Arranging funds in the absence of any security has become an easy task due to the availability of SBI Personal Loan. The bank offers personal loan at the attractive interest rate. Due to which it becomes easy for the customer to pay EMI. The candidate can calculate his/her EMI at the applicable rates using SBI Personal Loan EMI Calculator.
The bank offers a personal loan under four segments- Xpress Credit, Saral, festival and Pension. Before applying for the loan it is important to know about it. The candidate must check the eligibility and apply for the scheme for which he is eligible. The State Bank of India has predetermined the criteria for each of the scheme. The candidate should know about the schemes and eligibility. The details of same are given in the article.
SBI Personal Loan Eligibility Criteria and Schemes:
Xpress Credit Personal Loan- Under this scheme, the candidate can avail finance up to 24 times of the net monthly income, subject to a minimum and maximum limit of ₹24,000 and ₹10 lakhs, respectively. The interest rate applicable to this loan ranges from 11.90%-16.55% p.a. The tenure of the lasts up to 5 years. The eligibility criteria for this scheme is:
- The applicant must be an employee of any Central Public Sector Undertaking, Quasi government, Central government, profit making State Public Sector Undertaking, reputable corporates and educational institutes which are of national repute
- The minimum net monthly income should be Rs. 7,500
- The applicant should ensure that the EMI (Equated Monthly Installment) and NMI (Net monthly Income) must not exceed 50
SBI Pension Loan-
SBI pension loan is for the state and central government employees who are receiving the pension. The interest rate of 13.20% is charged on these loans. The applicant can get the maximum loan of up to the aggregation of 18 months of pension available. However, the loan quantum ranges from ₹ 7.5 lakhs to ₹14 lakhs in the case of pensioner drawing their pension from government departments and ₹ 2.5 lakhs to ₹5 lakhs for family pensioners. The repayment has to be made within the period of 2 to 5 years. The eligible candidates are:
- The applicant should not be over the age of 76 years while applying for a loan.
- The applicant should draw his/her pension from the state or central government through one of the branches of the bank.
- In case of defence pensioners too, the maximum age at the time of loan application should be 76 years. There is no minimum age as such.
- Defence pensioners who are eligible include the likes of people who worked in the Armed Forces (Navy, Army and Air Force), Paramilitary Forces (CISF, CRPF, ITBP, BSF etc.), Rashtriya Rifles, Coast Guards and Assam Rifles. Their pension account must be maintained with the bank.
- In case, one of the family members has been authorised to receive the pension once the pensioner dies, then he/she too can take a loan from the bank. Provided his/her age is less than 76 years.
SBI Personal Loan EMI Calculator-
The SBI personal loan calculator helps in the computation of the total repayment value of the loan. It helps the customer know how much interest he/she has to pay. By using the calculator the customer can know how much EMI he/she has to pay each month in order to settle the loan availed. The user has to insert the amount of loan taken, tenure of the loan and rate of interest in the calculator to get the required result. On insertion of the relevant values the installment amount, total interest amount and total repayment value will be displayed on the screen.
The calculator works on the mathematical formula and therefore provides an accurate result. The interest formula used is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P=Principal Amount of Loan
R=Rate of Interest
N=Number of Monthly Installments
For Example- A candidate applies for a loan of ₹ 5lakhs for the period of 5 years. The bank offers him the rate of 14.50% p.a. He wants to know his EMI amount. He inserts the details in the calculator and the result displayed is as follows:
EMI Amount- ₹11,895
Total Interest Amount – ₹ 2,13,698
Total Repayment Amount – ₹ 7,13,698
The loan from SBI can be availed to undertake various purposes such as education, marriage, medical emergency, travel and much more to bring smiles on your face. The loan is available for both salaried and self-employed.