Standard Chartered Personal Loan Calculator
Standard Chartered Bank offers personal loan with EMI start from Rs.2,174 per lakh.
The interest rate on this loan currently starts from 11.49% p.a. You can use the Personal Loan EMI Calculator available on the BankBazaar's website to determine the EMI payable depending on the loan amount availed by you, repayment tenure, and rate of interest.
Rs.3 lakh @11.49% p.a. | 2 years | 3 years | 5 years |
Equated Monthly Instalment (EMI) (Rs.) | 14,051 | 9,891 | 6,596 |
Total Interest Payable (Rs.) | 37,217 | 56,090 | 95,777 |
Processing Fee (Rs.) | 6,000 | 6,000 | 6,000 |
Total Amount Payable (Rs.) | 3,43,217 | 3,62,090 | 4,01,777 |
Example - In the table above, consider a scenario wherein you have taken a loan of Rs.3 lakh from the bank at an interest rate of 11.49% p.a. Keeping the processing fee at 2% of the loan amount, your repayment details for different tenures are shown.
How does the Standard Chartered Personal Loan EMI Calculator Work?
An EMI Calculator works on the following formula:
E = P x R x (1+R)^n/((1+R)^n-1)
Here, E stands for Equated Monthly Instalment (EMI)
P stands for the principal loan amount
R stands for the monthly rate of interest
n stands for the duration of the loan
BankBazaar's EMI Calculator also factors in processing fees and pre-payments to give a more accurate result.
Features and Benefits
The advantages of using an EMI Calculator are:
- Ease of access: EMI Calculators are available online and are a convenient tool as they can be accessed from anywhere, on either laptops/PCs or smartphones/tablets with an internet connection.
- Ease of use: You can input values as per your needs into an EMI Calculator. It is very simple to use and you do not need any specialised knowledge of finance or technology to operate an EMI Calculator.
- Repayment table: The meticulous break-up of EMIs and outstanding amounts on a month-to-month basis helps you understand the whole repayment process clearly.
Standard Chartered Bank Personal Loan FAQs
- How accurate are EMI Calculators?
An EMI Calculator depends on what values you input for its calculation. The bank usually has a few extra charges that cannot all be factored into the estimations by a simple online calculator. This means that the results of an EMI Calculator may not be accurate to the T, but they give you a fairly good estimate to help you make the right decisions about a personal loan.
- Are there separate EMI Calculators for each type of loan?
No. The BankBazaar EMI Calculator can be used to calculate the EMIs of any kind of loans, as long as you input the values related to those loans.
- Is it easier to use EMI Calculators on the bank websites?
EMI Calculators are not specifically customised to any bank. Even those on the bank websites function the same way as BankBazaar's EMI Calculator. In fact, bank calculators will not give you as many details in their analysis as BankBazaar's EMI Calculator does.
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