Standard Chartered Personal Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Tips for using Standard Chartered Personal Loan EMI Calculator
- A higher loan amount and/or a higher interest rate will increase your EMI and total interest cost and vice versa.
- A longer loan tenure will reduce your EMI while increasing your overall interest cost and vice versa.
- Lenders usually prefer to lend to loan applicants whose total EMI obligations including existing EMIs and the EMI of their new loan do not exceed 50-60% of their monthly income.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Standard Chartered Bank Personal Loan EMI Calculation
Standard Chartered bank makes use of the reducing balance method of interest calculation to compute the EMIs on its personal loans. The following table gives EMI calculation for Standard Chartered bank personal loans using different combinations of loan amount, interest rate and tenure:
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
Comparison of EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
The table below gives a comparison of the difference in EMI payouts when using the flat interest rate method v/s when the reducing balance method is used for varying loan amounts, tenures and interest rates:
|Loan Amount (Rs.)||Loan Tenure (months)||Interest Rate (p.a.)||EMI using Flat Rate method|
|EMI using Reducing Balance method|
Charges levied on Non Payment of EMI – Cheque Bounce Charges and Penal Interest Charges
|Late Payment Fees||Rs. 495|
Factors Affecting Standard Chartered Personal Loan EMI
Given below are some important factors which affect Standard Chartered bank personal loan EMIs:
- Loan Amount: Loan amount/loan principal refers to the amount of money that you borrow from the lender. Usually, a greater loan amount results in higher EMI payouts.
- Interest Rate: It is the rate of interest charged by the lender on the loan amount. Usually a higher interest rate results in higher EMI payouts.
- Loan Tenure: It refers to the time period over which a loan can be repaid. Generally, a longer loan tenure leads to lower EMI payouts. However, it may also lead to greater interest payout on the loan.
- Interest Calculation Method: The method of calculating interest adopted by the lender also affects the EMI payouts. Usually, EMIs computed using the reducing balance method are slightly lower as compared to EMIs computed using the flat rate method.
Q1. Does the EMI calculator show prepayment charges?
No, the prepayment charges are not shown by the EMI calculator. However, you can check the prepayment charges in the loan agreement provided by the lender,
Q2. What is floating rate EMI calculation?
When EMIs are calculated using floating interest rate it is known as floating rate EMI calculation. Floating interest rate is variable in nature and based on market fluctuations and RBI policies. For instance, Repo Linked Lending Rate (RLLR) is influenced by the repo rate. Whenever the repo rate is changed by RBI, a similar change is reflected in the loan interest rate. Currently, the floating interest rate mechanism is not applicable to standard Chartered bank personal loans.
Q3. Is there a limit on the maximum value that I can enter for the loan amount and tenure in the personal loan EMI calculator?
Customers can compute EMI payouts for personal loans up to Rs. 2 crore and for tenures ranging up to 300 months using Paisabazaar’s personal loan EMI calculator. However, the repayment tenure on personal loans generally ranges between 12 to 60 months.
Q4. How to use the EMI calculator?
You can use Paisabazaar’s personal loan EMI calculator by simply following the steps given below:
- Access the Paisabazaar EMI calculator.
- Enter loan amount, tenure and interest rate.
- The EMI amount is instantly displayed by the calculator.
Q5. How can I arrive at the right EMI amount?
You can make use of an EMI calculator to check varying combinations of loan amount, interest rate and tenure to reach the most convenient EMI for yourself. You must take into account all your monthly expenditure and outstanding debt before finalizing upon a suitable EMI amount that can be easily paid without disturbing your financial stability.