Multiple banks. Different interest rates. Call it a "conflict of interest".

# Vijaya Bank Personal Loan EMI Calculator

RBI slashes repo rate by 25 bps to 5.75 per cent (June 6, 2019)

Vijaya Bank personal loans can be availed at affordable interest rates so that your EMI/lakh can be as low as Rs.2,263. The interest rate on Vijaya Bank personal loan currently starts from 12.75% p.a.

 Rs.4.5 lakh @15.66% p.a. 2 years 3 years 5 years Equated Monthly Instalment (EMI) (Rs.) 21,960 15,745 10,862 Total Interest Payable (Rs.) 77,049 1,16,828 2,01,720 Processing Fee (Rs.) 9,000 9,000 9,000 Total Amount Payable (Rs.) 5,36,049 5,75,828 6,60,720

Example â€“ Consider a scenario wherein you have taken a personal loan of Rs.4.5 lakh from Vijaya Bank. The interest rate on this loan may be 15.66% p.a. and the processing fee may be 2% of the loan amount. In this case, your loan repayment details for different tenures are shown above.

## How does the personal loan EMI calculator work?

The following formula is used for calculating loan EMI:

E = P x R x (1+R)^n/[(1+R)^n-1]

Where, E is the monthly installment

P is the principal amount

R is the monthly rate of interest

n is the loan tenure in months

Sometimes, processing fee is also incorporated in the calculation to generate a more accurate EMI.

## Features and Benefits

The loan EMI calculator that can be used to calculate EMI for a Vijaya Bank personal loan has the following benefits:

• Easy To Use: The online loan EMI calculator can be used by anybody who knows just the details of the personal loan. It can help you in choosing the ideal personal loan suited to your financial planning.
• Accuracy: Manual calculation is prone to miscalculations and errors. Each time the loan amount or the tenure or the interest rate is changed, there is a chance of making a mistake. The online EMI calculator is automated and is not so error-prone, unless there is an error while entering data manually.
• Loan Details: The BankBazaar loan EMI calculator displays the loan details in the form of a pie diagram. The graphical representation gives you an idea of the total amount repaid at the time of loan tenure completion.
• Repayment Table: It uses repayment table to generate an instant output. The table helps us understand the loan progress over time, such as principal and interest.

## Vijaya Bank Personal Loan EMI Calculator FAQs

1. Is the loan EMI calculator different for each bank?

No, the EMI calculator is a universal tool that can be used to calculate EMI for personal loans from any bank.

2. Can I use excel sheet to calculate the EMI towards Vijaya Bank personal loan rather than an online EMI Calculator?

Yes, you can, however calculation of EMI towards Vijaya Bank personal loan in an excel sheet requires you to enter the program manually. While, using an online EMI calculator uses an automated technique, which is faster.

3. Is the calculation of Vijaya Bankâ€™s personal loan EMI accurate using the BankBazaar Personal Loan EMI Calculator?

Yes, the EMI calculation is almost accurate. However, the changes may be due to difference in interest rate or processing fee offered at the time of taking the loan.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

## Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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