EMI Calculator for SBI Card

EMI Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

EMI Amount:

Total Payment:

Total Interest:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For SBI Card, this includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

\( P \) — Principal loan amount (Rs)
\( R \) — Monthly interest rate (annual rate / 12, as decimal)
\( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified period.

3. Importance of EMI Calculation

Details: Knowing your EMI helps in financial planning, comparing loan options, and ensuring the EMI fits within your monthly budget before committing to a loan.

4. Using the Calculator

Tips: Enter principal amount in Rs, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for SBI Card loans?
A: SBI Card interest rates typically range from 12% to 24% per annum depending on the card type and customer profile.

Q2: Can I prepay my SBI Card EMI loan?
A: Yes, but prepayment charges may apply. Check with SBI Card for current prepayment policies.

Q3: Does EMI calculation include processing fees?
A: No, this calculator only considers principal and interest. Additional fees would increase the total cost.

Q4: How does increasing tenure affect EMI?
A: Longer tenure reduces EMI but increases total interest paid. Shorter tenure increases EMI but reduces total interest.

Q5: Is EMI calculation same for all SBI Cards?
A: The formula is standard, but interest rates may vary between different SBI Card products.