Top Banks Providing EMI Calculators
It is important to have a clear understanding of how much of an Equated Monthly Instalment (EMI) you can afford to pay every month without putting undue strain on your finances. You can easily do this by using a free online tool called the EMI calculator.
An EMI calculator is a tool that helps you find out how much EMI you will have to pay on your home loan using parameters such as the interest rate, loan repayment tenure, and loan amount. These calculators provide a quick, instant, and accurate figure that you can credibly use in your decisions.
Here are the top Indian banks providing EMI calculators on their official websites:
State Bank of India
The State Bank of India is working relentlessly for decades to offer affordable financial solutions to people from varied economic backgrounds. Its main motto is to help every individual in India access banking facility with ease. With an aim to expand its services, this trusted bank has now launched simple-to-use EMI calculators on its website for all types of loan products.
State Bank of India EMI Calculator
Besides helping people know how much they have to pay against their loan, the calculators also enabling them to assess their loan repayment ability in advance thus reducing the risk of loan defaults. When you input all your loan details in the SBI EMI calculator, it will instantly tell you how much a loan will cost you every month.
Steps to Use the SBI EMI Calculator
Here is how you can make use of the SBI EMI calculator before applying for a loan:
Step 1: Log into the official website of SBI.
Step 2: Go to the 'Calculators' tab and choose the 'EMI Calculator' option.
Step 3: Next, key in the loan amount, duration, and interest rate in the given boxes.
Step 4: Click the 'Reset' button for re-entering the figures if required.
Step 5: Once done press the 'Calculate' button.
Step 6: An estimated EMI amount and total interest will get displayed on the screen.
HDFC Bank
The HDFC Bank has emerged as a reliable private bank in India due to its customer-friendly facilities and technological advances. This bank which was initially focused on providing easy banking facilities to the users, today is known for offering a wide range of advanced products. The latest addition to its wide array of services is the EMI calculator which has made it easier for the customers to calculate the EMI for a particular loan product.
HDFC Bank EMI Calculator
Using the HDFC EMI calculator a borrower can assess his/her capability of paying the EMIs on time before availing the loan. In other words, the borrower will come to know about the affordability of the loan well in advance and thus can take the right decision. As the calculator will show an estimated amount you will be able to plan your future EMIs prudently so that it fits into your monthly budget and you don't face any financial stress in future.
Steps to Use the HDFC Bank EMI Calculator
Here is how the HDFC Bank EMI calculator works-
- Step 1: Visit the official website of HDFC Bank.
- Step 2: Go to the 'Calculators' section and choose the desired EMI calculator.
- Step 3: Click on 'Calculate Now' to open the calculator.
- Step 4: Input the loan details such as amount, interest rate, and loan term using the scale.
- Step 5: The calculator will automatically show the estimated monthly EMI.
- Step 6: If you find the EMI affordable, hit the 'Apply' button to avail the loan.
ICICI Bank
Being one the leading private-sector banks in India, the ICICI Bank has been offering hassle-free banking solutions to people for a long time. This bank is known for high-level of transparency and reliability among its customers across every state of India. Apart from providing a wide range of loan products, this high-tech bank has now come up with easy-to-use EMI calculators to help people plan their EMIs before taking the loan.
ICICI Bank EMI Calculator
The ICICI Bank EMI calculators allow the willing loan borrowers to know how much amount they have to repay every month for clearing the loan on time. Hence, by using the calculators, borrowers who have opted for EMI (Equated Monthly Instalment) facility to ease the stress of repaying the loan immediately, can easily know how much they need to pay every month through the EMI calculators of ICICI Bank.
Steps to Use the ICICI Bank EMI Calculator
This is the step-by-step guide to use the ICICI Bank EMI calculator:
- Step 1: Open the official website of ICICI Bank.
- Step 2: Click on the 'Personal' tab present on the top of the page.
- Step 3: Then go to the 'Tools and Calculators' section at the page bottom.
- Step 4: Next, click open the calculator for the loan product that you want.
- Step 5: After that, input your loan amount, tenure, and interest rate to find the EMI.
- Step 6: It will automatically calculate and show the applicable EMI amount.
PNB Bank
The Punjab National Bank or PNB is a popular Indian bank whose motto is to reach the borrowers of every economical section of the country. The user-friendly website of PNB allows its customers to check and apply for home and property loan products, credit, and debit cards, perform online banking transactions, check their application status and calculate the loan EMIs with just a click of the mouse while sitting in comfort.
PNB EMI Calculator
By using the PBN Home Loan EMI calculator you will not only be able to estimate the EMI that you are liable to pay against your loan, but you can also calculate your eligibility to apply for a home loan from PNB. Also, by providing the estimation of your monthly instalments, it will allow you to decide the right amount of loan that you can service with ease. The process of using the PNB EMI calculator is simple and any first-time user can operate it easily.
Steps to Use PNB EMI Calculator
Check how to use the PNB EMI calculator right here:
- Step 1: At first, visit the official website of Punjab National Bank.
- Step 2: Next, go to the 'Tools and Calculators' section.
- Step 3: Find the 'Home Loan EMI Calculator' section and click open the 'EMI Calculator' tab.
- Step 4: Use the sliders and insert the loan amount, ROI, and tenure in the calculator.
- Step 5: The calculator will automatically show the approximate EMI against your loan.
- Step 6: If you find the EMI within your budget, click on the 'Get Instant E-Sanction'.
Union Bank of India
Operating in almost every city in India, the Union Bank of India is a highly tech-savvy bank that is dedicated to helping the Indian citizens with top-notch financial products and services.
This public-sector bank doesn't only ensure convenient banking process but also strives to offer useful financial tools and solutions. Owing to its useful products in the form of various financial products and tools, it has built a huge user base across the nation.
Union Bank EMI Calculator
Among its various beneficial offerings, the EMI calculator needs special mention. The EMI calculator of Union Bank has made the loan borrowing process more transparent for the users. Through the calculator, a borrower can check his/her eligibility and the EMI applicable for the loan amount that he/she wants to take from Union Bank or any other public or private sector bank.
Steps to Use the Union Bank EMI Calculator
The process of using the Union Bank EMI calculator is given here:
- Step 1: Visit the official website of Union Bank of India and go to the 'Retail Loans' section.
- Step 2: Next, find out the 'EMI Calculator' tab listed under the 'Quick Links' section.
- Step 3: After that, click and open the EMI calculator tool.
- Step 4: Then input the loan amount, interest rate in % and loan period in months in the spaces.
- Step 5: When done, click on the 'Calculate' button to find out the EMIs.
- Step 6: The calculator will display the EMI, Average interest, and Monthly interest instantly.
Axis Bank
Since its inception, the Axis Bank was focussed on offering the best-in-class financial solutions to the residents of the country. Be it a low interest personal loan, a car loan, or a fast credit card approval, Axis Bank has everything in its store. Due to its impeccable services and offerings, it has gained wide acceptance among the customers across various economic segments of the country.
Axis Bank EMI Calculator
The latest addition to the Axis Bank's user-oriented services is its EMI calculators. These advanced tools have made it very easy for the customers to first calculate the EMI that they have to repay on a monthly basis and then avail any loan product. Starting from a personal loan, home loan, car loan to education loan, the Axis Bank has a set of customised EMI calculators to enable the borrowers to make an informed and wise decision before opting for a loan product.
Steps to Use the Axis Bank EMI Calculator
This is how you can use the Axis Bank EMI calculator to calculate your loan EMI:
- Step 1: Visit the official website of Axis Bank and go to the 'Loans' tab.
- Step 2: Next, click on 'Calculators' and select the desired loan from the list.
- Step 3 In the following step, click open the EMI calculator.
- Step 4: Select the amount, tenure, interest rate, and processing fee using the scale.
- Step 5: Hit the 'Calculate' button to calculate the EMIs.
- Step 6: The calculator will show an estimated amount that you have to pay monthly.
So, next time when you apply for a loan, make sure to use any of these calculators to make the process of EMI calculation easy. The calculation will be performed on the basis of the information provided by the user such as the preferred loan amount, repayment tenure and interest rate and an estimated monthly payment will be displayed. Though the EMI amount will not be accurate, it will indicate approximately how much you have to repay every month as interest outgo against your loan.
FAQs on Top Banks Providing EMI Calculators
- Which bank account is best for EMI?
Selecting the best bank account for EMI payments depends on various factors, such as interest rates, processing fees, and customer service. It's advisable to research and compare offerings from different banks.
- How do banks calculate EMI?
Banks commonly use the EMI formula to calculate Equated Monthly Installments. The formula is EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual interest rate divided by 12), and n is the loan tenure in months. You can find this formula in financial textbooks and on various financial websites.
- Is EMI better than a loan?
EMI and loans are not directly comparable because EMI is a method of repaying a loan. Whether EMI is better than a lump-sum payment depends on your financial situation and goals. It's advisable to consider factors like interest rates, your ability to make monthly payments, and your overall financial strategy.
- Do I need to pay to use a home loan EMI calculator?
No, home loan EMI calculators are free to use.
- Is EMI risky?
EMI itself is not inherently risky. However, it's crucial to manage your finances prudently to ensure you can comfortably make the monthly payments. Failing to meet EMI obligations can have adverse effects on your credit score and financial stability.
- Is EMI better than full payment?
The choice between EMI and full payment depends on your financial situation and preferences. EMI allows you to spread the cost of a purchase over time, while full payment means paying upfront. The decision should align with your ability to make the full payment and your preference for spreading the cost.
- How can I get low-cost EMI?
To secure low-cost EMI options, you can consider various strategies, including shopping around for loans with lower interest rates, maintaining a healthy credit score, negotiating with the lender for favourable terms, and making a higher down payment to reduce the loan amount and consequently lower your EMI.
- What is Loan Amortization?
Loan amortization is a method employed by financial institutions, such as banks, to illustrate the breakdown of Equated Monthly Instalments (EMI) into their interest and principal components, as shown in the table above. This breakdown helps borrowers understand how their payments are allocated throughout the loan's duration.
- What are Fixed and Floating Interest Rates?
Floating interest rates are determined by banks based on the Marginal Cost of Funds-based Lending Rate (MCLR). The EMI for a floating rate loan fluctuates in response to changes in the MCLR throughout the loan's repayment period. Conversely, fixed interest rates maintain a consistent EMI amount, remaining unchanged for the entire repayment term.
- What is the penalty for missed EMI payments?
Should a borrower fail to make their EMI payment, banks impose additional interest charges as a penalty for missing the installment. The specific penalty fees can differ between banks. To avoid incurring these charges, borrowers should ensure that their account maintains sufficient funds to cover the EMI on the due date.
- How to calculate EMI easily?
You can easily calculate EMI using online EMI calculators available on many financial websites. Additionally, spreadsheet software like Microsoft Excel offers functions to compute EMIs. These tools typically require you to input the loan amount, interest rate, and tenure, and they will calculate the EMI for you.
- Will the bank's current interest rate be automatically populated in the EMI calculator?
No, the bank's current interest rate will not be automatically populated in the bank's EMI calculator. You will have to input this yourself.
- Are home loan EMI calculators available on a mobile device?
Yes, you can use a home loan EMI calculator on any smartphone or tablet that is compatible with the bank's website and calculator.
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