1. What is SBI Flexipay EMI?

SBI Flexipay is a credit card EMI facility from State Bank of India that allows cardholders to convert high-value purchases into easy monthly installments. This calculator helps you determine your monthly payment amount.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed monthly payment (EMI) required to pay off the loan over the specified tenure, including both principal and interest components.

3. Understanding EMI Calculation

Details: Each EMI payment consists of both interest and principal components. In the initial payments, a larger portion goes toward interest, with the principal portion increasing over time.

4. Using the Calculator

Tips: Enter the principal amount (purchase value), annual interest rate (check with SBI for current rates), 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 Flexipay?
A: Interest rates vary but typically range between 12% to 24% per annum depending on the offer and tenure.

Q2: Are there any processing fees for Flexipay?
A: SBI may charge a processing fee (usually 1-2% of the principal amount) which is not included in this calculation.

Q3: Can I prepay my Flexipay EMI?
A: Prepayment policies vary; some plans may allow prepayment with applicable charges while others may not.

Q4: How does this differ from regular credit card payments?
A: Unlike regular credit card payments where you pay the full amount, Flexipay converts purchases into fixed EMIs with predetermined tenure.

Q5: Is GST included in the calculation?
A: This calculator doesn't include GST which may be applicable on interest and processing fees.