Request received - loud & clear!
Returning you to where you were...
Recalculate your Loan EMI and Total Interest Due in a snap!
Monthly amount paid to your Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
Find better loan rates, special discounts, cashback offers from all banks only with BankBazaar.com's real time interest rate calculator.
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.
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.
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:
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.
Top picks from our Financial Expert
The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much...
Most of us do not know how loan EMIs are calculated. Yet, we make payments as per the repayment schedule...
EMIs can be broadly classified as EMI during loan disbursal or EMI after you get the loan...
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010...
The most common thing everyone asks when they avail a loan is “What are EMIs? How do I know how much I have to repay every month to clear my loan?”
Understanding EMIs and amortization tables is probably the most confusing part of the entire process of availing any kind of loan. The EMI, or Equated Monthly Instalment, is important because it signifies monthly outflows towards repayment of the loan.In order to calculate EMI for your loan, you should first understand its components:
The formula consists of using the loan amount, interest rate and tenure of the loan (in months): to find out your EMI (Equated Monthly Instalments)M = No of months to pay the loan
For example: You avail a home loan of Rs.5 lakhs and the bank disburses the loan in instalments of Rs.1 lakh each at each stage of completion of the house being funded. Once the first instalment is disbursed i.e.Rs.1 lakh, the borrower begins making interest payments. Pre-EMIs do not reduce the principal component of the loan amount..Advantages of Pre-EMIs
Here, EMIs i.e. interest + principal are repaid only once the entire loan amount is disbursed.Advantages of Full EMIs
If you plan to sell the house, or are expecting large income inflows orare anticipating higher returns from the property funded by the loan, it is better to opt for Pre-EMIs. However, if you are not sure and do not want to take any undue risks, Full EMIs are a better option.
Manoj Kumar, 29, a Bangalore-based MNC employee, fulfilled his dream of owning a new a car in 2010. He bought a car for about Rs 5.95 lakh. He managed to do this by availing a car loan. The down payment he was required to pay was Rs 1.5 lakh and the remaining amount was funded by his auto financier. The car loan interest rate was 12% p.a. and the loan tenure was set at four years. As per the terms of the agreement, he currently pays a monthly EMI of Rs. 11,700. Manoj goes by the payment schedule as set out by the bank. But, how does he verify the amounts payable as per the schedule? Is there any way he can reduce or increase the EMI based on his financial situation?
Calculating EMIs can be confusing and tedious. There are many borrowers who find it hard to understand EMI calculations and Manoj is no exception. Most borrowers are unsure whether they are paying the right amount as EMIs; in many cases, the lenders themselves may have erred in their calculations.
The irony of it all it that EMIs are not that hard to understand. Using MS Excel, a very popular tool used the world over, anyone can easily calculate the amounts due as EMIs.MICROSOFT EXCEL FOR EMI CALCULATION
An Excel spreadsheet is a software specifically designed for mathematical calculations and performs calculations using a number of preset formulae. This makes it one of the most convenient tools to calculate and understand EMIs or repayment schedules.STEPS TO CALCULATE LOAN EMIs USING EXCEL
To calculate loan EMIs using Excel, you have to use the function ‘PMT’ . You will need to know the rate of interest (rate), the tenure of your loan (nper) and, the value of the loan or present value (pv). Apply this to the formula: =PMT(rate,nper,pv).Example:
If you were to choose a different frequency, say a quarterly payment schedule as opposed to monthly payments, all you would have to do is factor this into the formula to get the desired results.Example:
Its really as simple as plugging in data and receiving results, completely eliminating confusion and anomalies. This not only helps you as a borrower in choosing the right loan plan but also helps you adjust your EMIs according to your financial situation.
HDFC Bank offers various loan products meant for customers of different demographics and incomes. Calculating EMI on any of the loans can be done through a few simple clicks at BankBazaar which specializes in providing free financial services to customers and general visitors.
Availing loans can be a very tricky proposition if you don’t know the underlying details such as EMI amounts, interest rates, processing charges and amortization. You may be looking for a car loan, personal loan, or even a house loan, and the best place to begin your search starts from the Internet.
BankBazaar offers a dedicated EMI Calculator tool that will provide you with information regarding the loan break-up and amortization details. You can access this tool by following these steps:
Once you select an option as detailed above, you will be taken to a new page with different dynamic fields. To use the HDFC Loan EMI Calculator, please follow the steps outlined below:
Once you are done with filling the details, click on ‘Calculate’. The results will appear just below the ‘Calculate’ button. The results are shown in terms of ‘Your Monthly Car/Home/Personal Loan EMI’, ‘Loan Break-up’ and ‘Amortization Details’.
EMI Amount: The monthly amount you have to repay for your particular loan product, according to the details entered by you.
Loan Break-up: Loan Break-up section will show details such as the loan amount, total interest payable, processing fee, and the total repayable amount. The results are also shown aesthetically in graphical format.
Amortization: This result will show details of the amount to be paid at any point during the loan tenure such as principal paid, interest paid, outstanding balance, and total payment made.
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.
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.
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.
Posted on 07th May 2015
Following recent repo rate cuts by the RBI, State Bank of Hyderabad (SBH) has lowered its base rate and home loans rates. The SBI associate bank brought down its base rate effective 1st May 2015 and brought down the interest rate on home loans effective 4th May 2015.
The base rate which previously stood at 10.20% now stands at 10.05%. Home loan interest rates were reduced to 10.10% p.a. on loan amounts up to Rs.75 lakhs and to 10.15% p.a. on loan amounts over Rs.75 lakhs.
RBI underlined the need for banks to lower base rates and lending rates in order to make further repo rate cuts amidst easing inflation. Banks were hesitant to lower rates and pass on benefits to customers citing high cost of funds making lending less profitable. However, leading banks across the public and private sector have moved to lower rates with many more to follow suit.
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.