Calculate your Equated Monthly Installment (EMI) for loans from SBI.
Your Monthly EMI
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Total Interest Payable: —
Total Payment: —
Understanding Your EMI Calculation with SBI
The Equated Monthly Installment (EMI) is a fixed amount that you pay to the lender (in this case, SBI) every month. It comprises both the principal loan amount and the interest charged by the bank. EMI payments typically start one month after the loan is disbursed.
SBI, like other financial institutions, uses a standard formula to calculate your EMI. This formula ensures that over the tenure of your loan, you gradually repay the principal amount along with the accrued interest in equal monthly installments.
The EMI Formula
The formula used to calculate EMI is as follows:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal Loan Amount (the total amount borrowed from SBI)
R = Monthly Interest Rate. This is calculated by dividing the Annual Interest Rate by 12 and then by 100 (e.g., if the annual rate is 8.5%, R = 8.5 / 12 / 100 = 0.007083).
N = Loan Tenure in Months (the total number of months for which the loan is taken).
How This Calculator Works
Our SBI EMI Calculator simplifies this calculation for you. Simply enter the following details:
Loan Amount (₹): The principal sum you wish to borrow from SBI.
Annual Interest Rate (%): The yearly interest rate charged by SBI on the loan.
Loan Tenure (Months): The total duration in months over which you plan to repay the loan.
Upon clicking "Calculate EMI", the calculator will use the provided formula to determine your monthly installment. It also calculates and displays the total interest payable over the loan tenure and the total amount you will repay to SBI (Principal + Total Interest).
Why Use an EMI Calculator?
An EMI calculator is an invaluable tool for financial planning, especially when considering loans from SBI. It helps you to:
Budget Effectively: Understand the monthly financial commitment before taking a loan.
Compare Loan Offers: Easily compare different loan scenarios by varying amounts, interest rates, and tenures.
Make Informed Decisions: Get a clear picture of the total cost of borrowing.
Plan for Prepayment: Knowing your EMI and total interest can help in planning for early loan closure or prepayment strategies.
By using this SBI EMI Calculator, you can take a confident step towards achieving your financial goals, whether it's buying a home, a car, or managing other expenses.
function calculateEMI() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var tenure = parseInt(document.getElementById("loanTenureMonths").value);
var resultDiv = document.getElementById("result");
var resultValueDiv = document.getElementById("result-value");
var totalInterestDiv = document.getElementById("totalInterest");
var totalPaymentDiv = document.getElementById("totalPayment");
if (isNaN(principal) || principal <= 0) {
resultValueDiv.innerHTML = "Invalid Amount";
totalInterestDiv.innerHTML = "";
totalPaymentDiv.innerHTML = "";
return;
}
if (isNaN(annualRate) || annualRate < 0) {
resultValueDiv.innerHTML = "Invalid Rate";
totalInterestDiv.innerHTML = "";
totalPaymentDiv.innerHTML = "";
return;
}
if (isNaN(tenure) || tenure 0) {
var numerator = principal * monthlyRate * Math.pow(1 + monthlyRate, tenure);
var denominator = Math.pow(1 + monthlyRate, tenure) – 1;
emi = numerator / denominator;
} else {
// If interest rate is 0, EMI is just principal divided by tenure
emi = principal / tenure;
}
totalPayment = emi * tenure;
totalInterestPayable = totalPayment – principal;
// Format the results to two decimal places and use Indian numbering format if possible, otherwise standard format
var formattedEMI = new Intl.NumberFormat('en-IN', { style: 'currency', currency: 'INR' }).format(emi);
var formattedTotalInterest = new Intl.NumberFormat('en-IN', { style: 'currency', currency: 'INR' }).format(totalInterestPayable);
var formattedTotalPayment = new Intl.NumberFormat('en-IN', { style: 'currency', currency: 'INR' }).format(totalPayment);
resultValueDiv.innerHTML = formattedEMI;
totalInterestDiv.innerHTML = "Total Interest Payable: " + formattedTotalInterest;
totalPaymentDiv.innerHTML = "Total Payment: " + formattedTotalPayment;
}