UCO Bank Personal Loan EMI Calculator

UCO Bank links the personal loan rate of interest to its RLLR. Whenever there is a change in the repo rates, the RLLR will vary. Therefore, the effective rate of interest on the personal loan will modify accordingly. It will result in an increase or decrease in the EMI amount. The bank will inform you accordingly. However, customers can check out the revised EMI using the personal loan EMI calculator.

The UCO Bank Personal Loan EMI calculator does not have any provision for calculating the EMI in the case of moratorium-based loans. However, other calculators are available on the internet that can help customers to do so.

The manual method of calculating the EMI is a complicated assignment. Here is the formula that can help customers to calculate the EMI manually.

EMI = [PXRX(1+R)^N] divided by [(1+R)^N-1]

P - Loan amount, also referred to as the principal amount
R - rate of interest per annum ( if the rate of interest is 10%, R = 10 / (12 X 100))
N - number of monthly instalments

Yes, customers can calculate the personal loan using MS Excel tables. The formula is an easy one.

Open your Excel spreadsheet. Choose the respective cell and enter the following,

=PMT(RATE,NPER,PV)

Rate - the rate of interest on the loan
NPER denotes the number of monthly instalments
PV stands for the present value of the loan, also known as the principal amount

Customers can use the EMI calculator available on the UCO Bank website. Alternatively, they can use the EMI calculator that is available on the MyMoneyMantra website. The principle is the same.

• Visit the website of MyMoneyMantra
• Select Financial Tools option
• Choose EMI calculator
• Enter the data required to get your EMI

This EMI calculator is better than the one available on the UCO Bank official site. It provides details of the total amount of interest payable on the loan throughout the entire loan tenure. It provides a graphical representation of the principal and interest repayment. However, it does not give the amortisation schedule.

Yes, the EMI calculator provided on the UCO Bank website is an accurate tool to calculate the EMI.

No, you cannot calculate your loan eligibility using the EMI calculator. There is a separate tool for estimating loan eligibility known as the loan eligibility calculator. This calculator requires a different set of data.

The tool seeks the following information from the user.

• The monthly salary or income
• The details of any existing loans for which the customer is paying the EMI
• The details of mandatory deductions like PF and so on

The calculator determines the net-take home pay before the calculation of the EMI on the prospective personal loan. Based on this calculation, the loan eligibility calculator arrives at the amount of EMI you can afford. It thus leads to the maximum amount of loan you can borrow.

Customers can use the EMI calculator to do a reverse calculation and arrive at the affordable loan amount. However, the loan affordability calculated by the customer will not tally with the amount calculated by the loan eligibility calculator.

The RLLR connects to the repo rate. However, it does not change immediately with every variation of the repo rate. Reserve Bank of India can change the repo rate at any time. The banks that link their RLLR to the repo rate change the RLLR on the first date of the month following the change in the repo rate.

The RLLR is a market-linked rate with a great deal of transparency. Customers can calculate the effective rate of interest on their personal loans and home loans by adding the required spread. Compared to the RLLR, the MCLR is a complex calculation. Banks announce their MCLR monthly. However, customers have to refer to the individual bank website to know the MCLR. The changes to the rate of interest on the loans do not happen every month. It occurs on the MCLR reset date. Usually, it is on an annual basis. Therefore, RLLR is a better rate from the customer point of view.