If you want to take a personal loan from SBI Bank or you have already taken it so hear SBI personal loan calculator. This information is going to be very important for you. If you take 50,000, 1 lakh, 2 lakh, 3 lakh or above personal loan from SBI Bank, then
How much EMI will you have to give to the bank against SBI Personal Loan?
How much money will have to be returned to the bank?
Which people can take a personal loan from Bank?
What documents will you have to give to the bank?
Let’s talk about SBI personal loan. You will have to give a minimum of 11% interest, you Can take a SBI personal loan of a minimum of Rs. 50,000 and a personal loan of a maximum of Rs. 20,00,000. To return the loan, the bank is given a maximum of 6 years of time, So that you can return your loan to the bank. The SBI bank will have to give you a processing fee of 1.5% on the personal loan. If you a government employee, a government job, a private company, a private job, a self-employed, a businessman, a pension, or a good income, then you can apply for a personal loan from SBI Bank. If you take a personal loan of one lakh from SBI Bank, then you will get 2,000 EMI will have to be given to the bank. Along with that, you will have to return 1,38,800 total bank on 1,00,000.
If you take a loan of 2,00,000, then you will have to give 3,900 EMI per month. Along with that, you will have to return 2,77,800 bank on 2,00,000. After taking the loan, you will have to pay 5,800 rupees EMI along with 4,16,800 rupees to the total bank. If you take a loan of 5 lakhs, you will have to pay 10,000 EMI per month. Along with 5 lakhs, you will have to pay a total of 6,94,500 rupees. If you take a loan of 7,00,000, then you have to pay 13,500 EMI per month. Also, you have to pay 9,72,300 back on 7,00,000. If you take a personal loan of 10,00,000, then you have to pay 20,000 EMI per month. Also, you have to pay a total of 13,00,000.
you have to give back Rs.88,963 to the bank. After taking a SBI Personal loan of Rs.15,00,000, you have to pay Rs.29,000 EMI. Along with that, you have to pay back Rs.20,83,500 to the total bank. If you take a loan of Rs.20,00,000, you have to pay Rs.38,500 EMI. but remember this calculation is based on minimum interest if your loan interest is more than this then you have to pay more amount.
SBI Personal Loan Advantages and Disadvantages
Advantages of SBI Personal Loans:
1. Flexibility: The use of personal loans is flexible. The money can be used for a number of things, such as lowering borrowing costs, home modifications, or unexpected expenditures.
2. Fast Access: If your personal loan application is accepted, you should receive the funds in a reasonable amount of time. The application process is typically rapid.
3. No Collateral Needed: Unlike certain other loans, personal loans are frequently unsecured, which means you won’t have to pledge assets like your home or vehicle as security.
4. Fixed Payments: Since you know how much you pay each month, personal loans frequently have fixed monthly payments, which facilitate budgeting.
5. Credit Improvement: Since it shows responsible financial behavior, repaying a personal loan successfully might raise your credit score.
Disadvantages of SBI Personal Loans:
1. Higher Interest Rates: When compared to loans secured by collateral, such home equity loans, personal loans typically have higher interest rates.
2. Loan Amount Restrictions: Depending on your income and financial standing, the maximum loan amount you are eligible for may be reduced.
3. Effect on Credit Score: Although paying back a personal loan might raise your score, it can also lower it if you default or miss payments.
4. Fees and Charges: Origination fees, prepayment penalties, and other charges are associated with certain personal loans and may raise the final cost.
5. Risk of over borrowing: People may be tempted to borrow more money than they need because it’s so easy to get it back, which could put a burden on their finances.
Remember, the key is to thoroughly assess your financial situation and only take out a SBI personal loan when it makes sense for your specific needs and ability to repay.