The EMI (Equated Monthly Installment) for a 7 lakh personal loan depends on several factors such as the loan amount,What is the EMI for 7 lakh personal loan? loan tenure, and the interest rate offered by the lender. Assuming a loan tenure of 5 years (60 months) and an interest rate of 10% per annum, the EMI for a 7 lakh personal loan can be calculated as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where P is the principal amount (i.e., 7 lakhs), R is the monthly interest rate (i.e., 10%/12 = 0.00833), and N is the loan tenure in months (i.e., 60).
EMI = [700000 x 0.00833 x (1+0.00833)^60]/[(1+0.00833)^60-1]
Therefore, the EMI for a 7 lakh personal loan with a loan tenure of 5 years (60 months) and an interest rate of 10% per annum is approximately Rs. 14,331.59. However, please note that the actual EMI may vary based on the interest rate offered by the lender and the loan tenure selected.
What is the interest of 5 lakh in SBI?
The interest rate on a 5 lakh deposit in SBI (State Bank of India) will depend on the type of savings or fixed deposit account chosen by the depositor. SBI offers various types of savings and fixed deposit accounts with different interest rates.
As of March 2023, the interest rate on a regular savings account in SBI is 2.70% per annum. Therefore, the interest earned on a 5 lakh deposit in a regular savings account in SBI for one year will be:
Interest = (Principal x Interest Rate)/100
= (5,00,000 x 2.70)/100
Therefore, the interest earned on a 5 lakh deposit in a regular savings account in SBI for one year is Rs. 13,500.
However, if a fixed deposit account is chosen, the interest rate may be different depending on the tenure of the deposit. SBI offers fixed deposit accounts with tenure ranging from 7 days to 10 years, and the interest rates vary accordingly. It is recommended to check the latest interest rates offered by SBI on their website or by visiting a branch for the most accurate information.
What is EMI per lakh?
EMI per lakh is the amount of Equated Monthly Installment (EMI) payable for every Rs. 1 lakh of the loan amount borrowed. EMI is the fixed amount that a borrower needs to pay to the lender every month until the loan is fully repaid. EMI per lakh is a useful metric that allows borrowers to estimate their monthly EMI for a given loan amount.
The EMI per lakh can be calculated using the loan amount, interest rate, and loan tenure. For example, if the loan amount is Rs. 10 lakhs, the interest rate is 8% per annum, and the loan tenure is 5 years (60 months), then the EMI per lakh can be calculated as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where P is the principal amount (i.e., 1 lakh), R is the monthly interest rate (i.e., 8%/12 = 0.00667), and N is the loan tenure in months (i.e., 60).
EMI per lakh = EMI / P
= ([100000 x 0.00667 x (1+0.00667)^60]/[(1+0.00667)^60-1]) / 100000
= Rs. 2,073.46
Therefore, the EMI per lakh for a loan of Rs. 10 lakhs with an interest rate of 8% per annum and a loan tenure of 5 years (60 months) is approximately Rs. 2,073.46.
How can I get a 20000 personal loan?
To get a personal loan of Rs. 20,000, you can follow these steps:
Determine your eligibility: Check your credit score, income level, and employment status to determine your eligibility for a personal loan. Most lenders require a minimum credit score of 650 and a steady source of income to qualify for a personal loan.
Research lenders: Research different lenders and compare their interest rates, fees, and repayment terms. You can check the websites of banks, credit unions, and online lenders to find a loan that suits your needs.
Apply for the loan: Once you have identified a lender that you want to apply with, visit their website or visit a branch to fill out the loan application form. You will need to provide personal and financial details such as your name, address, income, employment details, and any other required documentation.
Wait for loan approval: After you have submitted your loan application, the lender will review your application and verify your details. If approved, the lender will disburse the loan amount to your bank account.
It is important to note that personal loans typically have higher interest rates compared to secured loans such as home loans or car loans. Therefore, it is advisable to borrow only what you need and repay the loan on time to avoid paying excessive interest charges.
Which bank has the easiest personal loan approval?
Different banks and financial institutions have different criteria for approving personal loans, and the ease of approval can vary based on various factors such as the borrower’s credit score, income level, employment status, and other factors. However, some banks and financial institutions are known for their relatively easier personal loan approval processes. Here are some examples:
HDFC Bank: HDFC Bank is known for its quick and easy personal loan approval process, with loan disbursal within 4 hours of loan approval.
ICICI Bank: ICICI Bank offers personal loans with a hassle-free application process and quick approval, with loan disbursal within 3 seconds of loan approval for pre-approved customers.
Axis Bank: Axis Bank offers personal loans with an easy application process and minimal documentation requirements, with loan disbursal within 24 hours of loan approval.
Bajaj Finserv: Bajaj Finserv is known for its quick and easy personal loan approval process, with loan disbursal within 24 hours of loan approval.
Kotak Mahindra Bank: Kotak Mahindra Bank offers personal loans with a quick and easy application process and fast approval, with loan disbursal within 24 hours of loan approval.
It is important to note that while these banks may offer relatively easier personal loan approval processes, the actual approval may vary based on various factors such as the borrower’s credit score, income level, employment status, and other factors. It is recommended to compare the interest rates, fees, and other terms and conditions of different lenders before applying for a personal loan.
What increases credit score?
There are several factors that can increase a person’s credit score. These include:
Timely Payments: Making timely payments on credit cards, loans, and other debts is one of the most important factors that can increase credit score. Paying on time every month shows lenders that the borrower is responsible and can manage their finances well.
Low Credit Utilization: Credit utilization refers to the amount of credit used in comparison to the total credit available. A low credit utilization ratio can indicate that a person is managing their credit well and not over-extending themselves. Generally, it is recommended to keep credit utilization below 30%.
Credit Age: The age of credit accounts also plays a role in credit score. Generally, longer credit history and accounts in good standing can improve credit score.
Mix of Credit: Having a mix of different types of credit accounts, such as credit cards, car loans, and personal loans can also improve credit score. This indicates to lenders that a person is capable of managing different types of credit.
Regularly Checking Credit Report: Regularly checking credit reports and ensuring that all information is accurate can help catch errors and fraudulent activities. Correcting errors and addressing fraud can improve credit score.
Avoiding Hard Inquiries: Applying for too many credit cards or loans in a short period of time can result in a lot of hard inquiries, which can negatively impact credit score. It is recommended to limit hard inquiries and only apply for credit when necessary.
It is important to note that building credit score takes time and effort, and requires a responsible approach towards managing credit. Consistent and responsible credit management can lead to a higher credit score over time.
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