• 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

    • 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

    • Comparison of 3-year bank FDs across leading banks

      The volatility in share markets and increase in interest rates make this a good time to invest in fixed deposits in banks. With three major banks increasing their interest rates on fixed deposits, adding debt to an investment portfolio would be a smart thing to do. The three banks that have increased their FD interest rates are HDFC Bank, ICICI Bank, and SBI. The increase in rates are for deposits that are less than Rs.1 crore. Senior citizens are given an extra interest of 0.5% for all the term deposits in these banks.

      HDFC Bank offers the highest interest rates for 2-3 year tenors at 7.4% per annum. For deposits with a tenor of 1-2 years, the interest rate is 7.30%. For a tenor of 2-3 years, ICICI Bank offers 7.5% interest. For a tenor between 1 year and 389 days, the fixed deposit fetches 6.90% interest rate. It is 7.10% for tenors of 390 days to 2 years. SBI offers 6.75% for deposits between 2 years and 3 years. For deposits of 1 year to 2 years, the interest rate is 6.70% and for 3-5 years it is 6.80%.

      23 November 2018

    • ICICI Bank increases fixed deposit rates

      ICICI Bank has now increased the retail term deposit interest rate by up to 25 basis points. The new fixed deposit interest rates for less than Rs.1 crore will be applicable for multiple term periods from 15 November 2018. ICICI Bank now offers an interest rate of 7.5% for all fixed deposits more than 2 years and up to 3 years. Across the various tenors, this is the highest interest rate offered by ICICI Bank. The rate of interest for fixed deposits between 1 year and 389 days is 6.9%. This has had an increase of 15 basis points. ICICI Bank offers term deposits with different maturities that come with attractive interest rates and assured returns. Term deposits offered by ICICI Bank come with a number of maturity options ranging from 7 days to 10 years. 7 day maturity offers an interest rate of 4% while the 10 year maturity offers an interest rate of 7%.

      22 November 2018

    • How the SBI Tax Savings Fixed Deposit Account works

      SBI Tax Saving Scheme, 2006 is a term deposit scheme offered by State Bank of India. Residents of the country having an income tax permanent account number are eligible for the benefits offered by this scheme. You can deposit a minimum of Rs.1,000 and in multiples thereof with the maximum deposit amount not exceeding Rs.1,50,000 in one year. The minimum tenure is 5 years and can go up to a maximum of 10 years. The interest rates of tax savings fixed deposit account is similar to that of term deposits. The interest rate offered for all deposits under Rs.1 crore is 6.85 percent for the general public and 7.35% for senior citizens. This term deposit cannot be withdrawn before the completion of 5 years from the date of the receipt of the fund. People who are investing in this savings scheme cannot use this to secure loans or any other asset.

      21 November 2018

    • House prices in India expected to increase at half the rate of inflation next year

      It is expected that the house prices in India will increase at half the rate of consumer price inflation in 2019, according to a Reuters poll of housing market experts. The experts also expect Delhi to be hit hardest by this increase. Over the last decade, house prices have increased at double digit rates in India. The major cities in the country have become some of highest populated cities in the world. House prices rose by an annual average rate of 8.5% in the last year. According to a poll conducted by Reuters, property experts believe house prices will increase by 2.8 percent this year and by 2.0 percent in the following year. The majority of the poll findings is based on NHB Residex. If the house price growth goes according to the prediction, it will be the the lowest in more than a decade and the first time since the financial crisis that house price growth is not higher than inflation.

      20 November 2018

    • Tenure, interest rates, and other details about the Multi-Option Deposit Scheme of SBI

      The Multi Option Deposit Scheme (MODS) is a type of fixed deposit scheme offered by the State Bank of India. It is directly linked to the savings/current account of SBI. This scheme is partially liquidated and the account holders can withdraw amounts from their account in multiples of Rs.1,000 according to their needs and requirements. The remaining amount continues to earn interest rates as applicable at the time of opening the account. The minimum amount for this scheme is Rs.1, 000 and any amount more than this should be in multiples of Rs.1,000. However, there is no limitation on the maximum amount and the account holders can deposit any amount in this type of account. The account can be opened for a minimum tenure of 1 year and a maximum tenure of 5 years.

      19 November 2018

    • Comparison of fixed deposit rates across top banks

      Many leading banks recently revised their fixed deposit rates, including Canara Bank, Punjab National Bank, HDFC Bank, and State Bank of India. Canara Bank offers an interest rate of 7.10% for a 555-day tenure while the 444-day tenure has an interest rate of 7.05%. Punjab National Bank offers 6.85% interest rate for the 555-day tenure if taken between the months of November 2018 to March 2019 for deposits that are below Rs.1 crore. Senior citizens are offered an interest rate of 7.35% which is the highest offered by PNB. These rates are effective from 1 November 2018. HDFC Bank’s FD interest rates are raised up to 50 basis points across different tenors. For a tenure of 8 to 10 years and 5 to 8 years the interest rate is 6.5%. For deposits below Rs.1 crore for a 2- to 3-year loan tenure, the interest rate is 7.40% while for deposits that are Rs.1 to Rs.5 crore, it is 7.5% for a tenure ranging from 1 to 3 years. State Bank of India’s interest rate is 6.85% for a tenure of 5 to 10 years while for senior citizens it is 7.35%.

      14 November 2018

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