SBH offers a series of retail loan products, including personal loans. Personal loans are unsecured loans that are a convenient means of meeting unexpected expenses such as a personal emergency or debt consolidation, or to meet a high expense for which you do not have the means at the moment, such as a wedding or a foreign trip.
How does the SBH Personal Loan EMI Calculator Work?
An EMI Calculator works on the following formula:
E = P x r x (1+r)^n/((1+r)^n-1)
Here, E – Equated Monthly Instalment (EMI)
P – Loan amount
r – Interest rate (monthly)
n – Loan duration (in months)
Features and Benefits
The key reasons you would want to use an EMI Calculator are as given below:
- Convenience: An EMI Calculator is available online and can be accessed from anywhere and on any device with an internet connection.
- Customisation: An EMI Calculator can be customised as per your requirements. There are no presents on the calculator to meddle with the required calculations.
- Accuracy: EMI Calculator is among the most accurate ones available online. It is also faster and more accurate than making the calculations manually.
- Amortisation Schedule: An EMI Calculator also gives you an amortisation table – that is, the detailed month-to-month break-up of payments and outstanding balance – which is as transparent and clear as numbers can get.
SBH Personal Loan EMI Calculator FAQs:
- Will the EMI shown by the EMI Calculator and the bank always be the same?Not necessarily. Though an EMI Calculator is accurate to the values input by you, the bank may have additional charges that are not factored in by the Calculator. So this might lead to slight variations on the EMI and total payable amount.
- Is the EMI Calculator only for personal loans?No. EMI Calculator is a comprehensive one-stop tool that can be used to calculating EMIs of any loans.
