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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
Read Also: Citibank Personal Loan EMI Calculator
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.