| 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 |
With just one magical tool online, it is absolutely easy and quick to calculate your EMIs. That’s Right! We are talking about a personal loan EMI Calculator, which makes every complex calculation easier for you. This time-saving and effective device with its well-designed algorithms lets you know the exact calculations of your EMI and Interest Outgo in just a few seconds.
This online tool after taking into consideration:
- Loan Amount
- Tenure
- Interest Rate
Fetches the values of your EMI, interest Outgo and Total AMount Payable in a hassle-free manner. And, the best part is that, the device is 24×7 available online, hence can easily be accessed anytime.
Central Bank of India Personal Loan EMI Calculator
Let’s just get more clarity on the same with the help of an example below.
Suppose, Rakhi Verma, a 30-year, Software Developer by profession is looking for a personal loan of ₹4 Lakh so as to travel to Singapore for a family vacation. Thus, she has applied for the same in the bank and the best thing is that the Central Bank of India has agreed to offer her the loan at an interest rate of 10.05% per annum for a tenure of 5 years. However, Rakhi is happy about her loan sanctioning but at the same time she is also worried about her EMIs. She wants to know whether her monthly installments are going to be affordable or not. Thus, she used Central Bank of India Personal Loan EMI Calculator in order to know her EMIs. So, let’s take a look at the table below to know more about this case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 4,00,000 | 10.05% | 1 | ₹ 35,176 | ₹ 22,108 | ₹ 4,22,108 |
| ₹ 4,00,000 | 10.05% | 2 | ₹ 18,467 | ₹ 43,213 | ₹ 4,43,213 |
| ₹ 4,00,000 | 10.05% | 3 | ₹ 12,916 | ₹ 64,986 | ₹ 4,64,986 |
| ₹ 4,00,000 | 10.05% | 4 | ₹ 10,155 | ₹ 87,423 | ₹ 4,87,423 |
| ₹ 4,00,000 | 10.05% | 5 | ₹ 8509 | ₹ 1,10,520 | ₹ 5,10,520 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 64,836 | ₹ 37,267 | ₹ 3,35,163 |
| 2 | ₹ 71,661 | ₹ 30,443 | ₹ 2,63,502 |
| 3 | ₹ 79,204 | ₹ 22,900 | ₹ 1,84,297 |
| 4 | ₹ 87,541 | ₹ 14,562 | ₹ 96,756 |
| 5 | ₹ 96,826 | ₹ 5348 | ₹ 0 |
Central Bank of India 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]where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments