Calculate your Equated Monthly Installment (EMI) for a home loan from State Bank of India.
30,00,000
8.5%
20 Years
Your Estimated EMI
₹ —
Based on your inputs, your estimated monthly EMI is:
Understanding Your SBI Home Loan EMI
An Equated Monthly Installment (EMI) is a fixed amount paid by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both the principal amount and the interest on a loan. This calculator helps you estimate your monthly payment for a home loan from the State Bank of India (SBI).
How EMI is Calculated
The formula used to calculate EMI is:
EMI = P × r × (1 + r)n / [(1 + r)n – 1]
Where:
P = Principal Loan Amount (the total amount borrowed)
r = Monthly Interest Rate (Annual interest rate divided by 12 and then by 100. For example, if the annual rate is 8.5%, then r = 8.5 / 12 / 100 = 0.007083)
n = Loan Tenure in Months (Loan tenure in years multiplied by 12. For example, a 20-year loan has n = 20 * 12 = 240 months)
Factors Affecting Your EMI
Loan Amount (P): A higher loan amount will result in a higher EMI.
Interest Rate (r): A higher interest rate significantly increases your EMI. SBI's home loan interest rates are linked to external benchmarks and can vary based on your credit score, loan amount, and loan-to-value ratio.
Loan Tenure (n): A longer loan tenure results in a lower EMI, but you will end up paying more total interest over the life of the loan. Conversely, a shorter tenure means a higher EMI but less total interest paid.
How to Use This Calculator
1. Enter Loan Amount: Input the total amount you wish to borrow for your home purchase.
2. Enter Annual Interest Rate: Input the current annual interest rate offered by SBI for home loans. Note that rates can change and are subject to SBI's policies.
3. Enter Loan Tenure: Specify the number of years you plan to take to repay the loan.
4. Click 'Calculate EMI': The calculator will display your estimated monthly installment.
Disclaimer
This calculator provides an estimate based on the inputs provided and the standard EMI formula. Actual EMI amounts may vary due to factors such as specific bank policies, processing fees, insurance premiums, and potential changes in interest rates (if the loan is floating). It is advisable to consult directly with SBI or a financial advisor for precise loan details and personalized advice.
// Update slider value display and link number input to slider
var loanAmountInput = document.getElementById('loanAmount');
var loanAmountSlider = document.getElementById('loanAmountSlider');
var loanAmountValue = document.getElementById('loanAmountValue');
loanAmountInput.oninput = function() {
var value = parseInt(this.value);
loanAmountSlider.value = value;
loanAmountValue.textContent = formatCurrency(value);
}
loanAmountSlider.oninput = function() {
var value = parseInt(this.value);
loanAmountInput.value = value;
loanAmountValue.textContent = formatCurrency(value);
}
var interestRateInput = document.getElementById('interestRate');
var interestRateSlider = document.getElementById('interestRateSlider');
var interestRateValue = document.getElementById('interestRateValue');
interestRateInput.oninput = function() {
var value = parseFloat(this.value);
interestRateSlider.value = value;
interestRateValue.textContent = value.toFixed(1) + '%';
}
interestRateSlider.oninput = function() {
var value = parseFloat(this.value);
interestRateInput.value = value;
interestRateValue.textContent = value.toFixed(1) + '%';
}
var loanTenureInput = document.getElementById('loanTenure');
var loanTenureSlider = document.getElementById('loanTenureSlider');
var loanTenureValue = document.getElementById('loanTenureValue');
loanTenureInput.oninput = function() {
var value = parseInt(this.value);
loanTenureSlider.value = value;
loanTenureValue.textContent = value + ' Years';
}
loanTenureSlider.oninput = function() {
var value = parseInt(this.value);
loanTenureInput.value = value;
loanTenureValue.textContent = value + ' Years';
}
function formatCurrency(amount) {
return amount.toLocaleString('en-IN'); // Use Indian numbering system
}
function calculateEMI() {
var P = parseFloat(document.getElementById("loanAmount").value);
var R = parseFloat(document.getElementById("interestRate").value);
var T = parseInt(document.getElementById("loanTenure").value);
var resultDiv = document.getElementById("emiResult");
// Input validation
if (isNaN(P) || P <= 0 || isNaN(R) || R <= 0 || isNaN(T) || T <= 0) {
resultDiv.textContent = "Invalid Input";
resultDiv.style.color = "red";
return;
}
// Calculate monthly interest rate
var r = R / 12 / 100;
// Calculate loan tenure in months
var n = T * 12;
var emi;
// Check if interest rate is zero, handle separately to avoid division by zero
if (r === 0) {
emi = P / n;
} else {
// EMI formula: P * r * (1 + r)^n / ((1 + r)^n – 1)
emi = P * r * Math.pow(1 + r, n) / (Math.pow(1 + r, n) – 1);
}
// Display the result, formatted as Indian Rupee
resultDiv.textContent = "₹ " + emi.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
resultDiv.style.color = "#28a745"; // Reset to success green
}
// Initialize display values on page load
window.onload = function() {
document.getElementById("loanAmountValue").textContent = formatCurrency(parseInt(loanAmountInput.value));
document.getElementById("interestRateValue").textContent = parseFloat(interestRateInput.value).toFixed(1) + '%';
document.getElementById("loanTenureValue").textContent = parseInt(loanTenureInput.value) + ' Years';
};