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Syndicate Bank offers personal loans at competitive interest rates so that your EMIs start from Rs.2,149 per lakh. The interest rate on these loans range from 10.5% to 13.5% p.a.
|Rs.3.5 lakh @12.2% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||16,508||11,658||7,821|
|Total Interest Payable (Rs.)||46,202||69,705||1,19,259|
|Processing Fee (Rs.)||7,000||7,000||7,000|
|Total Amount Payable (Rs.)||4,03,202||4,26,705||4,76,259|
Example – In the table above, consider that you have taken a Syndicate personal loan of Rs.3.5 lakh at an interest rate of 12.2% p.a.Keeping the processing fee at 2% of the loan amount, your loan repayment details are shown.
An EMI Calculator works on the following formula
E = P x R x (1+R)^n/((1+R)^n-1)
BankBazaar’s EMI Calculator also considers processing fees and pre-payments in order to make the results more accurate.
You can use the BankBazaar EMI Calculator by following 7 simple steps given below.
The advantages of using an EMI Calculator are:
The results of an EMI Calculator is determined by the numbers you enter into it. The bank’s calculations have some additional charges that cannot all be incorporated into a simple online calculator. So the results of an EMI Calculator are unlikely to match the banks exactly, but the estimates are close enough for you to work with.
No. The BankBazaar EMI Calculator can be used for EMI calculations of any kind of loans.
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