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# SBI EMI CALCULATOR

SBI EMI CALCULATOR: Below we provide tools for Online EMI calculations.

### What is meant by EMI?

SBI EMI CALCULATOR: EMI stands for Equated Monthly Installment. It refers to the fixed amount of money that a borrower needs to pay each month to the lender, to repay a loan taken. The EMI amount includes both the principal and interest components of the loan, and is calculated based on the loan amount, interest rate, and tenure of the loan.

EMI is a popular mode of loan repayment as it allows borrowers to spread the repayment of their loan over a fixed period, making it more manageable. EMI payments are typically made on a monthly basis, and the borrower is required to pay the EMI amount until the loan is fully repaid.

EMI is commonly used for various types of loans, such as home loans, car loans, personal loans, etc. By using an EMI calculator, borrowers can estimate their monthly payments and plan their finances accordingly.

### EMI Calculator Tool

SBI EMI CALCULATOR: An EMI (Equated Monthly Installment) calculator is a tool used to calculate the monthly installment amount that a borrower needs to pay towards a loan. It takes into account the loan amount, interest rate, and tenure of the loan to give an estimate of the monthly installment amount.

To use an EMI calculator, you need to input the loan amount, interest rate, and tenure of the loan. The calculator will then provide you with the monthly installment amount, which includes both principal and interest payments.

EMI calculators are widely available online and are used by borrowers to plan their loan repayment schedules. They can also be used to compare different loan offers from different lenders and help borrowers choose the best loan option for their needs.

### How EMI was calculated?

SBI EMI CALCULATOR: EMI is calculated using a formula that takes into account the principal amount, the interest rate, and the loan tenure. The formula used to calculate EMI is as follows:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,
• P = Principal amount of the loan
• R = Rate of interest per month (Annual rate of interest divided by 12)
• N = Number of monthly installments

To understand how EMI is calculated, let's take an example. Suppose you have taken a loan of Rs. 1,00,000 at an interest rate of 10% per annum for a tenure of 3 years (36 months). To calculate the EMI for this loan, we need to apply the above formula.

First, we need to calculate the monthly interest rate, which is 10%/12 = 0.00833. Next, we need to calculate the number of monthly installments, which is 36.

Now, we can plug these values into the formula:

EMI = [1,00,000 x 0.00833 x (1+0.00833)^36]/[(1+0.00833)^36-1]

EMI = Rs. 3,221 (approx.)

So, the EMI for a loan of Rs. 1,00,000 at an interest rate of 10% per annum for a tenure of 3 years would be Rs. 3,221 per month. This amount includes both the principal and interest components of the loan.

### SBI EMI CALCULATOR

SBI EMI CALCULATOR: SBI (State Bank of India) provides an online EMI calculator on its website to help customers calculate their monthly installments for various types of loans. The SBI EMI calculator is easy to use and requires the following inputs:
• Loan amount: This is the principal amount of the loan that you have borrowed or intend to borrow from SBI.
• Interest rate: This is the rate of interest charged by SBI on the loan amount. It varies depending on the type of loan and the borrower's creditworthiness.
• Loan tenure: This is the duration for which the loan has been taken or will be taken. It is usually expressed in months.

#### How to use the SBI EMI calculator

• Enter the loan amount, interest rate, and loan tenure in the respective fields.
• Click on the "Calculate" button to get the monthly EMI amount.
• The SBI EMI calculator will provide you with the EMI amount, which includes both the principal and interest components of the loan. It will also show you a breakup of the total interest payable and the total amount payable over the loan tenure.
• Using the SBI EMI calculator can help you plan your finances and determine the affordability of a loan before you apply for it. It can also help you compare different loan offers from SBI and choose the one that suits your needs and budget.

## SBI EMI Calculator

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