Recalculate your Personal Loan EMI and Total Interest Due in a snap!
Monthly amount paid to your Personal 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|
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Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com?s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.
Top picks from our Financial Expert
On Bankbazaar.com, calculation of the Equated Monthly Instalment (EMI) on your personal loan is a simple...
Calculation of the Equated Monthly Instalment (EMI) pertaining to your HDFC Personal Loan is a simple...
The English dictionary defines the term ‘Amortization’ as the spreading...
Personal loan, as the name suggests is an influx of funds obtained by an individual...
When calculating the Equated Monthly Instalment (EMI) for your personal loan, the trusted MS Excel program...
On Bankbazaar.com, calculation of the Equated Monthly Instalment (EMI) on your personal loan is a simple and quick process. Our handy Personal Loan EMI Calculator tool is designed to calculate the applicable EMI on your personal loan and the total interest due, in a matter of seconds. Simply, follow the steps listed below-
And in the odd event of you encountering a bug through this process or having a query or concern, Contact Us and our customer support team will be happy to help you out.
Calculation of the Equated Monthly Instalment (EMI) pertaining to your HDFC Personal Loan is a simple process thanks to the friendly ‘Personal Loan EMI Calculator’ tool featured on Bankbazaar.com. To access this feature, follow these steps-
The English dictionary defines the term ‘Amortization’ as the spreading of payments/instalments over multiple periods. This term is popularly used for two separate processes: amortization of loans and amortization of intangible assets. On Bankbazaar.com, calculation of the amortization details pertaining to your personal loan is a simple and quick process. Simply, follow the steps listed below-
This simple process would have taken a maximum of 30 seconds to complete. If you do encounter any queries or concerns through this process, Contact Us and we will gladly help you out.
Personal loan, as the name suggests is an influx of funds obtained by an individual for his/her own personal utilization. This differs from the other type of loans that a bank or financial institution would lend out to an organization or business, primarily in terms of the utilization, as in, the lender isn’t really concerned about how the funds are utilized by the borrower. A personal loan is especially helpful in times of an acute financial crisis or an unforeseen monetary obligation. In India, personal loans serve all kinds of purposes- from weddings to foreign trips, from stocking up a home to applying for a vocational course. Almost all Indian banks advertise personal loans as one of the most important instruments in their arsenal.
Primarily, personal loans are available in two formats. As will be obvious, this distinction is primarily based on the attached guarantees and the type of source pledging the loan.
Secured Personal Loan- When soliciting a loan of this kind, the borrower must deposit a guarantee or collateral with the lender. Usually, this collateral is in the form of gold, property or any other movable or immovable asset. The general idea is that if the borrower fails to pay back the borrowed amount or defaults on the predetermined loan instalments, then the lender is liable to confiscate the collateral and utilize it to recover back the incurred losses.
Unsecured Personal Loan- These type of personal loans do not require the placement of any guarantee or collateral. However, in response to taking a high risk by lending money without any security strings, the lender is likely to charge a substantially higher rate of interest. In cases wherein the borrower of the personal loan fails to pay back the borrowed amount or defaults on the predetermined loan instalments, the money lender can take a legal route to recover back his/her monies.
When calculating the Equated Monthly Instalment (EMI) for your personal loan, the trusted MS Excel program could be a god-sent help. The inherent formula calculations and ease of implementation makes an excel spreadsheet the perfect tool to calculate, collate and store such sensitive data- information that could be called upon for review at a moment’s notice, on a frequent basis.
Explained below are the simple steps to help you calculate your EMI, with the help of the humble excel sheet,
Axis Bank is one of the foremost private banks in India. It provides attractive interests on personal loans for the salaried and self-employed class. While searching for your Axis Bank personal loan you will want to know the Equated Monthly Instalments that you will have to pay. This could be for varying amounts and loan periods. Using a Personal Loan Calculator will help simplify your search by letting you calculate and compare EMIs on loan schemes quickly and accurately.
BankBazaar offers a comprehensive tool to help you out with EMI calculations in a matter of seconds. And the results aren’t limited to EMI value only – you will see a lot of additional details like break-up of the loan amount as well as amortization figures throughout the repayment period.
You can access BankBazaar’s Personal Loan EMI Calculator by following these simple steps:
On clicking, you will see a new page with scales and boxes. These represent the various details of the loan such as Loan Amount, Tenure, Processing Fee, and Interest Rate. Each of these fields can be edited at any point of the EMI calculation process, and you can see dynamic results as and when any field value is changed.
Loan Amount is shown as a scale with limits of ?50,000 and ?30 lakhs. Hold and drag the pointer on the scale to the amount you are thinking of borrowing.
Tenure is also shown as a scale. Enter any value between 12 months and 60 months.
Interest Rate can be found at BankBazaar.com for various loan products from Axis bank, including personal loans.
Processing Fee is a standard one-time fee applied by banks on new loans. Usually ranging between 2-5%, you can find this figure on BankBazaar.com’s exclusive portal for Axis Bank personal loans.
Once you have entered all the details, click on Calculate. The results will appear just below the four fields as described above.
Your Monthly Personal Loan EMI will be displayed first.
Next is the loan break-up where you can see details such as Total Interest Payable, Processing Fee Amount, Principal Amount, and the Total Repayment Amount in tabular as well as graphical formats.
The third part will contain Amortization details. This will indicate the Interest Paid, Principal Paid, and Outstanding Loan Balance at any point during the loan tenure.The comprehensive calculations done by BankBazaar’s Personal Loan EMI Calculator will help you make the right choice for your Axis Bank personal loan.
Bandhan Bank, one of the latest entrants in the Indian banking scene has started its loan disbursal process in the country, with offerings in retail, agriculture and small & medium sectors. The bank has used its base rate to link all its loan products, with the base rate set at 12% per annum. Started in August, Bandhan Bank has managed to achieve deposits worth Rs 3,700 crore and expects to add another 428 crores by means of investment from International Finance Corporation and GIC.
Bandhan Bank has a current capital base of Rs 2,570 crore, almost 5 times the regulatory requirement and hopes to increase this to over Rs 3,000 crore by 2016. With competitive deposit rates, the bank hopes to edge ahead of competition, offering interest rates between 4.25% and 9% per annum on its savings accounts.
26th November 2015
Recently, the Mysore District Micro, Small and Medium Enterprise Association (MDMSMEA) has asked for intervention from the Reserve Bank of India (RBI) to put restriction on the foreclosure charges charged by non-banking financial companies. There is also a dissatisfaction over the rate of interest charged by these institutions on business loans.
According to MDMSMEA president T.D. Jayachandra Urs, the interest rates charges by the non-financial companies ranges between 19% to 21%. Besides, they charge a high amount of foreclosure charge which is 5% of the total outstanding amount. As opposed to what these non – banking financial organizations charge as interest rates, the public sector banks charge between 11% to maximum 13%. Many entrepreneurs approach the non-banking financial companies for business loan because they maintain a fast and hassle-free process of documentation and loan disbursal. Because of the procedural delays caused by public banks, these entrepreneurs seek business loans form the non-banking financial institutions. If the public sector banks can offer loans without causing much delay and collateral, the entrepreneurs would prefer to approach these public banks for their business loans.
25th November 2015
Arogya Finance in collaboration with Dr Reddy’s Laboratories has decided to provide medical loans for treatment of Hepatitis C. Arogya Finance will facilitate easy equated monthly instalments (EMI) for patients in order to pay for Resof, a drug for Hepatitis C. Patients can also avail loans for other therapies provided by Dr Reddy’s Laboratories.
Unlike other finance institutions, Arogya Finance does not require collaterals or formal income proof. The organization offers a loan and makes it easily available within 24 hours. The medical loans are offered to the traditionally unbankable, with the help of a psychometric test as a risk assessment tool to enable evaluation of the credit risk profile of people outside the formal banking system. The borrowers can repay the loans in EMIs of up to 36 months. The EMI is calculated in such a way that it does not exceed 25 per cent of the total family income.
19th November 2015
Bajaj Fiserv, the market leader in consumer durable finance in India, has launched Bajaj Fiserv Experia App, through this EMI finance mobile application, which is India’s first ever, the lender aims to ease the instant EMI finance process for consumers by providing those approvals on the go. With the app, customers can get instant loan approvals of up to Rs.3 Lakh with a simple tap on their smartphone. This not only improves the chance of a quick approval, but also makes them eligible of higher loans. All the customer has to do is share only the first 6 digits of their credit card and get the extra advantage. They can also keep a track of the status of their loan application.
13th November 2015
The state government aims to acquire loans at 4% interest from overseas to ease the pressure faced by the state treasury. A debt of more than Rs. 3 lakh crore on a state exchequer has urged Maharashtra to pay the most amount of interest on loans, escalating from Rs. 10,000 crore to Rs. 27,000 crore. Sudhir Mungantiwar, the finance minister, said that countries such as Singapore, Japan and China are willing to provide loans to customers at lower rates, but Indians intend to take loans and make repayments in INR and not the currency of the country from which they attain the loan. It has been revealed that talks with Singapore are ongoing at the moment, and if both parties manage to strike a deal, the state will save Rs. 30,000 crore in a matter of four years.
29th October 2015
While the RBI cutting repo rates in 2015 may have brought down interest rates on personal loans, it may not have affected the EMI. This is because no bank alters EMIs as per fluctuating interest rates. Only the loan’s tenure is adjusted for the sake of convenience. A slash in the interest rates decreases the tenure of the loan. The full benefit of policy rates may not be passed to customers.
On the brighter side, a cut in interest rates has led to the reduction of real estate and vehicle prices. With major banks reducing the interest rates by as much as 40 basis points, it is beneficial for new borrowers. Approaching banks that offer personal loans at lower interest rates can leave borrowers with higher disposable income and better savings.
20th October 2015
For salaried women exclusively, based in metro cities, urban and semi urban areas Fullerton India launches a new Personal Loan product called ‘Nari Shakti’. Fullerton India is a non-banking financial company that is offering an unsecured personal loan exclusively for salaried woman with an amount of up to Rs. 10 lakhs. The rate of interest charged for these loan will be 200 base points than their normal personal loan rate. The non-banking financial company has taken this step to ensure the financial independence of women and empower and encourage them to follow their dreams.
14th October 2015
Vijaya Bank cut its base rate to 9.65% with effect from October 8. The base rate cut was announced after the RBI announced repo rate cut in the first week of October. Since June 2015, the bank has cut their base rate by 60 basis points. The rate cut will ease the credit offtake and the retail customer will benefit. The bank said that the personal loans, and other segment will benefit from the rate cut.
8th October 2015
With digital banking booming, HDFC Bank has now decided to lead offers like mobile banking and internet banking in Goa with full gusto. The bank has decided to launch a unique scheme, give their demat customers the choice to design and structure their personalized loan online. This step will help save time for the customers and make approvals move faster. The customer can also apply for personal loans, other loans and choose the pledge amount with the bank by setting their own limits.
7th October 2015
With the RBI reducing its repo rate of interest by 50 points the repo rate is now at 6.75% in comparison to the 7.25% earlier. All loans are dependent on the repo rate as this decide the minimum base rate that banks are allowed to lend funds at to potential borrowers. In the last 24 hours, SBI, Axis bank, UCO, OBC, Andhra Bank have already reduced their base rate.
This rate cut will lead to lower EMIs on all loan products, from personal and other loans. You can also save if the rates reduce further the cumulative savings can be big. The EMIs on your loans will reduce thanks to the cut in interest rate and the interest payable on the amount also will be less leading to savings. If you’re looking taking up a loan of any kind be it personal or any other loans now is the right time.
5th October 2015
Now the it is earlier to grow from a small or medium business to a large one, Bandhan Bank is now offering a range of loans to increase your business and create more income. The maximum loan amount an applicant is allowed will be Rs. 25,00,000 for 5 years. These loans can be taken for wide range of business requirements, such as working capital, new equipment, commercial vehicle loan, term loan, Samriddhi Business loan.
28th September 2015
With the MUDRA loan mela, organised by Indian Bank and many other private sector banks offering loans to small businessmen without collateral, the Mudra loan (Micro Units Development and Refinance Agency) The disbursal of the loan will take place after the 25 September 2015, after the loan application are received by the banks. Small businessmen can avail for loans of up to Rs. 50,000 to Rs. 5 lakh and If you would like to avail the loan under Shishu, Kishore and Tarun categories then the amount of Rs. 5 lakh to Rs. 10 lakh would be given to the applicant. The applicant will need to pay a interest of 12% . These loans will be given out under the Pradhan Mantri Mudra Yojana
25th September 2015
In a move to encourage and support female entrepreneurs and artisans, the Ministry of Micro, Small and Medium Enterprises (MSME) has implemented schemes directed at providing financial benefits and employment opportunities for women.
A total of Rs.6.70 crore has been allocated for the FY 2015-2016 for the two schemes mentioned below:
1. The Mahila Coir Yojana
Under this scheme, women artisans are given training and counselling, after which financial assistance is provided for them to acquire ratts that are used for spinning coir yarn. Motorized ratts – both regular and traditional – are given at a 75% cost subsidy (up to a maximum of Rs. 7,500 for regular motorized ratts and Rs.3,200 for traditional motorized ratts). Beneficiaries are expected to raise the remaining 25%.
2. Trade Related Entrepreneurship Assistance and Development (TREAD)
Loans and financial assistance is provided from Government grants and from Nationalized banks at the rate of 30% of the loan (subject to a maximum of Rs.30,00,000) though NGOs for women who are starting entrepreneurial self-employment ventures that aren’t directly farm-related. This program aims to economically empower women using trade-related training, product-related services, training, and counselling.
In addition to these, the Chhattisgarh and Uttar Pradesh Governments are setting up the Women Entrepreneurship Award Scheme and the Mahila Udyami Protasahan Yojana, respectively, to promote and support women entrepreneurs.
14th August 2015
Karnataka Bank has streamlined processes and created a system through which people can submit MSME loan applications, and track their credit proposals online.
The system allows applicants to submit applications for MSME credit over the internet, and also provides the facility by which customers will be intimated about the details and status of their application over e-mail. In addition to this, the system also allows you to track the status of all MSME credit request that’s been submitted directly at branches
Karnataka Bank has a lot of loan products that are aimed at MSMEs, with over 160 specialised branches that deal only with the MSME in over 100 clusters in 16 states across India, Karnataka Bank hopes to be one of the major players that’s lending to this sector.
Through this new platform, MSME credit applicants and apply online and track the status of their application online, encouraging more potential MSME owners to do the same.
12th August 2015
Following the recent rate cut made by the Reserve Bank of India, borrower’s EMIs could reduce for all kinds of loans including personal loans. Vijayalakshmi Iyer, the chief managing director of Bank of India, says that EMIs will certainly reduce, marginally, following this rate cut. According to her, this is a surprise move taken by RBI which will definitely push banks to drop interest rates soon. She also states that the banking system will not be able to pass on the entire 50 bps that has been cut by the RBI recently. Nevertheless, some amount will be surely transmitted.
13th March 2015