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.
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.
Applying the values in the formula,
Interest Rate = r = r / 1200
= 7 / 1200 = 0.0058333333333333
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 = Monthly EMI x m
= 8652.6746 x 12
= 103832.0953
Total Interest Amount = Total Amount with Interest - a
= 103832.0953 - 100000
= 3832.0953
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.
