Personal Loan EMI Calculator768 views
- Check Lakshmi Vilas Bank Personal Loan EMI Calculator at Wishfin
- Calculate EMI using loan amount, tenure and interest rate
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About Lakshmi Vilas Bank Personal Loan EMI Calculator
Made up your mind to avail a personal loan to take a trip down to Maldives with your family? Interestingly, you have zeroed in on Lakshmi Vilas Bank for the loan, seeing its affordable interest rate of 10.70% per annum. But do you know the EMI that’s gonna be applicable on Lakshmi Vilas Bank Personal Loan? No! Then read about the EMI calculator that helps know the same.
Loan Amount Interest Rate Tenure(Months) Monthly Instalment (EMI) Total Interest Amount Total Amount (Principal + Interest) Year Principal Interest Balance Amount
What is EMI?
The EMI, an abbreviated form of Equated Monthly Installment, combines both principal and interest repayments of a personal loan. The calculation of the EMI is contingent upon three factors –
- Loan Amount
- Rate of Interest
- Loan Tenure
In order to ensure a smooth repayment, the EMI must not constitute more than 20%-30% of your net take home.
EMI Calculation Formula
Want to test your mathematical acumen? Then, crack the formula below to sum up the EMI.
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
However, if you want an easy option to calculate the indicative installments, you must go online. The EMI calculator is available online for use. You just need to enter the loan amount, interest rate and tenure to compute the installments. And not only the installments, you can even get to know the amount of interest to be paid from your end over the course of a loan.
Let’s take a look at an example below to get a better understanding of the EMI calculator.
Example – Ashish Sharma, a business analyst at a market research firm, applies for a 5-year personal loan worth ₹8 lakh at Lakshmi Vilas Bank. Owing to his strong credit history, the bank offered the loan at 10.70% per annum. What’s going to be the EMI and interest in his case? Let’s find out in the table below.
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 ₹ 8,00,000 10.70% 1 ₹ 70,593 ₹ 47,121 ₹ 8,47,121 ₹ 8,00,000 10.70% 2 ₹ 37,175 ₹ 92,199 ₹ 8,92,199 ₹ 8,00,000 10.70% 3 ₹ 26,077 ₹ 1,38,789 ₹ 9,38,789 ₹ 8,00,000 10.70% 4 ₹ 20,560 ₹ 1,86,883 ₹ 9,86,883 ₹ 8,00,000 10.70% 5 ₹ 17,274 ₹ 2,36,469 ₹ 10,36,469 Year Principal Interest Balance Amount 1 ₹ 1,27,842 ₹ 79,451 ₹ 6,72,157 2 ₹ 1,42,213 ₹ 65,081 ₹ 5,29,943 3 ₹ 1,58,199 ₹ 49,095 ₹ 3,71,744 4 ₹ 1,75,981 ₹ 31,312 ₹ 1,95,763 5 ₹ 1,95,915 ₹ 11,531 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)