Standard Chartered Bank offers personal loan with EMI start from Rs.2,174 per lakh.
The interest rate on this loan currently starts from 11.00% p.a. You can use the Personal Loan EMI Calculator available on the BankBazaar’s website to determine the EMI payable depending on the loan amount availed by you, repayment tenure, and rate of interest.
|Rs.3 lakh @11.00% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||13,982||9,822||6,523|
|Total Interest Payable (Rs.)||35,576||53,578||91,364|
|Processing Fee (Rs.)||9,000||9,000||9,000|
|Total Amount Payable (Rs.)||3,44,576||3,62,578||4,00,364|
Example – In the table above, consider a scenario wherein you have taken a loan of Rs.3 lakh from the bank at an interest rate of 11.00% 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.
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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