The equated monthly installment is a crucial component in determining the loan amount and duration when you take out a loan. Depending on the interest rate and loan term, 1 lakh loan monthly EMI can vary. You can calculate the EMI based on the formula I have mentioned here.
EMI=P×r× (1+r) ^n/ (1+r) ^ n−1
One Lakh Personal Loan EMI for Different Tenure
Let’s check out the EMI calculation for 1 lakh loan based on different interest rates and several tenures.
Interest Rate | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years |
10% | Rs.8,792 | Rs.4,614 | Rs.3,226 | Rs.2,536 | Rs.2,125 |
12% | Rs.8,884 | Rs.4,707 | Rs.3,321 | Rs.2,633 | Rs.2,224 |
15% | Rs.9,025 | Rs.4,856 | Rs.3,478 | Rs.2,796 | Rs.2,398 |
18% | Rs.9,167 | Rs.5,011 | Rs.3,599 | Rs.2,919 | Rs.2,528 |
You can also calculate the personal loan 1 lakh EMI with an online personal loan EMI calculator.
Get Loan Up to 10 Lakhs Instantly to Your Account with NB InstaCash
Read more
How to Calculate EMI for Personal Loan Online
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
I wanted to avail a personal loan from Axis Bank and visited the bank to inquire about it. I just needed Rs 1 lakh so I had a detailed discussion with the loan executive about what will be the EMI for 1 lakh personal loan. He advised me to visit their official website and calculate the EMI amount there but he also shared with me the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1].
How to Calculate the Personal Loan 1 Lakh EMI?
If you are wondering what is the EMI for 1 lakh personal loan, you can use the formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1] to get your answer.
E = Equated Monthly Instalment
‘R’ = Rate of interest (suppose 10.65%)
‘P’ = Principal amount
‘N’ = Loan Period (suppose 12 months)
So [P x R x (1+R)^N] / [(1+R)^N-1] = [100000 x 10.65 x (1+10.65)^12] / [(1+10.65)^12-1] = Rs 8,822. Here is a list to help you understand what your EMI will be for different tenures of a home loan with the same principal amount and interest rate:
| Tenure (in years) | EMI Amount |
1 |
8,822 |
2 |
4,644 |
3 |
3,257 |
4 |
2,567 |
5 |
2,156 |
Almost every bank nowadays provides a free EMI calculation option in its portal so you can visit your bank’s official website and check your EMI amount there. Just note that the interest rates of all the banks are not the same and vary a lot. Before calculating, do note the interest rate correctly.
Get up to Rs 10 Lakh Instantly in Your Bank. Opt for NoBroker’s Personal Loan ServiceRead More:
Which Bank is Best For Personal Loan?
What is the EMI for 1 Lakh Personal Loan?
Shalin
182 Views
2
1 Year
2024-02-19T08:49:22+00:00 2024-02-19T09:07:12+00:00Comment
Share