| RESULTS | |
|---|---|
| Loan Amount | ₹₹ 2,50,000 |
| Interest Rate | 10.99%% |
| Tenure(Months) | 224 |
| Monthly Instalment (EMI) | ₹₹ 2,631 |
| Total Interest Amount | ₹ ₹ 3,39,334 |
| Total Amount (Principal + Interest) | ₹₹ 5,89,334 |
When it comes to a Personal Loan EMI Calculator, there is no denying the fact that this smart and time-saving tool is very helpful. The moment you want to know the exact calculation of your EMI, this well-designed tool with its fastest algorithm gives you the results in the least time frame. The device not only calculates your monthly installments but it will also give you the exact results related to Interest Outgo and Total Amount Payable towards a loan. It takes into consideration:
- Loan Amount
- Tenure
- Interest Rate
Below is a table showing tenure wise Per Lakh EMI Calculations of Allahabad Bank Personal Loan
| Tenure (in years) | Interest Rate (in per annum) | Per Lakh EMI (in ₹ ) |
|---|---|---|
| 1 | 11.75%-13.25% | 8,873-8,943 |
| 2 | 11.75%-13.25% | 4,696-4,766 |
| 3 | 11.75%-13.25% | 3,310-3,381 |
| 4 | 11.75%-13.25% | 2,621-2,695 |
| 5 | 11.75%-13.25% | 2,212-2,288 |
Allahabad Bank Personal Loan EMI Calculator
Let’s just have a better understanding of the same, with the help of an example below.
Suppose, Atul Sharma, a 30-year-old, Software Engineer by profession is looking for a personal loan of ₹3 Lakh in order to renovate his home. The bank has agreed to offer him the loan at an interest rate of 11.75% per annum for a tenure of 5 years. So, let’s find out the exact amount of EMI, Interest Outgo and Total Amount in Atul’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 3,00,000 | 11.75% | 1 | ₹ 26,620 | ₹ 19,435 | ₹ 3,19,435 |
| ₹ 3,00,000 | 11.75% | 2 | ₹ 14,087 | ₹ 38,089 | ₹ 3,38,089 |
| ₹ 3,00,000 | 11.75% | 3 | ₹ 9929 | ₹ 57,426 | ₹ 3,57,426 |
| ₹ 3,00,000 | 11.75% | 4 | ₹ 7863 | ₹ 77,442 | ₹ 3,77,442 |
| ₹ 3,00,000 | 11.75% | 5 | ₹ 6635 | ₹ 98,130 | ₹ 3,98,130 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 46,845 | ₹ 32,780 | ₹ 2,53,154 |
| 2 | ₹ 52,656 | ₹ 26,970 | ₹ 2,00,498 |
| 3 | ₹ 59,187 | ₹ 20,438 | ₹ 1,41,310 |
| 4 | ₹ 66,529 | ₹ 13,097 | ₹ 74,781 |
| 5 | ₹ 74,845 | ₹ 4845 | ₹ 0 |
Allahabad Bank Personal Loan EMI Calculation Formula
In order to calculate an EMI, Allahabad Bank Personal Loan Calculator uses the below formula:
EMI=[P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments