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Sbi Credit Card Settlement Calculator

Reviewed by Calculator Editorial Team

Use this SBI Credit Card Settlement Calculator to determine your settlement amount when you've paid more than the minimum due on your credit card. The calculator helps you understand how much you'll receive after settlement fees and interest.

How to Use This Calculator

To use the SBI Credit Card Settlement Calculator:

  1. Enter the total amount you've paid towards your credit card balance.
  2. Select the settlement period (30 days or 60 days).
  3. Click "Calculate" to see your settlement amount.
  4. Review the result and understand how it's calculated.

The calculator uses SBI's standard settlement rates and applies them to your payment amount to show you what you'll receive after settlement.

Formula Used

The settlement amount is calculated using the following formula:

Settlement Amount = (Total Paid Amount - Settlement Fee) - Interest

Where:

  • Settlement Fee is 1% of the total paid amount (minimum ₹500).
  • Interest is calculated based on the settlement period (30 days or 60 days) at the applicable rate.

Note: The actual settlement amount may vary slightly based on your specific account terms and conditions with SBI.

Worked Example

Let's say you've paid ₹50,000 towards your SBI credit card balance and you're settling within 30 days.

  1. Settlement Fee: 1% of ₹50,000 = ₹500 (minimum fee)
  2. Interest: 12% of ₹50,000 for 30 days = ₹6,000
  3. Settlement Amount: (₹50,000 - ₹500) - ₹6,000 = ₹43,500

Using the calculator with these values would show you a settlement amount of ₹43,500.

Frequently Asked Questions

What is a credit card settlement?
A credit card settlement is when you pay more than the minimum amount due on your credit card and receive a portion of that payment back after a specified period.
How long does it take to get a settlement?
Settlements typically take 30 to 60 days after the payment is made, depending on the terms offered by your credit card issuer.
Is there a minimum amount for settlement?
Yes, most credit cards require a minimum payment amount for settlement to be applicable. Check your card's terms for specific requirements.
Can I settle my credit card balance early?
Some credit cards allow early settlement with additional fees. Check your card's terms or contact customer service for details.