Loan EMI Calculator

Recalculate your Loan EMI and Total Interest Due in a snap!

Your Loan Details

Use the slider to alter your Loan details.

Loan Amount
25000
Tenure
6
Loan Amount:
Tenure:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Loan EMI: Rupee image 4,292

Monthly amount paid to your Loan provider

Break-up of all total amount payable
Loan Amount
25000Rupee image
Total Interest Due
756Rupee image
Processing Fee
500Rupee image
Loan Amount Via EMI
500Rupee image
Loan Amount Prepaid
500Rupee image
Total Interest
500Rupee image
Processing Fee
500Rupee image
Pre-payment Fee
500Rupee image
Total Amount Payable
26252Rupee image
Your loan details as specified by you
Loan Amount
25000Rupee image
Tenure
6 Months
Interest Rate
10%
Processing Fee
2%
Pre-payment
25000Rupee image

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee image 47,87,42610 yrs
With Pre-payment Rupee image 45,33,7238years 4months
YOU SAVE rupee0 YOUR TENURE REDUCED BY 1 years 8 months
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How to use BankBazaar.com's EMI calculator to understand your loan repayment

Know your EMIs in seconds with BankBazaar’s unique online financial tool - the EMI Calculator! Get a wealth of information pertaining to your loan payments in quick, easy steps to save time and money and make the most-informed choice to successfully meet your financing needs.

Simplify Loans with BankBazaar’s EMI Calculator:

BankBazaar’s EMI Calculator helps calculate the monthly instalments payable on any of your loans whether a personal loan, auto loan or home loan.

Calculating EMIs can be a tedious and confusing process. However, BankBazaar has an exceptional and simple EMI Calculator which lets you know the precise amount of your monthly EMIs instantly.

What BankBazaar’s EMI Calculator Can Do For You!

Help you arrive at EMIs in seconds - This calculator will help you calculate exactly how much money you need to pay towards your loan each month.

Simplify calculations - Determine EMIs accurately with minimal effort to reduce stress and confusion caused by tedious manual calculations.

Help plan your finances - Compare possible EMIs by varying the key loan parameters of tenure, amount and interest rate to determine which loan plan is the most affordable to you.

Be it a home loan, personal loan or car loan, now you can easily calculate your EMIs using this user-friendly tool offered by BankBazaar.

Using this calculator is very easy. All you need are the following loan details:

  • Loan amount - this is the amount you need to borrow
  • Interest rate - the interest rate for the chosen loan scheme
  • Tenure - the loan period
  • Processing Fee (if any) - the amount charged by the lender to process the loan
(If you don’t have this information at hand, you can obtain it navigating to your chosen bank’s loan page under the section ‘Select a product to begin’, featured under the calculator). Once, you have these details, use the sliders to set the required parameters for the loan amount and tenure. Then, input the interest rate and processing fee in the relevant boxes...

...and Voila!

The loan EMI calculator will instantly reveal your monthly EMI amount payable on the loan!

It will also provide a clear, graphic and tabular break-up of your loan repayments, using the EMI so calculated. In addition an amortization table is created which gives you a detailed overview of your repayment schedule. A cut above the rest, BankBazaar’s EMI Calculator delivers more than you expect.

BankBazaar has customised its EMI Calculator to suit different loan schemes. To calculate your EMIs on your personal loan, navigate to the Personal Loan EMI Calculator provided under the sites ‘Financial Tools’ section. Similarly, you can calculate EMIs on your auto and home loans using BankBazaar’s Car Loan EMI Calculator and BankBazaar’s Home Loan EMI Calculator, respectively.
Should you find yourself flush with cash, you may decide to prepay your loan (i.e. pay an extra amount towards principal). If so, you can calculate your new EMIs by adjusting for the amount you wish to prepay. This will let you know how much interest you save by reducing the principal outstanding. (interest is calculated on the principal outstanding)
Pick the most affordable loan by comparing EMIs for different loan tenures. This can be done by altering the loan period in the calculator; keeping the loan amount and interest rate the same. By lengthening the loan period for a chosen loan scheme, the EMI amount can be reduced. Using the calculator, you can quickly compare EMIs for different tenures and choose the one that most suits your budget.
Understand loan repayment schedules by altering the interest rate, keeping loan amount and tenure the same. In case of fixed rate loans, interest rates remain constant over the loan tenure. In this case, EMIs also remain constant. This is usually the case with car loans and personal loans. However, in case of floating rate loans, interest rates can vary with movements in market rates. In this case, EMIs will change. This is particularly beneficial for home loans. Input the new interest rate in BankBazaar’s EMI Loan Calculator to compare EMIs before interest rate changes and after. A new amortization schedule is also generated to reflect changes in EMIs.
EMI stands for Equated Monthly Instalment which is a fixed amount of payment a borrower has to make to the lender at a specified date on monthly basis. EMIs consists of your principal loan amount and interest amount, payable every month.
Although the EMI remains fixed for every month, the amount paid towards principal and interest changes. The interest component constitutes a major portion of the EMI payment in the initial stages. However, as the loan period progresses and the principal outstanding reduces, the portion of interest repayment decreases. This happens until the end of the loan period when the entire loan amount has been paid off.
The mathematical formula for calculating EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]. (P is the principal loan amount, R rate of interest per month and N is the the number of monthly instalments). Manual calculations are too complicated to perform accurately, which is why many borrowers are left confused after availing a loan. Understanding this pain-point led BankBazaar to develop one of the easiest and most user-friendly online Loan EMI Calculators.
You can view your loan amortization schedule at BankBazaar by using its EMI Calculator. A loan amortization table is a systematic and tabular display of your loan payment process. The table shows the break-up between the interest component and principal component of a particular EMI payment, enabling you to have a clear idea about the period of payment, interest and principal payments, and the outstanding loan amount over the entire loan tenure. This table can be very helpful for you, in case you want pre-close the loan.
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Further Reading

Top picks from our Financial Expert

News About EMI Calculator

  • Canara Bank follows HDFC Bank, revises base rate by 10%

    Posted on 3rd September 2015

    Fast on the heels of HDFC Bank, Canara Bank effected a reduction in its base rate (effective 3rd Sept. 2015). Although not as sharp a decrease as HDFC Bank (reduction of 35 basis points), Canara Bank’s rate cut will provide a measure of relief to its loan customers who will benefit from lower interest rates and lower EMIs.

    EMI calculators available to customers, online, enable borrowers to calculate potential savings from lower interest rates on their loans. Canara Bank’s new base rate stands at 9.9% from its prior rate of 10%.

    RBI governor Rajan has been vocal about the need for banks to pass on the benefits of repo rate cuts to customers. Other banks are expected to follow suit in the coming months.

  • HDFC Bank loan EMIs set to reduce with a 35 basis point reduction in base rate

    Posted on 3rd September 2015

    HDFC Bank lowered its base rate from 9.7% to 9.35% i.e. by 35 basis points. This move comes off the back of lowered fund costs and encouragement from RBI governor Rajan to pass on benefits of lowered repo rates to customers.

    Customers for loans based on HDFC Bank’s base rate viz. home and auto loans which form a huge chunk of a lending bank’s loan book, will benefit from lower EMIs. Similar loans from the bank’s peers will appear less competitive. HDFC Bank faces stiff competition from SBI and ICICI Bank who will now be compelled to reduce loan rates as well in order to stay competitive ahead of the festival season.

    Existing loan customers with floating rate loans can account for higher savings from reduced EMIs. Free online financial tools i.e. EMI calculators are available to customers either at the bank’s website or third-party financial providers’ websites to help in recalculating new EMIs and savings thereon.

  • Corporation Bank slashes base rate by 10 bps

    Posted on 24th August 2015

    The Corporation Bank cut its minimum lending rate or base rate by 10 basis points on Thursday. The state-owned bank informed top stock exchanges in the country that it will slash its base rate from 10% to 9.9%. The latest base rate cut will be effective from August 24. In its last revision of base rates on June 1 this year, Corporation Bank slashed its base rate from 10.25% to 10%.

  • RBI rate cut in the offing next month: HSBC

    Posted on 24th August 2015

    The Reserve Bank of India is likely to announce a rate cut by 25 basis points in September owing to falling price pressures which have been “far more than expected”, experts stated in a latest HSBC report.

    Food prices have been plummeting across all sub-groups, CPI and WPI measures, on both an annual and sequential basis, according to the global financial services firm. Also, since the amount of rainfall the country has witnessed this year has been 10% below normal, its impact has been “non-disruptive” while fuel inflation has eased, the experts stated in the report.

    All the aforementioned factors are likely to lead to an announcement of a rate cut in the upcoming policy meeting on September 29th, opined HSBC Chief Economist India Pranjul Bhandari in a research note. As per the latest official data, retail inflation (CPI) fell to a record low of 3.78% in July this year. The wholesale price index-based (WPI) inflation also fell to a historic low of (—)4.05%.

    HSBC, in its report, listed out two factors which could come in the way of the expected rate cut next month. First, the rupee, which has been depreciating (2.3% against dollar owing to developments in China) could see a further slide due to an anticipated Fed lift-off in September. Also, a large payback in August inflation could result in RBI staying away from a rate cut. According to experts, if the overall period in September remains volatile, RBI may announce the rate cut only in the fourth quarter. In his third bi-monthly policy, RBI Governor Raghuram Rajan, left the the cash reserve ratio (CRR) unchanged at 4% and the repo rate unchanged at 7.25%. The Reserve Bank of India slashed the policy rate by 75 basis points or 0.75% since January.

  • Oriental Bank of Commerce cuts its lending rate

    Posted on 18th August 2015

    Oriental Bank of Commerce slashed its minimum lending rate by 0.1 percent to lower EMIs for borrowers of the bank. The new bank rate will come to effect from 17th August, 2015. The current base rate is 9.90 percent. With this reduction all the loans will become cheaper by 0.1 percent. The base rate change came into effect after the RBI benchmark rate remained unchanged in the monetary policy review on 4th August, 2015. RBI has kept the repo rate- the short term lending rate at 7.25 percent, cash reserve ratio at 4 percent and statutory liquidity at 21.5 percent

  • ICICI Bank will lend at Base Rate in rural areas

    Posted on 11th August 2015

    All those residing in rural areas who need a loan can now rejoice as India’s largest private lender – ICICI Bank – has decided to offer loans of up to Rs.15 lakh at the base rate of interest (which is currently 9.70%) under its new “ICICI Bank Saral-Rural Housing Loan” product range.

    ICICI Bank will be offering rural loans from between Rs.5 lakh and Rs.15 lakh, for tenures between 3 and 20 years, through 189 of its branches at a floating rate of interest – which will be revised depending on movement in the base rate across the tenure of the loan. It should be noted that the interest rate is not fixed as a constant amount throughout the tenure of the loan, but will go higher and lower depending on the base rate.

    Banks are legally bound to lend 40% of their annual fresh advances to the underprivileged, and loans of up to Rs.20 lakh in rural areas count as priority sector lending. A shortfall in this results in the amount getting invested in low-yield rural infrastructure development funds.

    The bank already lends to women at the base rate of 9.70%, which is the minimum lending rate. Even the State Bank of India provides home loans to women at a similarly low rate.

  • Rates will remain intact! Chances of a rate cut if banks cut EMIs!

    Posted on 6th August 2015

    RBI Governor, Raghuram Rajan confirmed on Tuesday that there will be no rate cuts from RBI as of now and it will remain intact. It was also revealed that a further rate cut will happen only if banks reduce their EMIs. RBI has reduced their rates thrice since January 2015 and has coaxed banks to take the same initiative. Though many banks did participate by lowering their base rates, RBI expects the banks to reduce their EMIs again. The governor suggested that the banks reduce their rates September-October. But for now, borrowers will have to wait for a while for the EMIs to come down as RBI is in no hurry to reduce lending rates.

  • SBI confirms! No rate cuts in the near future!

    Posted on 6th August 2015

    Borrowers of SBI might have to wait if they were waiting for a rate cut. SBI confirmed on Tuesday that there won’t be any more rate cuts for the borrowers in the near future. RBI has had three rate cuts until now this year and has coaxed banks to cut down its rates. But the Chairperson of SBI Bank made it clear that they didn’t see any reason to reduce rates and it will remain the same for quite a while.

    SBI Chairperson also admitted that they reduced the rate by 30 basis points when the central bank cut the policy rate by 75 basis points and didn’t see any reason for further rate cuts as rate cuts depends on many factors. Since there are no rate cuts, there will be no reduction in EMIs for the borrowers.

  • Policy rate unchanged at 7.25%, as RBI continues to tackle inflation

    Posted on 4th August 2015

    The apex bank of the country, Reserve Bank of India, has been putting all checks and balances in place to tame the inflation dragon. The bank has decided to hold its policy rate at the current 7.25% in order to counter the spike in food prices that sent inflation soaring to an eight-month high.

    RBI has been taking several financial steps towards bringing down the rate of inflation in India. Food inflation, however, has been one of the starkest forms of inflation in the country for quite some time now. The decision of holding the policy rate by RBI is absolutely in-line with what the market was expecting from the central bank. Slight changes in interest rates can influence customers for home loan and car loan segment and as such the decision to keep policy rate at 7.5% is a welcome move.

  • SBI Foresees No Rate Cuts In Monetary Policy Review Due Next Month

    Posted on 23rd July 2015

    Chairperson Arundhati Bhattacharya, State Bank of India (SBI) confirmed to PTI that one of India's top money ending companies is not expecting any rate cut, in the monetary policy review due on Aug 4, by Reserve Bank of India, lead by a higher retail inflation.

    She added that CPI has risen as compared to the negative WPI, lead by the food prices and that the RBI has been benchmarking the food prices to the to the CPI, hence making it unlikely for rate cuts.

    Retail inflation in June saw an 8-month rise of 5.4%, while the Wholesale Price Index (WPI) based inflation dropped -2.4% in the same month.

    The central bank on the other hand would observe the data that includes inflation along with the season's data before making change in policy rates. They also added that the three rate cuts would be observed for banks to pass on the advantage.

    RBI has made a total reduction of 0.75% so far, in policy thrice during 2015. RBI reduced repo rate (short-term lending rate) by 0.25% to 7.25%. It has cut policy rates thrice, during 2015. The total reduction has been 0.75 per cent while banks have passed on an average 0.3 per cent to customers.

  • State Bank of Hyderabad Services, Made Available on Android

    Posted on 23rd July 2015

    State Bank of Hyderabad launched its very own mobile application, available on the Android smart-phone platform, on Friday, last week. The android app, SBH Touch allows its users to use various internet banking products and facilities. The launch was formally announced through a press release by Santanu Mukherjee, MD, State Bank of Hyderabad.

    The app is available for free download from the Google Play Store. Besides regular internet banking services the app allows its users to locate bank branches and ATMs through Google Maps, EMI calculator and know loan interest rates and deposit interest rates applicable at the time.

    Besides calculating loan EMIs, the app also features Fixed Deposit and Recurring Deposit calculators. State-wise bank holidays and quick contact information is available on the app along with provision for customer feedback.

  • State Bank of Hyderabad reduces its base rate

    Posted on 16th July 2015

    State Bank of Hyderabad (SBH) has changed its base rate from 10.05% to 9.95% with effect from today 16th July 2015. The SBH Asset Liability Management Committee, headed by Santanu Mukherjee, Managing Director, decided to push the rates downwards, following the announcement of the policy rates by the Reserve Bank of India. The rate of interest on your home loan shall also decrease, making it Rs. 874/lakh for a 30 year loan period. SBH has realigned its interest rate from time to time in lieu of many conditions such as changing interest rate environment, cash liquidity in the system and so on.

  • The RBI may cut its benchmark rate by 0.25%

    Posted on 14th July 2015

    The Reserve Bank of India is expected to cut benchmark rate by 0.25% in its upcoming policy review meeting, if monsoon rain becomes normal. The prediction is made by the brokerage firm, Bank of America Merrill Lynch. According to Bank of America Merrill Lynch, the lending rate cut plays a crucial role in cyclical recovery of the Indian economy by the end of 2015. Already, the central bank (RBI) had cut its repo rate by 0.25% in its last policy review on 2nd June for the third time.

  • Bank of Baroda reduces its base rate by 0.1%

    Posted on 10th July 2015

    Bank of Baroda, the second largest state-owned bank in India, reduced its base rate by 0.1% on Thursday. The bank reduced its base rate by 10 basis points to 9.90% from its previous rate of 10%. Simultaneously, the Bank of Baroda also reduced its benchmark prime lending rate (BPLR) to 14.15% from its earlier rate of 14.25%. It is expected that the cut in base rate announced by Bank of Baroda will bring down the equated monthly instalments (EMIs) for the borrowers. All loans liked to bench mark rate are expected to come down by 0.10%.

    Prior to Bank of Baroda, the State Bank of India was the first bank to announce cut in base rate in the previous month, following the Reserve Bank of India mandate on rate cut. SBI reduced its base rate by 15 basis points to 9.7%. Likewise, HDFC Bank, ICICI Bank and Allahabad Bank also reduced its base rate recently.

  • Central cooperative bank to speed up sanctioning of housing loan

    Posted on 7th July 2015

    Central Cooperative Bank of the Salem District has proposed to set up a headquarters for quick sanctioning of housing loan to its member. This decision was taken after the meeting with R. Elangovan, Chairman of the bank.

    At the meeting, R. Elangovan said that loan assistance will be tuned to Rs.30 lakhs towards construction of new house for the members and Rs.20 lakhs will be given as house mortgage loan. He also suggested to increase the target for crop loan by Rs.100 crores for the crop season.

    During the current year, the bank had disbursed loan of Rs.432.05 crore under various heads to its members. Rs.33 lakh was given as housing loan and Rs.1.33 crore as house mortgage loan.

    The meeting was attended by A.K. Sivamalar, Managing Director of the bank, S. Tamil Selvan, General Manager in-charge and other officials.

  • “Project Tatkal” launched by State Bank of India

    Posted on 7th July 2015

    State Bank of India, the largest lender in the country launched a new initiative titled “Project Tatkal” to expedite home loan application process and provide doorstep services. The new project aims to provide loans within 10 days of receiving the completed application form along with all supporting documents.

    Project Tatkal hopes to provide better customer service by fast-tracking the entire application process and will be implemented at large centres which have a sizeable home loan business. To cater to its three million home loan customers, the bank has also introduced an online customer acquisition solution (OCAS) for immediate e-approval of home loan applications. The Bank has a home loan portfolio of Rs 16, 60,000 crore and this initiative is aimed towards helping the bank improve its customer base and service.

  • Kotak Mahindra joins the rate cut bandwagon! Slashes base rates by 10 basis points!

    Posted on 2nd July 2015

    Kotak Mahindra is the new bank in town to cut down the base rate. The private sector bank reduced its base rate by 10 basis points causing it to drop to 9.75% p.a. from 9.85% p.a.The loans related to base rates will drop down thus causing the loan EMIs to come down. The rate cut will be effective from 2nd July 2015. The rate cut comes after many banks slashed their base rates and lending rates.

  • Lakshmi Vilas Bank follows the Base Rate Slash Suit

    Posted on 1st July 2015

    RBI’s directive of slashing interest rates as of January 2015 has brought forth a second reduction by southern financial institution Lakshmi Vilas Bank.

    In effect from July 1, 2015, the minimum lending rate will be 10.95%, as opposed to 11.10% since April 2015. This has effectively lead the bank to bring down its rates by 30 basis points. Consequently, loans, EMIs, fund-based credits will also see a sweeter and favourable decline in their interest rates. The bank might see a boost in investment options and help retail and MSME customers.

    The bank still has a long way to go to completely get the 75 basis points reduction as imposed by RBI. Additionally, the lowest rate currently in the market is 9.70%, which makes it a steep competition. But again, the adage, “slow and steady wins the race” has stood the test of time.

  • Base rate slashed by Citibank, a cut of 15 bps

    Posted on 1st July 2015

    Following the footsteps of almost all major public-sector banks, Citibank has now announced a base rate cut of 15 bps in its lending rate. After the apex bank of India, the RBI announced a repo rate cut of 25 bps sometime earlier this financial year, almost all public sector as well as private sector banks have announced base rate cuts.

    Citibank is the first foreign bank to cut its base lending rate after RBI’s announcement. The rate cut for the bank is driven by falling rate of interest reflected in lower cost of deposits.

  • Axis bank cuts the lending rate now at 9.85%

    Posted on 29th June 2015

    The India’s third largest private sector bank has revised its lending rate by 10 bps from 9.95% to 9.85% per annum. The new rates are applicable from June 30, 2015. The effective rate will be applicable to the various fund based credit and credit limits linked to their base rate.

    The leading lender of India, State Bank of India and the private sector lender ICICI Bank and the HDFC Bank have the lowest base rate at 9.70%.

    The Reserve Bank of India cut 75 bps since January 2015 and the rate have partially been passed on to the borrowers by most big banks. The RBI Governor, Raghuram Rajan has been encouraging the banks to pass on the benefits of the repo rate cut to the end customer profusely. This means the loan EMI rate also will be coming down.

  • ICICI Bank Customers can rejoice! Bank cuts lending rates!

    Posted on 26th June 2015

    ICICI bank customers have a reason to celebrate as the bank is reducing lending rates(base rate) by 0.05% thus changing the rate to 9.7%.The rate cut will be effective from June 26 2015.The rate cut in the lending rates will lower the loan EMI rates. The loans related to base rates will come down. The rate cut by RBI has acted as a catalyst for the rate cuts by the other banks.

  • Interest rate to be cut by another 125 bps, Says RBI Adviser

    Posted on 22nd June 2015

    The Reserve Bank of India intends to cut the interest rates by more than a percentage point as the inflation has slowed down.

    Arvind Virmani, a member of the central bank's technical advisory panel that gives recommendation to the governor Raghuram Rajan said that the consumer price inflation rate has declined by three percentage points in the past 12-18 months and this raising the real interest rate by 2 – 3%. He also added that it is safe to cut the policy rates by 2% points. This is including the 75 basis point reductions that were already announced earlier this year. Though no timeframe was provided for this change.

    The concern over inflation in India is because of this quarters rebound in oil prices and a forecast in below average monsoon rains on which agriculture is dependent on, which accounts to 15% of gross domestic product of India.

  • State Bank of Bikaner & Jaipur slashes base rate by 15bps

    Posted on 22nd June 2015

    The State Bank of Bikaner & Jaipur, an associate bank of State Bank of India (SBI), slashed its lending rate by 15 basis points from 10.10% to 9.95% on Monday.

    The revised rates will be effective from June 18 onwards, the bank stated in a filing to the Bombay Stock Exchange.

    Lending rate cuts will result in cheaper loans, thereby reducing Equated Monthly Instalments (EMIs) for the consumers. Several large banks cut their minimum lending rates after the Reserve Bank of India, in its second bi-monthly policy announcement, earlier this month, had slashed key policy rates for the third time since January.

    State Bank of India (SBI), India’s largest bank cut its base rate by 15 basis points (bps) to 9.70% after RBI governor Raghuram Rajan urged banks to do so during announcement of the monetary policy. Consequently, Allahabad Bank, Punjab & Sind Bank and Dena Bank announced rate cuts.

    Speaking at a meeting with Public Sector Unit (PSU) bank officials last week, finance minister Arun Jaitley said bankers assured the central government of more interest rates cuts in the next couple of days.

  • Yes Bank slashes base lending rate by 25 bps

    Posted on 22nd June 2015

    Yes Bank, fifth largest private bank in the country, cut its base lending rate by 25 basis points from 10.75 percent to 10.50 per cent on Friday, the first rate cut by the Mumbai based bank following three key policy rate cuts by the RBI (0.75 per cent) this year. The revised rates will be effective from June 22 onwards.

    Lending rate cuts will lead to cheaper loans and therefore, reduce Equated Monthly Instalments (EMIs) opted by the consumers. Yes Bank said the base lending rate cut is a result of the fixed deposit rate cuts of up to 25 basis points effective from June 17. Yes Bank's rate is, however, higher than its competitors. Chief executive and managing director of Yes Bank Rana Kapoor had indicated of the possibility of 0.25 per cent lending rate cut ahead of the meeting with finance minister Arun Jaitley recently.

    Big banks such as HDFC Bank and State Bank of India (SBI) announced two rounds of rate cuts since April, following RBI governor Raghuram Rajan’s observation that banks have not been passing the rate cuts to the consumers. The Reserve Bank of India and the finance ministry want banks to slash rates to ensure effective policy transmission to borrowers and thereby boost economic growth in the country.

  • Public Sector banks may slash rates further

    Posted on 17th June 2015

    The Honourable Finance Minister, Mr. Arun Jaitley held a review meeting with all public sector banks. In the meeting these government owned banks have promised to slash interest rates to a further minimum. After the RBI announces a cut in the repo rate, many banks have reduced their lending rates. However, some banks have still not announced rate cut and have promised to do it over the next few weeks.

    This will mean a rate cut for all loan borrowers which will reduce the interest on loan and their subsequent loan EMIs. The finance minister has also promised fund infusion to these banks in order to stabilize them after this rate cut.

  • HDFC slashes lending rate by 15 basis points

    Posted on 17th June 2015

    HDFC is the recent bank to have joined the rate cut bandwagon by slashing its lending rates by 15 basis points to 9.7 percent. The rate cut comes after the rate cut by SBI and other banks. The rate cut will be effective from June 15, 2015. This move will result in lower EMI rates for the customer. Loan rates that are related to base rates will also come down with this rate cut. The rate cut comes after the rate cut by 25 basis points by RBI earlier in the month of June.

  • Syndicate Bank slashes lending rate by 25 bps

    Posted on 10th June 2015

    After the repo rate cut announced by Reserve Bank of India, many banks have followed suit. Latest to cut its lending rate is the Syndicate Bank which has cut its base rate by 25 bps to 10%. The new rate is effective from June 8th. The bank has also lowered its Benchmark Prime Lending Rate, BPLR from 15.50% per annum to 14.25% per annum.

    This slash in the lending rate will lead to a slash in the rate of interest for loans which will lead to lower loan instalments for customers.

  • United Bank of India slashes lending rate

    Posted on 10th June 2015

    After the apex bank of India, the RBI reduced its policy rates by 0.25% almost all public sector bank have slashed their lending rates. United Bank of India announced a rate cut of 0.1%. The lending rate for the bank has now come down to 9.9% from 10%. Decrease in the lending rate will bring some relief to loan borrowers who can now enjoy a better rate of interest on their loans as a result of which their loan instalment amount will also come down.

  • Base Rate slashed by Federal Bank

    Posted on 9th June 2015

    Following the repo rate cut by the Reserve Bank of India, Federal Bank has slashed its minimum lending rate by 0.25 per cent. The new base rate now stands at 9.95 per cent. This cut in the lending rate is good news for loan borrowers who can now enjoy a lower rate of interest on their loans. Lower interest rates will in turn facilitate lower amounts of monthly instalments for loan borrowers. Customers can enjoy lower EMI amounts and save on the interest amount that they are required to pay each month.

    This rate cut from Federal Bank has come as a result of the bi-monthly policy review of RBI. Soon after this meet, a number of public sector banks, including the State Bank of India have reduced their minimum lending rates.

  • EMIs to go down as Allahabad bank and Central bank cuts base rate!

    Posted on 8th June 2015

    Andhra Bank recently announced that it’s going to reduce its base rate by 25 basis points which means that it’ll go from 10.25% to 10%. This will result in lower EMIs and there will be change in the loan rates that are linked to the base rates. Central bank has joined the rate cut bandwagon by reducing its base rate from 10.25 to 9.95%.

  • Allahabad cuts lending rate resulting in lower EMIs!

    Posted on 4th June 2015

    Nationalised bank Allahabad bank recently announced rate cuts which came shortly after RBI cut its key policy rate. The bank cut its base rate/minimum lending rate by 0.3%. The base rate has gone down from 10.25% to 9.95%. With this new rate cut, all loans linked to base rate will come down by a minimum of 0.3%.The change in the base rate will also result in lower EMIs on all loans offered by Allahabad bank that is linked to the base rate. The new rate cut by Allahabad bank has given its customers a great reason to rejoice.

  • RBI Announces Yet Another Rep Rate Cut – EMIs Set To Come Down

    Posted on 4th June 2015

    The Reserve Bank of India (RBI) has announce yet another cut, of 25 basis points, in the repo rates making it the third cut this year. The cut has reduced the lending rate to 7.25% which should now be transferred to the loan EMIs. The justification for this cut is that the inflation in the country is stable and won’t suffer through the summer rains.

    The governor of the RBI, Mr. Raghuram Rajan has said that he expects the banks to pass these cuts onto the lenders soon, which will result in a reduction in the EMI (Equated Monthly Instalments) being paid on the loans. To that effect the Central Bank has also instructed banks to start cutting their lending rates to pass on the benefits to the borrowers at the earliest possible.

  • Bank of Maharashtra reduces lending rates

    Posted on 2nd June 2015

    Nationalised Bank, Bank of Maharashtra reduced its lending rates/base rates by 25 basis points. The rate was cut down from 10.25% to 10%. This move is expected to boost housing loans, car loans, SME loans and other loans. The rate cut has been effective since June 1 2015. This rate cut will lead to lower interest cost and lower EMIs. The rate cut comes after the two major rate cuts by RBI in this year.

  • Karnataka Bank joins the rate cut bandwagon

    Posted on 2nd June 2015

    Private sector Karnataka Bank has joined the rate cut bandwagon by cutting its lending rates by 0.25% to 10.25%. This move will result in lower EMIs for the customers. This move will be effective from June 1. The rate cut is applicable to the existing loans and future loans. With the rate cut, all the loans linked to base rates will become relatively cheaper by a minimum of 0.25%. Other banks such as Punjab National Bank, Axis Bank, HDFC bank have also cut their lending rates. This move comes after RBI instructed the banks to implement the rate cut.

  • Get your SBI loans approved online!

    Posted on 2nd June 2015

    State Bank of India (SBI) has launched an online platform for its customers through which they can apply for loans. Online Customer Acquisition Solution (OCAS) is the online platform launched by SBI. The application will let the customers apply for car loan, home loan, education loan and personal loan. The customer can also assess if they are eligible for the particular loan and get a quote on the loan based on their requirement. Once the customers uploads all the required documents online, the bank officials will contact the customer to take the process further. SBI is planning to launch a similar application on the mobile platform.

  • TMB reduces base rate by 15 bps

    Posted on 28th May 2015

    Tamilnad Mercantile Bank, a leading private sector bank in south India, is the latest bank to join the bandwagon in lowering lending base rates. The bank announced a reduction in its lending rates by 15 basis points to 10.60 from June 1. The interest rates will apply to new as well as existing customers, provided the loans were availed on floating interest rate basis. This also applies to corporate and MSME borrowers.

  • Loans become cheaper at Corporation Bank

    Posted on 28th May 2015

    Public sector Corporation Bank, today announced a base rate cut of its lending rate by 0.25%to 10.0%, a release from the bank said. In its filing to Bombay Stock Exchange, the bank said it has brought down the lending rates from 10.25 to 10 percent. With this, all loans based on the lending rate will become cheaper and customers have to pay lower EMIs. After the repo rate cuts, some of the public and private sector banks have started reducing their lending rates. While banks like SBI, Axis bank, ICICI Bank and HDFC Bank had reduced their lending rates by 0.25 percent last month, banks to follow suit this month are Punjab National Bank, Bank of Baroda, Corporation Bank and IDBI Bank.

  • Vijaya Bank brings down its base rate

    Posted on 22nd May 2015

    Following base rate cuts made by top banks across the country, including India’s largest lender SBI, Vijaya Bank reduced its base rate to 10% p.a. The reduction symbolises a 25 basis points cut. The effect of such reduction was felt the most among the bank’s loan customers especially home loan borrowers. Loans with interest rates pegged to the base rate saw a decrease in total interest payable and thereby a decrease in EMIs.

    Base rate cuts are in response to repo rate cuts introduced by RBI in recent times. With a reduction in inflationary pressures, RBI brought down repo rates i.e. the rate at which banks borrow. Owing to lower costs of funds, banks are now able to pass on the benefit to customers.

    More rate cuts are expected in coming times as economic development picks up and inflationary pressures are reined in. While borrowers cheer at the possibility of lower lending rates, especially those with floating rate loan, fixed deposit holders will feel the pinch as FD rates are also seeing reductions as a parallel outcome. Many banks, including SBI, have reduced FD rates.

  • Syndicate Bank to devise flexible EMI options on education loans

    Posted on 20th May 2015

    Syndicate Bank is looking into options to restructure loan EMIs payable by rural or low-income customers of education loans. It has been noted that those employed in low-income jobs, during the initial years of their career, face difficulty in making repayments.

    Under a proposed scheme, the EMIs for the first two years will be reduced or EMIs can be deferred so as to make the loan more affordable. Currently, banks look at educational loans that cannot be repaid on an individual basis and try to restructure the repayment schedule.

    Through such proposed schemes, Syndicate Bank is hoping to reduce NPAs. By making a loan affordable, the chances of default are lowered. Education loans form about 12% of Syndicate Bank’s loan book and accounted for 4% of the total NPAs.

  • Possibility of interest rate cuts in June

    Posted on 14th May 2015

    EMIs on housing loans, auto loans and other loans are expected to come down in June 2015. RBI is likely to cut interest rates in its bi-monthly monetary policy review scheduled in June. This move will result in banks cutting the lending rates for customers. RBI has cut repo rates by 50 basis points in two moves since January. The central bank is expected to cut interest rates by 50 basis points going forward.

  • SBI’s Gold Loan Initiative for NRIs

    Posted on 04th May 2015

    SBI has added a special division as part of its NRI Branch at Vijayawada to disburse quick and affordable gold loans. Launched at this branch, the bank aims to provide gold loans to NRIs at affordable interest rates and EMIs. Lower interest rates allow borrowers to spread interest dues over a long tenure thereby paying lower EMIs. This would in turn facilitate demand for gold loans.

    SBI (State Bank of India) is India’s leading public sector bank and the country’s largest lender. SBI was the first bank to reduce its base rates following recent repo rate cuts by RBI. This has in turn prompted banks to lower interest rates on loans across different segments. While some banks are hesitating to reduce rates, leading banks like SBI, ICICI Bank and HDFC have already moved positively in this regard.

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