Standard Chartered Bank personal loans are offered at attractive interest rates so that your EMIs start from Rs.2,224 per lakh. The interest rate on this loan currently starts from 11.99% p.a.
|Rs.5 lakh @15.11% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||24,269||17,360||11,924|
|Total Interest Payable (Rs.)||82,467||1,24,946||2,15,431|
|Processing Fee (Rs.)||10,000||10,000||10,000|
|Total Amount Payable (Rs.)||5,92,467||6,34,946||7,25,431|
Example – In the table above, consider a scenario wherein you have taken a loan of Rs.5 lakh from the bank at an interest rate of 15.11% p.a. Keeping the processing fee at 2% of the loan amount, your repayment details for different tenures are shown.
An EMI Calculator works on the following formula:
E = P x R x (1+R)^n/((1+R)^n-1)
Here, E stands for Equated Monthly Instalment (EMI)
P stands for the principal loan amount
R stands for the monthly rate of interest
n stands for the duration of the loan
BankBazaar’s EMI Calculator also factors in processing fees and pre-payments to give a more accurate result.
To use the calculator you need to input the correct numbers corresponding to loan term, amount and interest rate. BankBazaar’s EMI Calculator is one of the best available online as it not only gives you a detailed repayment schedule and analysis of the interest payments and total repayment amount, but also factors in the processing fees and pre-payments.
The interest rate on Standard Chartered personal loans ranges from 12% to 17%. The loans are available for a tenure of up to 5 years. The processing fee charged is up to 2.25% of the total loan amount and the pre-payment charges are up to 5% of the outstanding amount.
To use the BankBazaar EMI Calculator, go to the home page of BankBazaar and select the Menu tab on the top right corner. The calculator nestles under ‘Finance Tools’. Enter the loan amount, duration of loan, interest rate and processing fees of Standard Chartered personal loan. You can also enter the pre-payments you plan to make, with the pre-payment frequency, amount, charges and when the pre-payment would start.
After entering all the values, click on ‘Calculate’. The results will show you the EMI payable, the total amount payable as interest, the total amount you will be paying back to the bank, repayment table and pre-payment analysis.
For example, let us say you are borrowing Rs.6 lakh as personal loan for a period of 5 years, at an interest rate of 17% and processing fee of 2.25%. You decide to make pre-payments of Rs.50,000 every year starting from 12 months. When you enter all these numbers into the BankBazaar EMI Calculator, you will get the following results:
EMI – Rs.14,912
Total interest payable – Rs.2,29,461
Processing fee – Rs.13,500
Total amount payable to the bank – Rs.8,48,961
Pre-payment analysis: You save Rs.78,731 and tenure is reduced by 1 year.
Other EMI Calculators available online can only show you the EMI, interest payable and total amount payable.
The advantages of using an EMI Calculator are:
An EMI Calculator depends on what values you input for its calculation. The bank usually has a few extra charges that cannot all be factored into the estimations by a simple online calculator. This means that the results of an EMI Calculator may not be accurate to the T, but they give you a fairly good estimate to help you make the right decisions about a personal loan.
No. The BankBazaar EMI Calculator can be used to calculate the EMIs of any kind of loans, as long as you input the values related to those loans.
EMI Calculators are not specifically customised to any bank. Even those on the bank websites function the same way as BankBazaar’s EMI Calculator. In fact, bank calculators will not give you as many details in their analysis as BankBazaar’s EMI Calculator does.
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