| 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 |
When it comes to a personal loan EMI Calculator, this smart and effective online tool with its well-designed algorithms allows you to know the exact calculations related to your EMI and Interest Outgo in the best manner. This online tool after taking into consideration:
- Loan Amount
- Interest Rate
- Tenure
Starts to function and fetches the results for you in the least time frame. This useful device is easy to use and gives you the accurate and exact results in the best way, making your loan journey a hassle-free experience.
Syndicate Bank Personal Loan EMI Calculator
To make you more aware of the personal loan EMI Calculator, let’s take a look at the article below.
Suppose, Rajat Verma,a 32-year-old, Senior Copy Editor by profession is looking for a personal loan of ₹5 Lakh to enjoy a family vacation in Europe.Syndicate Bank has agreed to offer the loan at an interest rate of 10.30% per annum for a tenure of 5 years. But before saying yes to a lender, Rajat wants to be fully sure about his EMI, i.e. whether his EMIs are going to be pocket-friendly or not. Thus, he used this online device to know the same. So, let’s just know more about the same in the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 5,00,000 | 10.30% | 1 | ₹ 44,028 | ₹ 28,333 | ₹ 5,28,333 |
| ₹ 5,00,000 | 10.30% | 2 | ₹ 23,142 | ₹ 55,402 | ₹ 5,55,402 |
| ₹ 5,00,000 | 10.30% | 3 | ₹ 16,204 | ₹ 83,348 | ₹ 5,83,348 |
| ₹ 5,00,000 | 10.30% | 4 | ₹ 12,753 | ₹ 1,12,166 | ₹ 6,12,166 |
| ₹ 5,00,000 | 10.30% | 5 | ₹ 10,697 | ₹ 1,41,849 | ₹ 6,41,849 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 80,604 | ₹ 47,765 | ₹ 4,19,395 |
| 2 | ₹ 89,310 | ₹ 39,060 | ₹ 3,30,085 |
| 3 | ₹ 98,956 | ₹ 29,414 | ₹ 2,31,129 |
| 4 | ₹ 1,09,643 | ₹ 18,726 | ₹ 1,21,485 |
| 5 | ₹ 1,21,576 | ₹ 6884 | ₹ 0 |
Syndicate Bank Personal Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
EMI=[P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments