4,801 |
₹3,418 |
₹2,733 |
₹5 lakh |
₹24,006 |
₹17,089 |
₹11,634 |
₹10 lakh |
₹48,013 |
₹34,178 |
₹23,268 |
The benefits of using the SBFC personal loan EMI calculator are as follows:
You can pay your SBFC personal loan EMIs in the following ways:
ECS (Electronic Clearance System): The ECS system will help you repay your personal loan quickly and easily without a lot of paperwork.
Standing Instruction: You can also instruct your bank to deduct your EMI amount every month and pay the lending company on your behalf. Such instructions are known as standing instructions. This way, you can pay off your personal loan and ensure that you do not miss a single payment as missing payments could reduce your credit score, making it harder for you to get a loan later on.
SBFC EMI is calculated in two different methods, the flat rate method and the reducing balance method.
The EMI for an Rs. 7 Lakhs Personal Loan depends on the interest rate and the tenure of the loan. You can calculate the EMI amount by filling up the details precisely on the SBFC Personal Loan EMI calculator.
The EMI for an Rs. 2 Lakhs Personal Loan depends on the rate of interest and the tenure of the loan. You can take the help of the SBFC Personal Loan EMI calculator to know about the EMI amount by filling up the details on the calculator precisely.