Personal Loan EMI Calculator18881 views
Knowing the monthly installments of your personal loan has become easier and simpler with none other than Bandhan Bank Personal Loan EMI Calculator. A fast, smart and reliable online tool that allows you to know the exact calculations of your EMI, Interest Outgo and Total Amount Payable towards a loan. The device functions really quick and allows you to plan your expenses accordingly.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
The device takes into consideration:
- Interest Rate
- Loan Amount
After feeding these details, the tool fetches the values and gives the results in just a few seconds. So that one can easily know the exact calculations related to EMI, Interest Outgo and Total Amount Payable.
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Bandhan Bank Personal Loan EMI Calculator
Let us understand the concept of a personal loan EMI Calculator via an example below.
Suppose, Ankit Aggarwal, a 30-year-old, Senior Manager by profession is looking for a personal loan of ₹5 Lakh. The bank has agreed to offer him the same amount at an interest rate of 12% per annum for a tenure of 3 years. Now let’s look at the calculations of EMI, Interest and Total Amount Payable below on the page.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 5,00,000 12% 1 ₹ 44,424 ₹ 33,093 ₹ 5,33,093 ₹ 5,00,000 12% 2 ₹ 23,537 ₹ 64,882 ₹ 5,64,882 ₹ 5,00,000 12% 3 ₹ 16,607 ₹ 97,858 ₹ 5,97,858 Year Principal Interest Balance Amount 1 ₹ 1,47,207 ₹ 52,078 ₹ 3,52,792 2 ₹ 1,65,877 ₹ 33,408 ₹ 1,86,914 3 ₹ 1,87,079 ₹ 12,371 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Bandhan Bank Personal Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments