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What Is the KVB Personal Loan EMI Calculator?
The KVB personal loan EMI calculator is a useful tool provided by Angel One to help you estimate your Equated Monthly Installment (EMI) for personal loans that you intend to borrow from Karur Vysya Bank. Using this calculator, you can determine the monthly amount you must pay towards your loan by just inputting the loan amount, interest rate, and tenure.
The online KVB personal loan EMI calculator assists you in making informed borrowing decisions by providing accurate EMI calculations.
It also helps you compare various combinations of loan amount and tenure to determine what works best for you. The KVB personal loan EMI calculator simplifies your loan planning and empowers you to manage your finances effectively.
How Does the KVB Personal Loan EMI Calculator Work?
A personal loan EMI calculator considers 3 main factors to provide an accurate estimate. It uses the loan amount, interest rate, and loan tenure as key variables. In the back end is a mathematical formula that uses these inputs to yield the EMI and interest payable. Using a personal loan EMI calculator eliminates the need for manual calculations and saves time and effort. It offers an accurate estimate of the EMI and helps you plan your finances effectively by assessing the affordability of the EMI and ensuring that you budget accordingly. A personal loan EMI calculator is easily accessible online and makes it possible for you to compare different loan options and make informed decisions.
What is the KVB Personal Loan EMI Calculator Formula?
The KVB personal loan EMI calculator formula is given below:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = is the principal loan amount
R = is the monthly interest rate
N = is the loan tenure in months
Manual calculations using the formula given above are tedious and prone to errors. Thus, you can use the online KVB personal loan EMI calculator and save time.
How to Use the KVB Personal Loan EMI Calculator Online?
To effectively use the KVB personal loan EMI calculator, follow these simple steps:
- Visit the Angel One website and navigate to the KVB personal loan EMI calculator page.
- Enter the loan amount you require.
- Input the annual interest rate.
- Specify the loan tenure in years.
- Once you have entered these details, this personal loan EMI calculator will automatically calculate the EMIs you must pay to repay the personal loan.
The online KVB personal loan EMI calculator will display the total payable amount and interest.
If you want to compare different loan options or adjust the variables, simply modify the loan amount or tenure and observe the corresponding changes in the EMI amount.
Here’s an example for your better understanding:
Suppose you're considering taking a personal loan of Rs. 6,00,000 for three years with an interest rate of 12% annually. Based on the provided information, your loan EMIs will amount to Rs. 19,929, and the total payable amount over the loan tenure will be Rs. 7,17,429, which includes an interest amount of Rs. 1,17,429.
Benefits of Using the KVB Personal Loan EMI Calculator
Here are the primary benefits of using the KVB personal loan EMI calculator:
- Accurate loan planning: The online KVB personal loan EMI calculator lets you plan your loan repayment precisely. You get accurate EMI calculations by entering the loan amount, interest rate, and tenure. It helps you determine the monthly amount you need to set aside for loan repayment. This way, you can plan your finances better.
- Quick and convenient: With the KVB personal loan EMI calculator, you can calculate your EMI in seconds. The online tool is easily accessible and user-friendly. It saves you time and effort compared to manual calculations or visiting a bank branch.
- Compare loan options: The online KVB personal loan EMI calculator empowers you to compare different loan options by adjusting the loan amount, tenure, and interest rate. By altering these variables, you can instantly see how they affect your EMI. It helps you make informed decisions and choose the loan option that best suits your financial capabilities and goals.
Types of Personal Loans Offered by KVB
KVB offers the following types of personal loans:
- Bon Voyage Scheme: If you're an Indian citizen residing in India and planning to travel abroad for business or pleasure, KVB offers the Bon Voyage Scheme. This personal loan comes with a 25% margin. You can repay the loan in 36 months.
- Jewel Loan / Overdraft: You can avail of two types of jewellery loans: Overdraft (Swarnamitra) and Short-Term Loans (Jewel Loan - Non-Agri/Personal). The loan amount can range from a minimum of Rs. 5,000 to a maximum of Rs. 75 Lakhs. For the overdraft facility, the repayment tenor is 12 months, with the option to renew the limit for another 12 months. The primary security required for these loans is the pledge of gold jewellery with a minimum purity of 22 carats and gold ingots sold by banks.
- Insta Loan: KVB offers an Insta Loan that caters to the needs of permanent employees from well-established companies, schools, government institutions, and more. This personal loan covers various expenses such as medical bills, education, housing, etc. It offers a maximum repayment period of 72 months.
- Personal Loan (Secured / Unsecured): With this loan, you can tackle your unexpected emergencies. The loan offers a flexible quantum, ranging from a minimum of Rs. 0.50 Lakhs to a maximum of Rs. 10 Lakhs for an unsecured loan and a minimum of Rs. 0.50 Lakhs for a secured loan. It offers a repayment period of 1 to 5 years.
- IPO Funding: If you're looking to invest in Initial Public Offerings (IPOs) but need financial assistance, KVB offers a loan scheme tailored for this purpose. It offers a minimum loan amount of Rs. 5 Lakhs and a repayment tenor of up to 15 days from the loan disbursement date. The primary security for this loan is the DPN (Demand Promissory Note) or the pledge of shares allotted to you.
The KVB personal loan EMI calculator is designed to help you calculate the EMIs for a personal loan. It allows you to determine the amount you must repay each month, considering factors such as the loan amount, the loan tenure, and the interest rate.
Access the online KVB personal loan EMI calculator on the Angel One website. Enter the loan amount you wish to borrow, loan tenure, and the interest rate applicable to your personal loan. After entering these details, the calculator will compute the EMI amount you must pay to repay your loan.
Yes, the KVB personal loan EMI calculator is available on the Angel One website for free. It’s a convenient and accessible way to estimate monthly loan repayments.
The total interest of a personal loan is calculated based on the principal amount, the loan tenure, and the interest rate. You can obtain the interest paid by subtracting the principal amount from the total amount paid over the loan tenure. Alternatively, you can also use the online KVB personal loan EMI calculator to calculate the total interest on a personal loan.
Some lenders may charge a penalty for prepaying a personal loan. Moreover, penalties can vary among lenders, and some loans may offer flexibility with prepayment options without imposing additional charges.