| RESULTS | |
|---|---|
| Loan Amount | ₹₹ 2,50,000 |
| Interest Rate | 10.99%% |
| Tenure(Months) | 224 |
| Monthly Instalment (EMI) | ₹₹ 2,631 |
| Total Interest Amount | ₹ ₹ 3,39,334 |
| Total Amount (Principal + Interest) | ₹₹ 5,89,334 |
Highlights
- Check EMI Calculator to compute installments
- Negotiate for a lower rate to reduce the interest outgo
About Nainital Bank Personal Loan EMI Calculator
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 extended to Equated Monthly Installment, 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. Longer the tenure, 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.
EMI Calculation Formula
Check out the age-old formula to calculate the EMI 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
Finding it hard to crack the formula puzzle? No worry, go online and find Nainital Bank Personal Loan EMI Calculator. All you need to do is to enter the loan amount, interest rate and tenure correctly in the calculator, which will then show the indicative EMI and interest outgo over the course of chosen tenure.
Example – 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 |