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Emi-Calculator

Personal loan EMI All banks

Bank Lowest EMI per lakh Max Tenure
SBI Personal Loan ₹ 1,919 72 months
HDFC Bank Personal Loan ₹ 2,162 60 months
ICICI Bank Personal Loan ₹ 2,187 60 months
Bajaj Finserv ₹ 2,275 60 months
Citibank ₹ 2,149 60 months
IDFC First Bank ₹ 2,162 60 months
Axis Bank ₹ 2,174 60 months
Tata Capital ₹ 1,903 72 months
Fullerton India ₹ 2,633 48 months
IndusInd Bank ₹ 2,174 60 months
Kotak Bank ₹ 2,174 60 months
RBL Bank ₹ 2,326 60 months
IIFL ₹ 2,275 60 months
HDB Financial ₹ 2,326 60 months
Andhra Bank ₹ 2,202 60 months
Yes Bank ₹ 2,174 60 months
Muthoot ₹ 2,327 60 months
Standard Chartered Bank ₹ 2,174 60 months
Bank of Baroda ₹ 2,149 60 months
Union Bank of India ₹ 2,174 60 months
Canara Bank ₹ 2,683 48 months
Bank of Maharashtra ₹ 2,167 60 months
IDBI Bank ₹ 2,224 60 months
Allahabad Bank ₹ 2,232 60 months
Federal Bank ₹ 2,608 48 months
Karur Vysya Bank ₹ 3,321 36 months
Syndicate Bank ₹ 2,296 60 months
Corporation Bank ₹ 3,367 36 months
PNB ₹ 2,199 60 months
Indian Overseas Bank ₹ 2,199 60 months
Indian Bank ₹ 3,276 36 months

Personal Loan EMI

personal loan is an accessible credit facility that many people borrow to fulfill credit requirements. These expenses could range from necessities to luxuries, and from a wedding or medical expenses to vacations. However, just like all borrowing, a personal loan needs to be paid back. A personal loan is paid back through personal loan EMIs, which are equated monthly installments paid every month to get rid of the personal loan.

A personal loan is an accessible credit facility that many people borrow to fulfill credit requirements. These expenses could range from necessities to luxuries, and from a wedding or medical expenses to vacations. However, just like all borrowing, a pers

A Personal loan has many benefits associated with it. However, if not paid back on time, it could become a liability and can even impact one’s credit score. Therefore, it is better to be pre-planned with finances to manage the EMIs. This could be done with personal loan EMI calculators. A personal loan EMI calculator calculates the monthly EMI that needs to be paid on a particular loan amount based on the interest rate and tenor of the loan.

Personal Loan EMI Calculation using Formula

Apart from an online personal loan calculator, you can also calculate your monthly EMI with a mathematical formula. The formula to calculate loan EMI is given below-
P*r* (1+r)^n/([(1+r)^n]-1)
In the above formula, P is the loan amount that you want to borrow
r is the rate of interest per month
n is the tenure of loan repayment in months

Apart from an online personal loan calculator, you can also calculate your monthly EMI with a mathematical formula. The formula to calculate loan EMI is given below- P*r* (1+r)^n/([(1+r)^n]-1) In the above formula, P is the loan amount that you want to bo

Loan amount – This is the amount that a borrower decides to borrow from the bank in the form of a loan. Higher the personal loan amount, higher will be the EMI.

Rate of interest – This is the interest charged on the borrowed loan amount. Lower the personal loan interest rate, lower the EMI.

Loan Tenure – This is the period for which you take a loan. Longer the personal loan tenure, lower will be the EMI. Longest loan tenure available across banks in India is 5 years, subject to borrower’s current age and retirement age.

The following table provides a comparison of EMI for Rs. 1 lakh loan at different tenures:

Loan Tenure 2 years 3 years 5 years
EMI amount for loan amount Rs. 1 lakh at 10.50% ₹ 4,638 ₹ 3,250 ₹ 2,149
Total amount you pay back to the bank including principal and interest ₹ 1.23 Lakh ₹ 1.36 Lakh ₹ 1.68 Lakh
Interest you have to pay over loan tenure ₹ 23,034 ₹ 36,470 ₹ 67,905

At the lowest interest rate of 10.50%, the lowest EMI for a tenure of 5 years is ₹ 2,149 per lakh. You need to pay an interest of ₹ 67,905 on your loan amount of Rs. 1 lakh over 5 years.

If you take a loan for 2 years at the same rate of interest, you will have to pay a higher EMI of ₹ 4,638 and total interest of ₹ 23,034 on your loan amount of Rs. 1 lakh for 2 years, which is much lesser than what you paid for a 5 years loan.

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