Tata Capital personal loans are available at the most affordable EMIs, starting from Rs.2,187 per lakh. The interest rate on the personal loan starts from 12.99% p.a.
|Rs.4 lakh @13.45% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||19,101||13,564||9,194|
|Total Interest Payable (Rs.)||58,433||88,320||1,51,618|
|Processing Fee (Rs.)||8,000||8,000||8,000|
|Total Amount Payable (Rs.)||4,66,433||4,96,320||5,59,618|
Example – If you have taken a personal loan of Rs.4 lakh from Tata Capital with an interest rate of 13.45% p.a., you may have to pay a processing fee of 2% of the loan amount. In this case, the loan repayment details for different tenures are shown above.
You need to follow 7 simple steps given below to use the BankBazaar loan EMI calculator
The online loan EMI calculator uses the following formula:
E = P x R x (1+R)^n/[(1+R)^n-1]
Where, E is the EMI that is required to be paid monthly
P is the amount to be borrowed
R is the interest rate on a monthly basis
n is the loan tenure in months
Some calculators are also customised to consider the processing fees as well.
The EMI calculator is a great tool for determining how much monthly instalment you will afford to pay towards the loan. Some of the features and benefits of the Personal Loan EMI Calculator are:
Repayment Table Usage:
This comprehensive tool uses repayment table for calculation of EMI for the entire loan tenure. Using this table, the tool can display the loan repayment progress with time, in terms of the principal amount and interest.
The EMI calculator tool can be used to generate the EMI for a Tata Capital Personal Loan. However, it comes with settings in such a way that it can find out the EMI towards any kind of loan and can be used universally.
Easy To Use:
It does not require any manual tasks except entering all loan details and following the usage of the tool stepwise.
As it is automated, the chance of error is lower than in a manual calculation of EMI. As you will have to change the figures of loan amount or loan tenure multiple times to reach an ideal EMI amount, re-calculation can lead to many errors. The EMI calculator is free of such errors.
It does not take more than a few seconds to determine the loan EMI towards any loan using this tool. This gives you the flexibility to explore all options in tenure, amount, interest rate, etc.
The calculations made using the loan calculators are more or less accurate as it is done using a reducing balance principal.
Yes, the loan calculator can be used to compare the change in rate of interest applied on the outstanding loan balance. This can help in deciding the pre-closure of the loan.
Excel sheets would require you to manually program the calculation, while the loan EMI calculator already has an automated formula which is ready to use.
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