# SBI EMI Calculator

Calculate your Equated Monthly Installments in SBI Bank using our EMI calculator. Please enter here the principal loan amount you obtained from State Bank of India, rate of interest, and the loan tenure you agreed for to calculate the Equated Monthly Installments (EMI). The calculator also calculates the total amount you are about to pay for the loan amount you obtained along with the interest amount and yearly interest you pay for SBI.

## State Bank of India Loan EMI Calculator

Calculate your Equated Monthly Installments in SBI Bank using our EMI calculator. Please enter here the principal loan amount you obtained from State Bank of India, rate of interest, and the loan tenure you agreed for to calculate the Equated Monthly Installments (EMI). The calculator also calculates the total amount you are about to pay for the loan amount you obtained along with the interest amount and yearly interest you pay for SBI.

Code to add this calci to your website

#### Formula:

r = r / 1200
Monthly EMI = a x r / (1 - (1 / (1 + r))^{m})
Total Amount with Interest = Monthly EMI x m
Total Interest Amount = Total Amount with Interest - a
Yearly Interest Amount = Total Interest Amount / (m / 12)
**Where,**
a = Loan Amount
r = Interest Rate (Reducing)
m = Loan Tenure
### Example

**Consider that you about a loan amount of Rs.1 lakh for a period of 1 year with an interest rate of 7% from Union Bank of India. Calculate the SBI EMI?**

#### Interest Rate

Applying the values in the formula,

Interest Rate = r = r / 1200

= 7 / 1200 = 0.0058333333333333

#### Monthly EMI

Monthly EMI = (a x r) / (1 - (1 / (1 + r))^{m})

= (100000 x 0.0058333333333333) / 1 - (1 / (1 + 0.0058333333333333))^{12})

= 583.3 / 0.06741653415

= 8652.6746

#### Total Amount with Interest

Total Amount with Interest = Monthly EMI x m

= 8652.6746 x 12

= 103832.0953

#### Total Interest Amount

Total Interest Amount = Total Amount with Interest - a

= 103832.0953 - 100000

= 3832.0953

#### Yearly Interest Amount

Yearly Interest Amount = Total Interest Amount / (m / 12)

= 3832.0953 / (12 / 12)

= 3832.0953

State Bank of India is a Government owned Indian multinational, public sector banking and financial services company. Its headquarters lies in Mumbai, Maharashtra, India. SBI serves worldwide. State Bank of India is one of the Big Four banks of India, along with ICICI Bank, Bank of Baroda and Punjab National Bank.