Features of Personal Loan offered by SBI:
- All eligible customers can borrow a loan amount upto Rs.15,00,000 from SBI.
- The rate of interest at which the bank lends to the borrower is 11.95% to 16.55% per annum
- You can choose to borrow SBI personal loan for maximum loan tenure of 48 months.
- A onetime processing fee is charged to process your personal loan at SBI
- Since SBI personal loans are offered at lower EMIs you can choose to make a fore-closure of your loan account. You can make a fore-closure by paying 0% to 2% as fore-closure penalty on the outstanding loan amount.
When you apply for Personal Loan, you need to consider only the above mentioned feature but also the factor which is going to exist as long as your loan tenure i.e. your EMI. EMI stands for Equated monthly installments. You will have to repay the loan amount in form of equated monthly installments. So it is better to settle with your bank for lower EMI option. Now the question arises how to plan and calculate your EMI.
Your EMI is a result drawn from combination of three factors which includes:
- Personal Loan Amount – It is the amount that you will be borrowing from the lending bank
- Personal Loan Tenure – It is the period for which you will be borrowing the loan amount
- Personal Loan Rate of Interest – It is the rate of Interest at which the bank is lending you the loan
To simplify the calculations of your EMI you can make use of Personal Loan EMI Calculator, all you need to do is to you need to follow this 6 – Stepped procedure:
- Visit Letzbank Home Page
- Select Calculators
- Look for Personal Loan EMI Calculator option and select it
- Enter Loan Amount
- Enter Loan Tenure
- Enter Rate of Interest
Once you submit the details on Personal Loan EMI Calculator you will be able to view:
- Monthly EMI
- Amount charged as Rate of Interest
- Loan Stages
A personal loan EMI calculator will thus assist you in taking a better financial decision in a long run. After you are done planning your monthly EMI, and viewed various loan stages you can apply for personal loan through Letzbank and get benefitted from waiver on service for all online applications.