Jammu & Kashmir Bank Personal Loan EMI Calculator Feb 2023 - Wishfin

Jammu and Kashmir Bank Personal Loan EMI Calculator


  • Can't calculate EMI on your own? Use EMI Calculator
  • Input 3 variables - Loan Amount, Interest Rate and Tenure to compute

About Jammu and Kashmir Bank Personal Loan EMI Calculator

Searching for the EMI to be paid from your end on availing a personal loan from Jammu & Kashmir Bank? Before answering the question, one must say, your search assumes enormous significance as it remains a prime consideration for many personal loan seekers like you. If you don’t know how to calculate the EMI, you can learn right here.

What is EMI?

EMI, which stands for equated monthly installment, forms a portion of both principal and interest payable from your end until the expiry of the loan tenure. Ideally, the outflow of EMI must not be more than 20%-30% of your monthly income. You need to make an effective budget to keep the EMI to the said level.

Formula to Calculate EMI

The EMI is calculated by the following formula.

E = P . R . (1+R)^N/((1+R)^N – 1),

Where E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure

The formula may seem complex for you to use and compute the EMI. That’s why you should go online and find Personal Loan EMI Calculator there. Just enter the loan amount, interest rate and tenure in the calculator to compute the installments applicable to your loan. The calculator also shows the amount of interest one needs to pay over the loan tenure.

An example will help understand things better, isn’t it?

Example – Sohan Malik wants to avail a personal loan worth ₹8 lakh from Jammu & Kashmir Bank for a tenure of 5 years. The interest rate, based on his eligibility, comes out as 13% per annum. So, how will the repayment pan out? Let’s find out in the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 8,00,00013.00%1₹ 71,454₹ 57,446₹ 8,57,446
₹ 8,00,00013.00%2₹ 38,033₹ 1,12,803₹ 9,12,803
₹ 8,00,00013.00%3₹ 26,955₹ 1,70,386₹ 9,70,386
₹ 8,00,00013.00%4₹ 21,462₹ 2,30,176₹ 10,30,176
₹ 8,00,00013.00%5₹ 18,202₹ 2,92,148₹ 10,92,148

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 1,21,499₹ 96,930₹ 6,78,500
2₹ 1,38,270₹ 80,159₹ 5,40,229
3₹ 1,57,356₹ 61,073₹ 3,82,872
4₹ 1,79,077₹ 39,352₹ 2,03,795
5₹ 2,03,990₹ 14,634₹ 0


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