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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. 

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Your monthly EMI is

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest
Year Principal Interest Balance

How to Calculate the EMIs for SBFC Personal Loan?

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.

SBFC Personal Loan EMI Calculation Formula

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,

EMI is your Equated Monthly Instalment amount,

P is your principal amount (the total amount you plan on borrowing),

R is your rate of interest (expressed monthly), and

N is your loan repayment tenor (also expressed in months)

SBFC Personal Loan EMI Calculation

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

Benefits of Using SBFC Personal Loan EMI Calculator

The benefits of using the SBFC personal loan EMI calculator are as follows:

You will know what you owe: The tool will help you determine your monthly EMI obligation so that you can plan your finances much more easily.

Enter an agreement confidently: Once you know whether or not you can pay your personal loan EMI without any hassles, the decision regarding taking a loan or not will become easier. If you can repay your loan confidently, you can go ahead and take the personal loan without worrying about the repayments. Also, if your credit score allows it, you may even want to consider negotiating interest rates with your lender

Helps you decide the correct repayment tenor for you: Once you have ascertained the principal amount you need and your interest rate, you will be able to decide on a loan repayment tenor that you will be most comfortable with by simply changing the repayment tenor on the tool and then seeing your EMI obligations will look like after that.

Time-saving and accurate: Manually calculating your EMI amount through the traditional method can be a very time and energy consuming task. Additionally, there is more room for errors when you take the manual route. With the help of the SBFC personal loan EMI calculator tool, you can know your EMI amount post taking a loan within seconds and get accurate results for the same too.

Factors Affecting SBFC Personal Loan EMI Amounts

Some factors that will impact your SBFC personal loan EMI amount are as follows:

  • Your principal amount: Your borrowed amount will directly impact the EMI amount you will have to set aside monthly to repay your SBFC personal loan. If your principal amount is small, your EMIs will be small too. On the other hand, larger loan amounts would translate to high EMI payments.

  • Your rate of interest: The interest rate is the money that the bank earns for lending its financial resources to you. Higher interest rates would naturally translate to higher EMI amounts and vice-versa.

  • Your loan repayment tenor: Tenor refers to the time period over which you will have to repay your personal loan. Smaller repayment periods would mean that you will pay a big sum of money every month as EMIs, but long loan repayment tenors will mean that you will have to shell out smaller EMI amounts on a monthly basis.

  • Your monthly income: Your monthly pay will be taken into account before your interest rate can be decided too. Lower monthly income would mean that you may have to pay a high interest rate, which will result in higher EMI amounts and vice versa.

  • Your age: Your age also plays a crucial role in arriving at your interest rate. If you are inching closer to retirement, you will be charged a higher interest rate as your earning years are coming to an end. But, if you are, say, in your 20s or 30s, it is possible that you will get the loan at a lower rate of interest.

How to Pay SBFC Personal Loan EMI

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.

  • Cheques: You can also simply submit the cheque at your nearest SBFC branch to pay your EMIs if the above-mentioned methods do not work for you.

How to Decide the Right Amount of EMI?

Your right amount of EMI will depend on your income, capacity of repayment, your interest rate. You should also make note of the following factors before deciding on your EMI amount:

  • Your existing loan obligations: The most important factor to consider before taking a loan is to see if you will be able to pay its EMIs along with the payments you need to make towards your other credit obligations, if any. If you have any current loans or credit card bills you are paying off at the moment, consider going for a longer repayment period for the fresh loan. But, keep in mind that long repayment tenors would mean that although you will pay smaller amounts as EMIs every month, the interest payment you will make by the end of your repayment tenor will be significantly higher.

  • Your principal amount: The loan amount you want to borrow will directly impact the size of your EMI payments, which is why you will need to decide on the amount you need carefully. We would advise you to only borrow as much as you need since personal loans are often collateral-free, and hence they come with high interest rates.

Frequently Asked Questions

  • ✔️How is the Personal Loan EMI calculated?

    SBFC EMI is calculated in two different methods, the flat rate method and the reducing balance method.

  • ✔️What will be the EMI for an Rs. 7 Lakhs Personal Loan?

    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.

  • ✔️What is the EMI for an Rs. 2 Lakhs Personal Loan?

    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.

  • ✔️How is personal loan moratorium interest calculated?

    Personal Loan moratorium interest is calculated based on the delay in payment in the number of months.