| 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
- EMI Calculator Shows Installment and Interest to be Paid
- Check EMI Calculator to get an idea of repayment ahead
About Punjab and Sind Bank Personal Loan EMI Calculator
All set to apply for Punjab and Sind Bank Personal Loan? Checked the interest rates, Yes! But have you checked the results of Punjab and Sind Bank Personal Loan EMI Calculator? Nah! Then, do that soon to get a summary of the repayment in advance. This will help you manage your spends wisely to ensure a smooth repayment of a loan till the expiry of the tenure. Let’s discuss the role of the calculator in detail.
What is Personal Loan EMI?
The EMI payable on a personal loan is the addition of interest and the principal amount each month till the expiry of the tenure. Without any further delay, let us tell you that the EMI calculator takes into account the amount of loan, interest rate and tenure to compute the indicative installments and the overall interest outgo.
EMI Calculation Formula
There’s also a formula that the calculator uses to compute the installments. Wanna know that? Then, take a look 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
However, an example can help you understand the function of the calculator better. So take a note of the example below.
Example – Ravi Mehta, a senior software engineer, applies for a 5-year personal loan worth ₹2 lakh at Punjab and Sind Bank. The public lender accepted his application and disbursed him a loan at 13.65% interest rate. Then, how much EMI Ravi is made to pay? The table below has the answer. Take a look.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 2,00,000 | 13.65% | 1 | ₹ 17,925 | ₹ 15,094 | ₹ 2,15,094 |
| ₹ 2,00,000 | 13.65% | 2 | ₹ 9570 | ₹ 29,669 | ₹ 2,29,669 |
| ₹ 2,00,000 | 13.65% | 3 | ₹ 6802 | ₹ 44,857 | ₹ 2,44,857 |
| ₹ 2,00,000 | 13.65% | 4 | ₹ 5430 | ₹ 60,652 | ₹ 2,60,652 |
| ₹ 2,00,000 | 13.65% | 5 | ₹ 4617 | ₹ 77,046 | ₹ 2,77,046 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 29,936 | ₹ 25,473 | ₹ 1,70,063 |
| 2 | ₹ 34,288 | ₹ 21,121 | ₹ 1,35,775 |
| 3 | ₹ 39,272 | ₹ 16,137 | ₹ 96,502 |
| 4 | ₹ 44,981 | ₹ 10,427 | ₹ 51,520 |
| 5 | ₹ 51,572 | ₹ 3888 | ₹ 0 |