#1
28th June 2016, 05:29 PM
 Unregistered Guest Posts: n/a

# How many months of EMI to pay against Rs. 8.7 Lacs Loan in State Bank of Bikaner & Jaipur? How much EMI to pay?

Dear Sir/Mam,
I want to take an Education Loan from State Bank of Bikaner & Jaipur for my further studies. It costs Rs. 8.7 Lacs to study MBA. I would like to know that how much EMI I will have to pay of Rs. 8.7 Lacs to this Bank and till how many month?

#2
30th June 2016, 12:15 AM
 SudeepKumarSaha Senior Member+++++ Join Date: Dec 2013 Location: India Posts: 8,583
Re: How many months of EMI to pay against Rs. 8.7 Lacs Loan in State Bank of Bikaner & Jaipur? How much EMI to pay?

The amount of EMI depend on the tenure of repayment which you choose. The longer the repayment tenure the lesser is the EMI. It also depends on the interest prevailing at the time when you start repayment. The maximum repayment tenure is 7 years. You can calculate your EMI using below method.

- Let P- loan amount, R- rate of interest, T-Time in years, I - Interest.

- Amount to repay = P + I

I = P * R * T / 100

- Then divide the amount by total number of months of repayment period. It will be your EMI.
Do you have any question? or have anything to say?