What is part period interest in SBI home loan?

Part period interest is an interest charged by SBI for the days from the date of disbursement of loan to the date when EMI starts. Many people are really confused about what is part period interest in SBI home loan. Well now you know. I am going to share an example with you to better understand part period interest SBI home loan. Read on! Example for part period interest in SBI home loan Suppose you apply for a home loan in SBI and all the formalities are completed. The bank disburses the loan on the 19th of the month but the EMI starts from the 5th of the next month. Since bank has already disbursed the loan for your use and you are allowed to use those funds, the bank will charge part period interest for the days remaining in between the date of disbursement of home loan, i.e. 19th of previous month and the date of EMI, i.e. 5th of the next month. The part period interest will be calculated based on the agreed upon interest rates for 16 days by SBI. I hope now you know what is part period interest in SBI home loan. Check your EMI and get accurate results using NoBroker EMI calcultor. [widget_emi_calci]

Oh, I have struggled so much to know the answer to this very question. SBI home loan part period interest was a googly for me when I took the home loan with them. I was confused because I was asked to pay interest for 10 days even before my EMI started. I got furious but thought I should look it up first. Thankfully I came across Ms. Shreya Singhal’s insights. She explained it correctly. I went to the bank to see if they have a part-period interest calculator SBI. I couldn’t get my hands on it but the loan officer did the calculations for me. My loan got approved and disbursed on 26 November and EMI was to start on 7 December so there was a gap of 10 days. As per the interest rate on the loan, I was asked to pay SBI home loan part period interest for those remaining days. After that the EMI is normal now. Thanks to Ms. Shreya I saved myself from the embarrassment of creating a scene at the bank :P I also made use of NoBroker's Loan Eligibility checker to keep a check on how much loan I could get in future. You can check it out too.

[widget_homeLoan_checkEligibility_form]

Get best offers on home loans with NoBroker Read more: What are SBI home loan reviews? What is processing for SBI home loan? How to do prepayment of SBI home loan?

Hahaha, same here Mr. Pushpendra. I was so pissed off when I saw the interest deduction in my home loan passbook. I was furious and wanted to lash out at those SBI people. But when I saw part period interest, I didn’t exactly know what it meant. Bhai nobody told me wo hota kya hai. Anyway, I started looking it up when this wonderful person saved me. I typed what is part period interest in SBI home loan and her answer appeared. 

Avail fastest loan disbursal and best rates of interest on home loans with NoBroker Home Loan services

I went through it and also, read through her example. That’s when I understood what is the meaning of part period interest in SBI home loan. But, I still wanted to confirm because obviously the internet can’t always be right. I called up my loan officer and asked him very politely what is part period interest in loan. 

He explained the same thing and told me that it is the interest that is charged from the date of loan disbursal to the date of EMI beginning. 

The thing is, SBI should explain this in detail or else, I don’t think everyone will understand and go to the internet. 

Bank me kalesh ho jaate hai :D

Mai to bach gayi,

I hope

baaki log bhi bach jaaye :P

Hey buddy,

I took a housing loan from the State Bank of India last month only. The reason why I chose SBI for a home loan is that my cousin works there as a Deputy Manager. She assured me that she will be there for me if I face any issues regarding the home loan, so I felt relieved. When I availed a home loan from SBI, they added a Loan Account to my SBI Savings account. I was checking my loan account statement a few days ago and that’s when I came across this “part period interest SBI” term. I did not know about it, so I called my cousin to know about this. She explained everything very clearly to me.

If You are Planning to Do a Home Loan Balance Transfer, then Check Out NoBroker’s Home Loan Services!

Part Period Inter in SBI Means

She told me the same thing that Shreya mentioned in her answer. She told me that a part-period interest in SBI is an interest charged by the bank for the days from the loan disbursement date to the date when EMI begins. I was still confused, so I asked her to explain this to me like I am in school. That’s when she explained the meaning of part-period interest using this example:

Let’s assume you apply for a home loan in SBI and they disburse the loan on the 25th of the month but the EMI begins on the 9th of the next month.

Now that the loan has already been disbursed to you, the bank will charge part period interest for the days remaining between the housing loan disbursement date (25

th

of the last month), and the EMI date (6

th

of the next month).

The calculation of the part period interest will be based on the agreed-upon interest rates by the State Bank of India. They follow a 'Daily Balance Policy if any repayment is made during the month, unlike other banks who follow monthly balance policies. Now you know about the SBI part period interest calculation as well.

Part Period Interest Calculator

If you are looking for a part period interest SBI home loan calculator, then I want you to know that you can find a few calculators online. You can use them to find the correct part period interest amount. SBI also offers a few calculators related to home loans. Check them out:

Click Here to Check Official Home Loan Calculators of SBI

Read more:

How to close SBI home loan?

How to do prepayment of SBI home loan?

How to reduce EMI in SBI home loan?

How to reduce SBI home loan tenure?

I hope now you know what part period inter in SBI means.

So, by now you know what is part period interest in SBI home loan . Miss Sherya has made everything as clear as water :) But I want to explain this in our Hindi Language. Toh dosto chale samajh lien what is part period inter in Hindi 😀

  Get home loans at the lowest interest rate from NoBroker and learn more about part period inter in Hindi

Part period interest kya hota hai

 

सीधे शब्दों में कहें तो, एसबीआई होम लोन में आंशिक अवधि का ब्याज, बैंक द्वारा ऋण के संवितरण के दिन से ईएमआई शुरू होने की तारीख के बीच की अवधि के बीच लिया जाने वाला ब्याज है।

 

मान लेते हैं कि आपने ऋण सुरक्षित करने के लिए अपनी सभी औपचारिकताएं पूरी कर ली हैं। बैंक महीने की 15 तारीख को कर्ज बांटता है और अगले महीने की 7 तारीख से आपकी ईएमआई शुरू हो जाती है। चूंकि आपका ऋण पिछले महीने की 15 तारीख को संवितरित किया गया था इसलिए आपको सहमत ब्याज दरों के आधार पर इस विशेष अवधि के लिए ब्याज का भुगतान करना होगा।

 

Now that you know the meaning of part period inter in SBI personal loan, I would like to share how to avoid part period interest in SBI home loan.

  How to avoid part interest in SBI Home loan?   

The following tips can help you avoid part period interest in Home loan by SBI.

 

1. SBI does not follow a monthly balance like other lenders.

2. SBI follows a daily balance policy.

3. Pay your principal amount as quickly possible as you can.

4. Close your home by paying the EMI amount on the same month you took your home loan.

5. By prepaying the home loan you can choose to avoid part interest as your tenure will be over before the date your loan was disbursed. 

 

I hope you have learnt what is part period inter in Hindi.

 

Read more:

What are SBI home loan reviews? What is processing for SBI home loan? How to do prepayment of SBI home loan?

Availing a loan might seem easy but one must be aware of all the aspects associated with it as well. During my last visit to the bank, I became aware of this term and learned what is part period interest in SBI personal loan in detail. It refers to the interest that is earned or charged for a partial period of time rather than a full period. For example, suppose you have taken a loan and repaid it before the expected time, you will be charged part-period interest for the number of days you borrowed the money rather than for the full month. This is what part period interest means. The concept is very simple. You can ask the bank officials about it if in doubt.

How to avoid part period interest sbi personal loan?

Suppose you failed to pay the EMI on time, you will be charged part interest for the number of days you were late. To avoid paying the fee, what you can do is, request the bank to-

Alter your EMI deduction date or postpone the disbursal of the loan. Such things cannot be done online so it is better to visit the bank and ask the officials what should be done in such cases. 

Is there any part period interest calculator SBI?

I do not think there is any part-period interest calculator in SBI. They have an EMI calculator however so you can use it and derive your interest amount (you cannot calculate interest per day. You can calculate for months or years only using it). Here it is-

SBI EMI Calculator

This is what I know about the part period inter in SBI home loan. 

Do note that calculating the part period interest isn't that easy. They are more complex than calculating interest for a full time and it will require to take into account the number of days in the partial period first and then adjust the interest rate accordingly.

So this is what part period interest means in simple words.

Enjoy a smooth and seamless home loan process through NoBroker 

Read More:

How to avoid part period interest in SBI Home loan?

What is part period interest?

The part period interest meaning is very simple. I learned about it when I availed of a home loan last year. Part-period interest is the interest that is charged by the bank from the date of disbursement of the loan to the day the EMI payment starts. When you take out a home loan, the interest is usually calculated and charged on a monthly basis. However, if you make a payment or adjustment to the loan amount during a particular month that affects the interest calculation, it may result in a partial period interest charge. 

What is part period inter in SBI loan?

Since I availed of a loan in SBI, let me share what is part period in SBI. If you make an extra payment towards your home loan principal in the middle of the month, it could reduce the outstanding loan balance and subsequently impact the interest calculation for the remaining days of that month. The lender may calculate and charge you "part period interest" for the portion of the month during which the original loan balance was outstanding before the payment was made. 

Let me cite an example to help you understand the part period interest SBI meaning. Suppose you applied for a loan at SBI on December 21st, and your EMI starts on January 2nd. So from the 22nd of December until January 1st, interest will be charged. This interest will be called as part period interest. 

This is the part period interest meaning. The interest will be charged based on the time, rate, amount and other aspects. 

Get your loan disbursed at a low-interest rate through NoBroker  Check home loan EMI using EMI calculator here

Read More:

How to avoid part period interest in SBI Home loan? What is part period interest?  

Since I obtained a loan from State Bank of India (SBI), let me explain what is part period interest SBI. The rate of interest levied by the bank on the house loan during a certain term is referred to as part period interest. When you seek a loan payment in the middle of the month, it results in a part-period. Let’s learn more about part period below.

Get home loans without hefty paperwork via NoBroker.

What is part period interest in SBI loan account?

As everyone mentioned above, the interest charged during this period is determined by the number of days the loan was in effect prior to the next EMI (equated monthly installment) date.

• A borrower who obtains a house loan from SBI will often be required to make their EMI payment on a particular day each month. But if the loan is disbursed in the midst of the month, the borrower would be responsible for paying interest up to the next EMI date. Part period interest in SBI home loans is something that borrowers should be aware of because it affects the total cost of the loan. 

• SBI may compute the part-period interest on the basis of the agreed-upon interest rates for 16 days.

• The borrower is liable to pay additional interest before the first EMI if the part-period is extended.

Before applying for a home loan, it is important for prospective borrowers to have a conversation and clarify this term with SBI.

Calculate your EMI on a home loan via the NoBroker EMI calculator

.

Read more –

How to avoid part period interest in SBI Home loan?

What are the SBI home loan prepayment rules 2023?