Top Banks Providing EMI Calculators

While availing a loan, people often end up borrowing more than what they can afford resulting in undue financial burden which sometimes even lead to loan defaults and debts. But, now with the EMI calculators offered by the top banks in India, EMI calculation has become very easy and just a matter of a few seconds.

An EMI calculator is a tool that helps a borrower find out his/her loan repayment ability. In other words, it enables borrowers to know whether they can afford the monthly payments that they have to pay against the loan that they want to take. These calculators are reliable and show estimated calculations thus enabling the customers to plan their EMIs in a smart way.

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.
Calculate your EMI

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.

News About Top Banks Providing EMI Calculators

  • Retail loans might help revive Indian economy

    NPA hit banks may have just found a way to recover the Indian economy. Since the liberalisation in 1991, India has ended up becoming more consumption driven in the past 25 years. The time has come where Indians now do not think twice before availing a loan to satisfy their consumption aspirations. This is a trend that is a very big opportunity for banks to lend money to people other than large corporates and businesses to whom they generally offer loans. With the increase in the number of defaults and losses when it comes to corporate lending, the focus on retail lending has increased by a large extent. The financial savings of an average Indian has increased by more than double the amount since the global crisis. Since the financial liabilities have also increased with the same pace, India will have to depend on overseas money to help with the growth. With the improvement in technology the number of people having access to banking facilities and the amount of people reaching out to banks for loans have greatly increased. Big banks like State Bank of India believe that at least 60 percent of the loans will be contributed by the retail portfolio of the bank.

    16 January 2019

  • Interest Rates for Post Office Deposit Scheme

    A number of deposit schemes are offered by a post office. These schemes are also called small savings schemes. The sovereign guarantee of these schemes is their USP. They are backed by the Government of India, and some of them even provide tax benefits under Section 80C of the Income Tax Act. The Government of India reviews and fixed the interest rates for these schemes. One of the most popular deposit scheme offered by a post office is the Senior Citizen Savings Scheme. SCSS as it is also called, is a great investment option for those who are 60 years of age and above. The interest on this scheme is paid every quarter, and it has a lock-in period of five years. The maximum amount you can invest in the Senior Citizen Savings Scheme is Rs.15 lakh. You can open this account either singly or along with your spouse. It enjoys the EEE (Exempt-exempt-exempt) status because of which a large number of individuals are investing in it, and the interest rate it offers is 8.70%.

    15 January 2019

  • Rupee inches up by 8 paise against dollar

    Due to selling in American currency by exporters and bankers, the rupee inched up to 70.39 early Thursday. However, local currency opened at 70.53, down by 6 paise.

    The continuous rise in global crude oil prices led to the rupee to close at 70.47 on Wednesday, extending its loss by 25 paise. Speculation that talks between China and the United States ahead of the FOMC could resolve their stand-off led to the US paper dollar to rise yesterday against its major crosses.

    14 January 2019

  • Commercial Banks Offering Best Interest Rates for Recurring Deposits

    If you want to save up for your short-term goals, a recurring deposit is an effective banking solution. In these recurring accounts, you typically deposit a fixed sum of money on a monthly basis for a specified length of time – ranging from a period of six months to a period of up to 10 years. This period, however, varies from one bank to another.

    There are multiple commercial banks that offer attractive rates of interest on their recurring deposits. For example, the minimum deposit amount of State Bank of India (SBI) is Rs.100 or more, in multiples of Rs.10. Similarly, the minimum investment amount at HDFC bank is Rs.1000 on a monthly basis or in multiples of Rs.100.

    10 January 2019

  • Latest FD rates of some of the top banks in India

    Punjab National Bank has now increased the fixed deposit rates for some of the maturity periods. The new rates have been in effect from 1 January 2019. This move comes after the rates were hiked by some of the other major banks such as ICICI Bank, State Bank of India, and HDFC Bank. Punjab National Bank is now offering an interest rate of 5.75% on fixed deposits of up to Rs.1 crore having a maturity period ranging between seven and 45 days, according to the Punjab National Bank website. The interest rates on fixed deposits of three different tenors has been increased by 5 basis points. For fixed deposits with maturity ranging between 7 and 14 days, the interest rate has been increased from 5.70% to 5.75%. deposits of 15 to 29 days and 30 to 45 days have also been increased to 5.75% now. For these fixed deposits, the interest rate offered by the bank has increased from 6.20% to 6.25%. Revision of rates was earlier done PNB in November 2018. For policies with maturity between five years and 10 years, State Bank of India offers an interest rate of 6.85%. For fixed deposits with maturity between five and ten years, ICICI Bank offers an interest of 7%. HDFC Bank offers an interest rate of 6.5% on all fixed deposits with maturity ranging between five years and ten years. Axis Bank offers an interest rate of 7% for fixed deposits that have a maturity ranging between five years and 10 years.

    7 January 2019

  • The Recent RBI Move - What it Means for the Common People

    The Reserve Bank of India has recently proposed a major change in the banks operate. The official statement from RBI read that moving forward, the banks will be required to link their rates of interests that they are charging on multiple classifications of loans to the benchmarks that are external instead of the old existing internal benchmarks. Making use of the existing internal benchmarks has been the standard and norm up until now, till the RBI changed this rule.

    What lacks in substance with the current MCLR system is that there is a significant lack of required transmission of policy rates. If and when the Reserve Bank of India cuts the existing repo rate, there will exist no guarantee that the borrower will in fact receive the benefit of the rate cut or that it will transmitted back onto him. Due to the internal benchmarking of loan pricing, the rate cuts introduced in the policies do not make their way back to the borrowers.

    12 December 2018

  • Interest Rates Remain to be Unchanged by RBI

    The Reserve Bank of India has planned to retain its existing interest rates as it has increased the rates twice already, and had even undertaken a cash squeeze. The economic condition in the country has finally been stabled as growth continues to happen at a nominal pace.

    The Central Bank will henceforth be more focused on liquidity, or the availability of cash in the system. Because of the major instability that was eating the Indian economy away, interest rates have remained at an all-time high. The RBI therefore has planned to infuse more liquidity in the existing system in the months that are going to follow. This in turn might help in increasing the cash flows significantly.

    5 December 2018

  • New fixed deposit interest rates of top banks

    Several leading banks hiked the interest rates on their fixed deposits (FD). These banks include Axis Bank, ICICI Bank, and State Bank of India (SBI). These rates are effective starting 1 December and are for fixed deposits that are domestic and across different tenors. SBI increased its rates of fixed deposits from 5 to 10 basis points (bps). These interest rates have been increasing from 2017 and may increase even more so that banks can get more funds their lending requirements. For deposits below Rs.1 crore, for a tenor of 1 year, Axis Bank offers an interest rate of 7.30%, SBI offers 6.80%, HDFC Bank offers 7.30%, ICICI Bank offers 6.90%, and Kotak Mahindra Bank offers 7.30%.

    Another reason that FD interest rates are increasing is that there has been an improvement in credit growth. The increase in market volatility is also a reason FDs have become more attractive to investors. For FDs that have a 5 to 10 year lock-in period, the Income Tax Act Section 80C offers tax benefits that are attractive.

    4 December 2018

  • All About SBI Fixed Deposit Account Types and More

    When investments (safe investments) are concerned, Indians are strong believers of fixed deposits, also known as term deposits. This is because investment in fixed deposits offer guaranteed returns, which is a huge factor especially for the Indian citizens. Indians are typically risk averse and fixed deposits are most popular for providing returns that are fixed (as the name suggests).

    Fixed deposits offered by banks are the most common kind of investment options in India as they are typically unaffected by the uncertainties of the market. What FDs require is for the applicant to deposit a lump-sum amount of money for an interest rate that is higher than that offered in savings accounts. The typical tenure of a fixed deposit ranges from about seven days to approximately ten years. This means that you can let the money accumulate over the period of time and then take it out when it has acquired some value.

    The interest rates offered on fixed deposits typically vary from one Bank to another and this is the only constant applicable in this scenario. SBI Multi Option Deposit Scheme (MODS) are essentially term deposits that are basically linked to savings accounts or individual current accounts. MODS is a little different from a typical fixed deposit or term deposit account. Where you can withdraw funds from a normal term deposit account anytime, you can do so in MODS only in the multiples of 1000. Whatever balance is remaining in your MODS account will continue to attract the term deposit rates as and when required.

    29 November 2018

  • Penal interest on delayed EMI payments to be GST payable

    Bajaj Finserve had recently collected penal interest on EMIs that were delayed. Maharashtra’s Authority for Advance Rulings (AAR) has ruled that this is subject to GST. The reasoning for such a ruling, given by the AAR, is that this comes under the GST Act’s ‘supply’ description because it is a receipt of the amount for their customers not paying the EMI within the due date. The authority noted that there is an understanding between the two parties to tolerate or foresee a situation of default by the loanees for a consideration that is monetary and which is received by the applicant. It further stated that under the laws of GST, exemptions for financial transactions is only for the interest or discount that is earned for loans, advances, or deposits. A penal interest for delayed EMI deviates from this so an exception is not admissible.

    28 November 2018

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