Personal Loan EMI Calculator780 views
Highlights
- Get an Idea of Your Repayment Future with EMI Calculator
- Apply for KVB Personal Loan Online
Table of Contents
About Karur Vysya Bank Personal Loan EMI Calculator
Planning a Karur Vysya Bank Personal Loan to fly off to the chilly locales of Europe? So 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?
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
What is EMI?
Abbreviated for Equated Monthly Installments, EMIs constitute portions of both principal and interest repayments of a loan to be paid over the tenure of a loan. Needless to say, higher the rates greater will be the EMI and vice-versa. But it’s not only the interest rates that dictate the figure of EMI but also the loan amount and tenure. The proposed EMI must be within 20%-30% of your net monthly income.
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
Well, the formula may not be easy for most to solve. So, an example below will ease out the calculation for you.
Example – 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 EMI, Total Interest Outgo, Total Repayment (Interest + Principal)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 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
