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|
Find better loan rates, special discounts, cashback offers from all banks only with BankBazaar.com's real time interest rate calculator.
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...
Axis Bank is one of the foremost private banks in India. It provides attractive interests...
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.
Whether you’ve had your eyes on a beautiful property, a dream car, or an education for your child from a prestigious university, everything is obtainable so long as you have a proper plan you wish to follow. All you need is a loan.
Personal or unsecured loans are easy to avail and can be customised based on the preferences of the borrower. A number of financial institutions and banks provide unsecured loans to customers at competitive rates of interest. However, the main question a borrower must ask himself / herself is how much of a loan can they afford. Every bank / lender lays down a set of eligibility criteria that must be met in order to apply for loans. Moreover, the borrower must also ascertain how much he / she can afford each month with regards to EMIs and interest rates. Basically borrowers are urged to compute how much money they wish to borrow depending upon their ability to repay the loan, which can be leveraged against your monthly income. Once you have finalised on the amount of money you wish to borrow, you will have to find an EMI calculator online as it will help you ascertain how much of your salary will have to be foregone every month towards repayment of the loan.
The interest rate is another important factor to look into when taking out a personal loan. Interest rates are usually determined based on the tenure of the loan and the amount borrowed. Individuals who wish to find any information related to any particular bank can do so with ease. While a number of financial institutions provide personal loan services to customers, they also add a number of filtering points and conditions that must be accepted by the borrower, making it crucial for customers to assess their financial position themselves so that they are better informed on how much money they can borrow and how long it will take for them to repay the entire amount.
A loan eligibility calculator is the ideal instrument through which an individual can ascertain his / her financial situation before taking out a loan. Each bank has its own unique calculator, and special offers can be availed if the company which employs you has a relationship with the bank from which you wish to take a loan.
Personal loan calculators can be used for the following reasons:
Personal loan calculators cannot be used for the following purposes:
The terms and conditions laid down by the bank will determine whether or not you are eligible for facilities that allow for part-payment or pre-closure, However, personal loans still remain the ideal solution for immediate financial needs as the documentation involved is easy, the amount is disbursed quite quickly, and the other features and benefits that can help you save money in the long run.
With a majority of the banks across the country reducing their lending rates after being flushed by the inflow of money caused by the demonetisation of the Modi-led government, even Bank of India has followed suit. With the marginal cost of funds based lending rates (MCLR) of the bank being dropped by 90 basis points, the Bank has reduced its lending rates for retail loans as of January 7. As a result, the home and vehicle loans have seen a drop in interest rates. The interest rate on home loans has been reduced to 8.70%, whereas vehicle loan interest rates have seen a drop to 9.35%. Loans against properties also have been revised to 10.50-11 % with women enjoying a 0.5% lower interest rate on all retail loans. The revisal of the interest rates for retail loans are effective immediately.
10th January 2017
The influx of funds in the banking system due to demonetization has spurred the government banks to cut loan rates across all types of loans like housing, auto and personal loans. UBI and SBI have slashed their lending rates by 0.9% while the PNB has cut its rate by 0.7%. Kotak Mahindra bank and the State Bank of Hyderabad cut their MCLR based rates by 0.10% and 0.20% respectively. Dena Bank cut its rates by 0.75%. The demonetization has led the banks to slash their rates to the lowest in 6 years for SBI. From January, 2015 the SBI has slashed its lending rates benchmark by 200 basis points. The Prime Minister in his address to the nation on New Year’s Eve asked the banks to give priority to lending to the middle class and the poor.
5th January 2017
In an attempt to empower women in the country and offer financial support, the government has recorded disbursing loans worth Rs.60.9 crore over the last 13 years to women categorized under the SHGs (self-help groups), under Chhattisgarh Mahila Kosh. Constituted in 2002 to empower women, a year later women were given loans of Rs.5,000 but in 2012-2013, the margin has increased to Rs.50,000 at an interest rate of 3%. Women were given a maximum repayment tenure of 36 months, and commencement of the repayment started three months after the sanction of the loan.
27th December 2016
In an attempt to lure more people to avail loans and to benefit the already existing credit borrowers, the RBL bank cut the marginal cost of funds based lending rates (MCLR) by 0.30%-0.45%. The bank said that it reduced the MCLR by 30-45 base points across different tenures, with loans now having an interest rate of 9.70% for overnight and over the month tenure, 9.75% for a three month tenure and 9.80% for a six month tenure. Whereas, the interest rate now for a one year tenure is 9.85%, for two years is 9.95% and for three years is 10.05% respectively. The bank expects to see a lot more people availing loans after this reduced interest rate structure.
26th December 2016
An inevitable result following the cash crunch caused by the demonetisation of high-value currencies by the Modi-led government, farmers have now found it difficult to repay their crop loans. Farmers who had availed loans for the Rabi crop season were due to repay their loans between November 1 and December 31, but the cash crunch put them on the back foot. A sigh of relief for them now, the government just announced that farmers will now get an additional 60 days as of today to repay their loans. For those farmers who do manage to pay their loans on or before the 60 day period, the government has now promised them a prompt repayment incentive for 2016-2017. Currently, the government is offering crop loans at an interest rate of 7% per annum and short-term crop loans at 4% per annum.
22nd December 2016
On 6th December, Corporation Bank won the Best MSME Bank Award 2016. Haribhai Parathibhai Chaudhary, Union Minister of State for MSME, presented the award to Jai Kumar Garg, MD and CEO of Corporation Bank, at a function in Delhi. This award is instituted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The Best MSME Bank Award was created to honour banks that institutes best practices in MSME lending. Corporation Bank has 177 specialised branches for focused lending to the MSME segment.
19th December 2016
In November, Ujjivan Financial Services has managed to make a large collection rate of 91%. The company disbursed loans worth Rs.553 crore in November. 65% of the loans disbursed were in cash and 35% were cashless. The cash-dominated microfinance sector was under pressure following the demonetisation of 500 and 1,000 rupee notes. After the announcement on demonetisation of high value notes, Ujjivan Financial Services had initially delayed its repayment from November 9 to 13. From November 14, collections and disbursals increased and Ujjivan Financial Services was successful in providing valuable support to its customers with continued loan disbursements.
15th December 2016
Since November 8, when Prime Minister Narendra Modi took the stage to announce that his government would be withdrawing high-value tenders to counter black money, businesses have taken a hit - including NBFCs. In a move to counter their decline in business, non-banking finance companies have given their customers the option of remitting their dues via e-payments. NBFCs such as Manappuram Finance and Muthoot Fincorp, who are facing a 40-50% downturn since demonetisation, have given their customers the option of repaying through e-wallets, net banking, credit or debit cards and cheques. VP Nandakumar, managing director, Manappuram Finance, says that most customers faced problems making repayments because of the cash crunch and the fact that they stopped accepting old notes. He added that his company has encouraged customers to facilitate the use of online tools or pay by cheques for repayments.
6th December 2016
With the whole economic system flung into chaos following the Modi-led government demonetizing Rs.500 and Rs.1,000 currencies, even the farmers preparing for the rabi season were not spared. The disbursal of crop loans from the Primary Agricultural Cooperative Credit Society was delayed following the cash crunch. Thankfully, Minister for Tourism Vellamandi N. Natarajan addressed the situation in the presence of Minister for Backward Class and Minorities S. Valarmathi and Joint Registrar of Cooperatives K.C. Ravichandra, saying that they have come to the aid of the 120 farmers with loans amounting to Rs. 64.95 lakh. He insists that the farmers will receive their loans as usual, just that now they will have to open a savings account in any closeby branch of Central Cooperative Bank. Upon receiving the loan, farmers were allowed to withdraw Rs.25,000 a week, while a portion of the loan will come in the form of fertilizers and necessities leading up to the rabi crop season
5th December 2016
With farmers preparing for the Rabi season left reeling following the demonetisation of Rs.500 and Rs.1,000 currencies, the Rajkot District Co-Operative Bank came to their aid by availing a Rs.1 lakh crop loan for the Rabi season. The loan however will be disbursed by the bank in 4 installments - Rs.25,000 with each installment. Vitthal Radadiya, chairman of RDC Bank, state that usually farmer use their earnings from the Kharif crop to buy Rabi seeds and avoid crop loans, but as a result of the cash crunch with the demonetisation, they have no option but to seek for the Rs.1 lakh loan to purchase the seeds. The chairman also said that their doors will be open on Sunday to accept loan applications from farmers and that no interest rates will be levied on these loans.
28th November 2016