📐 EMI Calculator Formula
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
- P: Principal Loan Amount
- R: Monthly Interest Rate (Annual Rate / 12 / 100)
- N: Loan Tenure in Months (Years x 12)
State Bank of India (SBI) Loan EMI Calculator
Estimate your monthly loan installments for SBI home, car, and personal loans. Pre-configured with the typical SBI interest rate of 8.40% P.A.
Input Parameters
₹
%
Yrs
Results
Monthly EMI₹9,789
Total Interest Payable₹7,61,996
Total Payment (Principal + Interest)₹17,61,996
Visual Breakdown
Total₹17,61,996
Principal Loan Amount:57%
Total Interest:43%
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Loan Amortization Schedule
| Year | Opening | Interest | Principal | Closing |
|---|---|---|---|---|
| 1 | ₹10,00,000 | ₹82,681 | ₹34,785 | ₹9,65,215 |
| 2 | ₹9,65,215 | ₹79,644 | ₹37,823 | ₹9,27,392 |
| 3 | ₹9,27,392 | ₹76,342 | ₹41,125 | ₹8,86,267 |
| 4 | ₹8,86,267 | ₹72,751 | ₹44,715 | ₹8,41,552 |
| 5 | ₹8,41,552 | ₹68,847 | ₹48,620 | ₹7,92,932 |
| 6 | ₹7,92,932 | ₹64,602 | ₹52,865 | ₹7,40,068 |
| 7 | ₹7,40,068 | ₹59,986 | ₹57,480 | ₹6,82,587 |
| 8 | ₹6,82,587 | ₹54,967 | ₹62,499 | ₹6,20,088 |
| 9 | ₹6,20,088 | ₹49,511 | ₹67,956 | ₹5,52,133 |
| 10 | ₹5,52,133 | ₹43,577 | ₹73,889 | ₹4,78,244 |
| 11 | ₹4,78,244 | ₹37,126 | ₹80,340 | ₹3,97,903 |
| 12 | ₹3,97,903 | ₹30,112 | ₹87,355 | ₹3,10,548 |
| 13 | ₹3,10,548 | ₹22,485 | ₹94,982 | ₹2,15,567 |
| 14 | ₹2,15,567 | ₹14,192 | ₹1,03,275 | ₹1,12,292 |
| 15 | ₹1,12,292 | ₹5,175 | ₹1,12,292 | ₹0 |
📝 Example
If you borrow ₹10 Lakhs (P) at a 9% annual interest rate (R = 9% / 12 / 100 = 0.0075) for 10 years (N = 120 months), your EMI will be ₹12,668. Total interest payable will be ₹5,20,118.
✅ Benefits
- •Saves time by doing complex math automatically.
- •Helps plan your monthly budget accurately.
- •Allows comparing different interest rates and loan tenures.
- •Shows full loan payoff timeline (Amortization Schedule).
❓ Frequently Asked Questions
What is the current SBI home loan interest rate?
SBI home loan interest rates typically start from 8.40% P.A. onwards depending on credit score and loan category. Use this tool with 8.4% to calculate payments.
Can I pre-pay SBI loans?
Yes, SBI allows prepayment of floating-rate home loans with zero prepayment penalty for individual borrowers.
What is EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How is loan EMI calculated?
EMI is calculated using a standard mathematical formula combining the Principal (P), Rate of Interest (R), and Tenure (N). Changing any of these variables changes your monthly payment.
Does prepayment affect my EMI?
Prepayment reduces your loan principal. You can then choose to reduce your EMI amount (keeping tenure same) or reduce tenure (keeping EMI amount same).
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