The following are the benefits of using a simple online tool such as the personal loan EMI calculator –
Year | Principal | Interest | Total Payment | Closing Balance |
---|---|---|---|---|
2023 | 96,947 | 73,094 | 1,70,042 | 4,03,053 |
2024 | 1,13,648 | 56,393 | 1,70,042 | 2,89,404 |
2025 | 1,33,227 | 36,815 | 1,70,042 | 1,56,178 |
2026 | 1,56,178 | 13,864 | 1,70,042 | - |
Total | 5,00,000 | 1,80,167 | 6,80,167 |