# Nainital 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

## Nainital Bank Loan Calculator Tool

### Highlights

• Check EMI Calculator to compute installments
• Negotiate for a lower rate to reduce the interest outgo

What’s going to be the EMI if you choose Nainital Bank Personal Loan to fulfill your needs or aspirations? This is the question you would ask before applying for a loan, right? The EMI, as we speak of, is contingent upon the interest rates charged by the bank. Other factors that influence the calculation of EMI include the loan amount and the tenure.

## What is EMI?

The EMI forms a part of principal and interest repayments to be made by a borrower till the expiry of the loan tenure. EMI, which extends to Equated Monthly Installments, does not change even though the rates get reset by the lender from time to time. The benefit of rate reduction will translate into a lower interest component in the EMI amount. On the flip side, when the rate goes upwards, the EMI won’t change but will add more to the interest component.

A greater loan amount can lead to a higher EMI and vice-versa. The tenure, though, has an interesting connection to the EMI. The longer the tenure, the lesser will be the amount of EMI . But choosing a longer tenure can withdraw a massive chunk of interest from your pocket. So, it’s wise to opt for a comparatively shorter tenure so as to curtail the overall outflow of interest.

### Personal Loan EMI Calculation Formula

Check out the age-old formula below to calculate 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

For instance, if the principal amount is ₹6 lakh with a rate of interest at 11.95% and tenure of 5 years, the EMI will be as given below:

• Principal Amount (P): ₹6,00,000
• Interest Rate (R): 11.95% per annum (which is 0.1195 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how you will get the EMIs:

[6,00,000 x 0.1195 x (1 + 0.1195) ^ 60]/[(1+0.1195) ^60 -1] =13,331.51.

The EMIs you will be required to pay is ₹13,331.51

## Nainital 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 ₹ 45,253 ₹ 34,736 ₹ 79,989 ₹ 5,54,747
2025 ₹ 98,991 ₹ 60,987 ₹ 1,59,978 ₹ 4,55,756
2026 ₹ 1,11,491 ₹ 48,487 ₹ 1,59,978 ₹ 3,44,265
2027 ₹ 1,25,568 ₹ 34,410 ₹ 1,59,978 ₹ 2,18,697
2028 ₹ 1,41,423 ₹ 18,555 ₹ 1,59,978 ₹ 77,274
2029 ₹ 77,274 ₹ 2,716 ₹ 79,989 ₹ 0

## How to Use Wishfin Nainital Bank Personal Loan EMI Calculator?

Finding it hard to crack the formula puzzle? No worries, go online and find the Nainital Bank Personal Loan EMI Calculator at Wishfin. All you need to do is use the slider to enter the loan amount, interest rate, and tenure correctly into the calculator. It will then show the indicative EMI and interest outgo over the course of the chosen tenure.

Example of Nainital Bank Personal Loan EMI Calculation

Ram Singh applies for a 5-year personal loan worth ₹2.5 lakh at Nainital Bank. The bank offers an interest rate of 11.80%. What would be the EMI and interest? To know the answer, take a look at the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 2,50,000 11.80% 1 ₹ 22,189 ₹ 16,266 ₹ 2,66,266
₹ 2,50,000 11.80% 2 ₹ 11,745 ₹ 31,881 ₹ 2,81,881
₹ 2,50,000 11.80% 3 ₹ 8280 ₹ 48,070 ₹ 2,98,070
₹ 2,50,000 11.80% 4 ₹ 6559 ₹ 64,829 ₹ 3,14,829
₹ 2,50,000 11.80% 5 ₹ 5536 ₹ 82,153 ₹ 3,32,153

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

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 38,994 ₹ 27,436 ₹ 2,11,005
2 ₹ 43,853 ₹ 22,577 ₹ 1,67,151
3 ₹ 49,317 ₹ 17,113 ₹ 1,17,834
4 ₹ 55,462 ₹ 10,968 ₹ 62,372
5 ₹ 62,426 ₹ 4058 ₹ 0

## What is the Lowest EMI Offered by Nainital Bank on Personal Loans?

The lowest EMIs at an interest rate of 11.95% and 12.20% for a tenure of 5 years on Nainital Bank Personal Loan for different loan amounts will be:-

Interest Rate of 11.95%

Interest Rate of 12.20%

1 lakh loan amount - ₹2,221.92 p.m.

1 lakh loan amount -  ₹2,234.56 p.m.

3 lakh loan amount - ₹6,665.76 p.m.

3 lakh loan amount -  ₹6,703.69 p.m.

5 lakh loan amount - ₹11,109.59 p.m.

5 lakh loan amount -  ₹11,172.82 p.m.

7 lakh loan amount - ₹15,553.43 p.m.

7 lakh loan amount - ₹15,641.95 p.m.

9 lakh loan amount - ₹19,997.27 p.m.

9 lakh loan amount -  ₹20,111.08 p.m.

## Main Advantages of Using Nainital Bank Personal Loan EMI Calculator

Here are the main advantages of using the Nainital Bank Personal Loan EMI Calculator:

1. Quick Calculations : Instantly find out your monthly EMI payments without the need for manual calculations.
2. Accuracy : Provides accurate EMI amounts based on the exact inputs of loan amount, tenure, and interest rate.
3. Ease of Use : User-friendly interface that anyone can navigate to input loan details and get results immediately.
4. Financial Planning : Helps you budget by showing monthly repayment amounts, enabling you to plan your finances effectively.
5. Experiment with Scenarios : Allows you to try different combinations of loan amounts, durations, and interest rates to find the most suitable loan structure for your needs.
6. Cost Transparency : Reveals the total interest you will pay over the loan period, helping you understand the full cost of the loan.
7. Saves Time : Eliminates the need for back-and-forth discussions with bank representatives to get EMI figures, saving you time.
8. Informed Decision-Making : Provides the necessary data to compare different loan options from Nainital Bank, aiding in making an informed choice.
9. Customizable Inputs : You can easily adjust the principal amount, interest rate, and tenure to see how changes affect your monthly payments.
10. Accessibility : Available online 24/7, allowing you to calculate EMIs from the comfort of your home or on the go.

## Nainital Bank Personal Loan Eligibility Criteria

Here’s the requirement you need to fulfill when applying for a personal loan with Nainital Bank:

• Minimum age: 21 years
• Maximum age: 65 years for salaried employees and 70 years for others
• Permanent employees of PSU/Government Employee/Companies/Reputed Institution/UGC or AICTE recognized college or university
• Pensioners of PSU/Government employees/companies/reputed institutions/UGC recognised universities/retired pensioners of NTB bank
• Field officers/agents of public sector insurance companies
• Professionals (doctors, advocates, architects, Chartered Accountants, etc)

## Factors Affecting Nainital Bank Personal Loan EMI

The interest rates and EMIs on Nainital Bank Personal loan depend on a lot of factors, and we have listed them for you below:

• Loan Amount : The more you borrow, the higher your monthly payments will be.
• Repayment Term : If you choose a longer period to repay, your monthly payments will be lower, but you'll end up paying more interest overall. A shorter term means higher monthly payments but less interest in the long run.
• Interest Rate : A higher interest rate will bump up your EMIs, while a lower rate will make them more affordable.
• Income : If you have a higher income, you might manage higher EMIs comfortably, which can also shorten your loan term.
• Credit Score : A good credit score can get you a lower interest rate, which means lower EMIs.
• Existing Debts : If you already have other loans, they can affect how much you can borrow and the interest rate you'll get, which will, in turn, impact your EMIs.

## Fees and Charges Related to Nainital Bank Personal Loan

Nainital Bank offers personal loans with various fees and charges associated with them. Here are the key fees and charges that you must be aware of:

1. Processing Fees: Nainital Bank charges a one-time processing fee, typically between 0.50% to 2% of the loan amount.
2. Prepayment Charges: Nainital Bank charges a prepayment fee of 1% for the foreclosure of the credit facility.
3. Late Payment Fee: Missing or delaying EMI payments may also attract penalties. This is usually 1% of the unpaid EMI.
4. Other Charges: Additional charges may include documentation fees, late payment penalties, and other administrative fees, which can vary based on the specific terms and conditions of the loan agreement.

## Limitations of Using Nainital Bank Personal Loan EMI Calculator

The Nainital Bank Personal Loan EMI Calculator is a useful tool for estimating monthly loan repayments, but it has certain limitations:

• Assumes Constant Terms and Rates: The calculator works under the assumption that interest rates and loan terms remain constant throughout the loan period. Any changes in these factors over time are not accounted for.
• Excludes Additional Fees: It might not include other fees associated with taking out a loan, such as processing fees, document charges, and any other miscellaneous costs that could affect the overall cost of the loan.
• No Credit Impact Consideration: The calculator does not consider your credit score, which can significantly influence the interest rate offered to you. A lower or higher interest rate based on your credit history isn't reflected in the basic calculations.
• No Consideration for Prepayments: The calculator generally does not factor in the possibility of prepayments or partial repayments, which can alter the loan tenure and reduce the overall interest burden. This limitation can lead to an overestimation of the total interest payable.
• Other Financial Obligations: Borrowers may have additional financial commitments, such as existing loans, credit card debt, or future expenses, which can affect their ability to manage loan repayments. The calculator may not factor in these external liabilities.