Hey. Though I haven’t opted for a Rs. 50,000 personal loan, I can help you understand the 50000 personal loan EMI. I had opted for a Rs. 2 Lakhs personal loan from Kotak Mahindra Bank. When I was trying to learn how to calculate the EMI of personal loans, I came across the formula, which I used to find out about the EMIs. I have shared the same below with you.
How to Calculate EMI for 50000 Personal Loan?
I have added the formula that I had used to calculate the EMI of my personal loan.
EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1].
Here,
P = Principal amount = Rs. 50,000
R = Interest rate = Rs. 10.99% (assume)
N = Loan tenure (in months)
Now, adding these values to the above formula, here are the EMIs based on different loan tenures.
Tenure (in months) | EMI |
12 | Rs. 4,418 |
24 | Rs. 2,330 |
36 | Rs. 1,636 |
48 | Rs. 1,292 |
60 | Rs. 1,086 |
72 | Rs. 951 |
And that’s about it. These are the various EMIs that you need to pay a Rs. 50,000 personal loan. These amounts would change based on the interest rate. I hope this helps.
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Hi buddy, the 50 000 personal loan EMI was something I wanted to know a few months ago. After searching across a few mediums, I found that the EMI for a loan of Rs. 50,000 can depend on certain factors, and there is no fixed figure. Let me share more details on this, so it’ll be easier for you to understand everything.
What is the EMI for 50000 Personal Loan?
The EMI for a personal loan of Rs. 50,000 is subjective.
Your loan EMI would depend on the loan tenure. The greater the loan repayment period, the lesser the EMI of your loan.
The interest rate on the personal loan is another direct factor, which will affect the EMI you’d have to pay. The lower the interest rate, the greater would be the EMI.
Another thing is whether you’re a salaried employee or a self-employed applicant. The banks have different interest rates for the two categories of applicants. This will affect the EMI for the loan.
I took a personal loan through NoBroker at an interest rate of 13%. My loan amount was also Rs. 50,000, and the tenure was 5 years, so my EMI came down to Rs. 1,081 per month. There are several EMI calculators available online. So, once you know the interest rate and loan tenure for your loan, you can check the EMI you’ll have to pay.
This is all from my side. I hope you find this information helpful.
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What is 50 000 Personal Loan EMI?
tajul
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2024-02-23T11:29:13+00:00 2024-02-23T11:29:14+00:00Comment
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