Karur Vysya Bank Personal Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Month)

Total Amount

2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

Karur Vysya Bank Loan Calculator Tool

Highlights

• Get an Idea of Your Repayment Future with EMI Calculator
• Apply for KVB Personal Loan Online

Planning a Karur Vysya Bank Personal Loan to explore the ancient ruins of Greece or fly off to the chilly locales of Europe? To make your plan a grand success, not only the interest rates but even the resultant EMIs have to be lower.

After a negotiation with the lender for lower rates, the focus shifts to calculating the EMI on a proposed loan. To do the same, the personal loan EMI calculator is ready with its in-built algorithms and certified mechanisms. Why not then read more about the calculator?

What is EMI?

EMIs or Equated Monthly Installments constitute portions of both principal and interest repayments of a loan to be paid over the tenure of a loan. Needless to say, the higher the rates, the greater the EMI and vice-versa. However, not only the interest rates dictate the figure for EMI but also the loan amount and tenure. The proposed EMI must be within 20%-30% of your net monthly income.

Personal Loan EMI Calculation Formula

Strong in mathematics? Find the proposed EMI by using the formula below.

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

Suppose the principal loan amount is ₹5.5 lakh at an interest rate of 12.5% and a tenure of 5 years. The EMI calculation would be structured as follows:

Principal Amount (P): ₹5,50,000

Interest Rate (R): 12.5% per annum (which is 12.5/12/100 = 0.0104 per month)

Loan Tenure (n): 5 years, or 60 months

Here’s how to calculate it:

[5,50,000 x 0.0104 x (1 + 0.0104) ^ 60]/[(1+0.0104) ^60 -1] = 12373.87

The EMIs you would be required to pay is ₹12,373.87

Well, the formula may not be easy for most to solve. So, it’s advisable to use an online EMI calculator, like the one offered by Wishfin.

Karur Vysya Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

Year Principal Interest Total Payment Balance
2024 ₹ 40,921 ₹ 33,322 ₹ 74,243 ₹ 5,09,079
2025 ₹ 89,886 ₹ 58,601 ₹ 1,48,486 ₹ 4,19,193
2026 ₹ 1,01,788 ₹ 46,698 ₹ 1,48,486 ₹ 3,17,406
2027 ₹ 1,15,266 ₹ 33,220 ₹ 1,48,486 ₹ 2,02,139
2028 ₹ 1,30,529 ₹ 17,957 ₹ 1,48,486 ₹ 71,610
2029 ₹ 71,610 ₹ 2,633 ₹ 74,243 ₹ 0

How to Use Wishfin Karur Vysya Personal Loan Calculator?

Visit the EMI calculator page and use the slider to input your loan details. This includes the loan amount, interest rate, and tenure.

Once you've entered the information, the calculator will process it and show you the monthly EMIs, total interest due, and the overall payment amount, among other details.

Example of Karur Vysya Personal Loan EMI Calculation

Harish Munjal applied for a personal loan worth 5 lakh at Karur Vysya Bank (KVB). The bank approves the application and offered the loan at an interest rate of 13.50%, based on his eligibility, for 5 years. Let’s check out the likely EMI and interest repayments.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 5,00,000 13.50% 1 ₹ 44,776 ₹ 37,312 ₹ 5,37,312
₹ 5,00,000 13.50% 2 ₹ 23,889 ₹ 73,324 ₹ 5,73,324
₹ 5,00,000 13.50% 3 ₹ 16,968 ₹ 1,10,835 ₹ 6,10,835
₹ 5,00,000 13.50% 4 ₹ 13,538 ₹ 1,49,832 ₹ 6,49,832
₹ 5,00,000 13.50% 5 ₹ 11,505 ₹ 1,90,295 ₹ 6,90,295

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

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 75,092 ₹ 62,966 ₹ 4,24,907
2 ₹ 85,881 ₹ 52,177 ₹ 3,39,025
3 ₹ 98,220 ₹ 39,838 ₹ 2,40,804
4 ₹ 1,12,332 ₹ 25,726 ₹ 1,28,471
5 ₹ 1,28,599 ₹ 9587 ₹ 0

What is the EMI of a 1 Lakh Personal Loan in Karur Vysya Bank?

Below, we have calculated the EMI for a 1 lakh Karur Vysya Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Karur Vysya Bank on their personal loans.

Year Monthly EMI @11.15%p.a Monthly EMI @14.15% p.a
1 ₹8845.16 ₹8985.77
2 ₹4667.75 ₹4808.38
3 ₹3280.98 ₹3425.05
4 ₹2591.84 ₹2740.18
5 ₹2181.73 ₹2334.61

The Lowest EMI Provided by Karur Vysya Bank on Personal Loans

Here are the monthly payments for different loan amounts with Karur Vysya Bank Personal Loans, calculated using annual interest rates of 12.20% and 13.20%, over a period of five years.

Interest Rate of 12.20%

Interest Rate of 13.20%

1 lakh loan amount - ₹2,234.56 p.m.

1 lakh loan amount -  ₹2,285.56 p.m.

3 lakh loan amount - ₹6,703.69 p.m.

3 lakh loan amount -  ₹6,856.68 p.m.

5 lakh loan amount - ₹11,172.82 p.m.

5 lakh loan amount -  ₹11,427.79 p.m.

7 lakh loan amount - ₹15,641.95 p.m.

7 lakh loan amount - ₹15,998.91 p.m.

9 lakh loan amount - ₹20,111.08 p.m.

9 lakh loan amount -  ₹20,570.03 p.m.

What are the Main Benefits of Karur Vysya Personal Loan EMI Calculator?

Let’s talk about the key benefits of using a personal loan EMI calculator to deal with your finances better:

Simplified EMI Calculation : Just by entering a few details, like the loan amount, interest rate, and loan term, you can find out exactly what your monthly payment will be. It's as easy as filling in three boxes, and you get to skip all the complex math.

Instant Results : Get the information you need in seconds! This tool saves you the hassle of manual calculations and waiting. It’s quick, efficient, and ready whenever you are.

Complete Transparency : The calculator breaks down everything for you—not just how much you'll pay each month but also the total interest and the overall amount you'll spend on the loan. This way, there are no hidden figures; what you see is what you get.

Flexible Loan Scenarios : Play around with different amounts, rates, and terms to see what works best for you. It’s a great way to see how adjusting different variables affects your monthly payments, helping you make the best choice for your financial health.

Make Smarter Choices : With all this information at your fingertips, you can make well-informed decisions about borrowing. It empowers you to choose a loan that you can afford and that aligns with your financial goals.

Karur Vysya Bank Personal Loan Eligibility

If you're interested in a personal loan from Karur Vysya Bank, here are the basic requirements you need to meet. You must be an Indian citizen, and each loan scheme has its own specific criteria:

Bon Voyage

• For Salaried People : You need a yearly take-home salary of Rs. 1.80 lakh. After your loan payment, you should still have at least 25% of your gross salary. You also need a letter from your employer agreeing to deduct the loan payments from your salary each month and send them directly to the bank.

Insta Loan

• General Requirement : Your salary after loan payments should not fall below 25% of your total gross pay.
• Employment : You must be a permanent employee at a government or private institution and provide a letter from your payment office confirming they will handle the loan deductions.

Personal Loan (Secured/Unsecured)

• Income Check : After making loan payments, your take-home pay should be more than 25% of your gross income.
• Proof for Self-Employed : If you’re self-employed, you need to show your income tax returns to prove your income and ability to repay the loan.
• For Salaried People : You’ll need a letter from your employer that confirms they will directly deduct your loan payments and send them to the bank.

Quick Loan

• Terms : This is an overdraft facility available for one year.
• Securities : You can secure this loan by pledging government securities like Kisaan Vikas Patras, National Savings Certificates, etc.

IPO Funding

Account Requirements : You need to have a savings account and a demat account either with Karur Vysya Bank or with any approved depository participants.

Factors Driving EMI Amounts for Kauru Vysya Bank Personal Loans

Here are the factors that determine your monthly installment when taking a personal loan from Karur Vysya Bank.

• Loan Amount: The total money borrowed influences your EMI. Larger loans result in higher EMIs.
• Interest Rate: The percentage charged on the loan greatly affects the EMI. Higher rates increase the monthly payment.
• Loan Duration: The time you choose to repay the loan impacts your EMI. Longer terms mean smaller monthly payments, while shorter terms increase them.
• Credit Score: Your credit history can affect the interest rate you receive. A better score typically means a lower rate, which lowers the EMI.
• Existing Debts: Your current debts can influence the interest rates you receive, which affects your EMI.

Fees and Charges in Relation to Karur Vysya Bank Personal Loan

Fee Type

Details

Processing fee

For a personal loan: There's a fee of 1.50% of the amount you want to borrow.

For an Insta loan: The fee is 0.50% of the loan amount, but it won't be less than Rs. 1,000, plus GST.

Foreclosure charges

NIL (Under floating interest rates)

The Main Drawbacks of Karur Vysya Bank Personal Loan EMI Calculator

Here are the main drawbacks of using the Karur Vysya Bank personal loan EMI calculator, explained in simple terms:

• Doesn't Include All Fees: The calculator might not show extra costs like processing fees or penalties for late payments, which can affect the total you need to repay.
• Only Uses Fixed Interest Rates: It calculates your payments using a fixed interest rate, which doesn't account for changes in rates over time that can increase or decrease your payments.
• Ignores Your Credit Score: The calculator doesn't consider your credit score, which can actually impact the interest rate you get and the amount of your monthly payments.
• Limited Customization: It doesn't allow you to adjust for different payment plans or special conditions that might be available, which can make a big difference in your payments.
• Simplistic Estimates: While it's easy to use, it only gives a basic estimate and might not be accurate for everyone's situation, especially if your financial circumstances are complex.
• Doesn't Check Eligibility: It doesn’t tell you if you actually qualify for the loan based on your income or other debts, which is crucial for planning your finances properly.