What is the EMI for a₹ 20 Lakh personal loan in CitiBank?

Posted by: Ashwani Repiles0 Posted:2022-04-17 16:46:45 ISTUpdated:2022-04-17 16:46:45 ISTWritten by - CreditMantri

Let us take a look at the calculation for the loan of Rs. 20 lakhs and the EMI to be paid. If we take the loan tenure to be 5 years and the average interest amount as 10.5%, the EMI will be Rs. 42,988

Here is a table explaining the calculations

Year	Opening Balance	EMI per annum	Closing Balance
1	20,00,000	4,29,878	17,34,848
2	17,34,848	5,15,854	13,84,617
3	13,84,617	5,15,854	9,95,789
4	9,95,789	5,15,854	5,64,111
5	5,64,111	5,15,854	84,860
6	84,860	84,860	0

The EMIs can be paid by either ECS or post-dated cheques. The ECS can be used if you do not have a CitiBank account. You can submit post-dated EMI cheques to the nearest CitiBank branch.