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.
The Tamil Nadu Chief Minister, Ms. Jayalalithaa has waived off crop loans taken by farmers from co-operative banks. This waiver has been done by the CM immediately after assuming office. The crop loan waiver will amount to Rs. 5780 crores. Loans taken by farmers from nationalised banks will not be included under this waiver.
26th May 2016
The bidding process for insurance companies that are interested in taking up the Pradhan Mantri Fasal Bima Yojana has been completed in 10 states and a Union Territory, while several others in the process of completing the bidding by next month. Major insurers such as Tata AIG, ICICI Lombard, Bajaj Allianz, Reliance, Iffco Tokio etc. have shown interest in the scheme and has submitted their bids to the regulatory authority. Further announcements on the scheme will be made by state governments once the bidding process has been completed and insurers selected.
23rd May 2016
According to data released by Microfinance Institutions Network (MFIN), the microfinance lending sector grew by 36% in FY 2015-16 compared to data from FY 2014-15. The average amount of loan disbursed also saw growth from over Rs.14,000 to almost Rs.18,000. The Gross Loan Portfolio (GLP) rose by 84% during last quarter compared to same period last year. Southern states lead the way in GLP with 35% share in growth, with northern states contributing 25% of the growth and western states 15%. The client base also increased by more than 40% on y-o-y basis to more than 3.2 crore subscribers.
20th May 2016
State Bank of India would be merging five of its associate banks by the end of this financial year. The five associate banks will merge with SBI, starting with Bharatiya Mahila Bank. State Bank of India would soon be submitting a proposal to the Centre, seeking approval to initiate talks with associate banks. After the merger, SBI will have an increase in market share by 17% and also an increase in its staff size by 35% to 49%. One-fourth of the loan market and deposits will be held by the merged entity. Since the merger will add another 2000 banks into SBI’s exhaustive list of 15,000 branches, India’s top public sector lender will have to create another circle for easy administration of the merged entity.
19th May 2016
Weavers across the country can now procure additional credit to improve their productivity and profits. Banks like UCO Bank, United Bank, Bank of India, Canara Bank and PNB have been approached to offer concessional loans of up to Rs. 5 lakhs to weavers across the country. The loans will be given under the Pradhan Mantri Mudra Yojana, as the Weaver Credit Card scheme has been discontinued. Weavers will be given additional credit under the Weaver Mudra scheme. As an added feature, weavers can use their RuPay cards to withdraw money from ATMs. Credit will be given at concessional rates under the Mudra scheme over a period of three years.
18th May 2016
Farmers in the state of Maharashtra can avail a loan of up to Rs.1,00,000 from any of the banks in the state, without having to mortgage 7/12th extracts of their existing land property. The government plans to cover at least 80% of the farmers in the state under the net of institutional credit, and this move is a step in that direction. Last year, the government brought around 58 lakh farmers under this credit net, but plans to further its reach this year. Many farmers in the region weren’t able to repay their loans from FY 2012-13 to 2015-16 because of successive years of intense drought. While these steps are aimed at fixing the problem of getting the farmers more credit with which to carry on agricultural processes, the government has yet to address the real root of all these problems which is environmental destruction. The Mahan forest is being destroyed and the rising levels of pollution from cities and general disregard for the well-being of the environment is leading to drought and the lack of rains brought in by tree cover.
16th May 2016
The Gujarat Government has announced its Agri Business policy for the year 2016 with an emphasis on developing value chain, promoting food processing industry and converting agricultural waste into valuable products. The policy also aims to offer affordable personal loans for entrepreneurs wanting to install or upgrade food processing units. The Gujarat Government will offer loans up to Rs. 1.5 crore at 7.5 per cent interest rate to promote agri - infrastructure products. Under this scheme, MSME’s and food processing units are also expected to get subsidy on the unit establishment cost.
12th May 2016
The central government announced that the Stand-up India Scheme will benefit 2.5 lakh Scheduled Tribe members/ Scheduled Caste members, as well as women entrepreneurs in micro, small and medium enterprise (MSME) sector. This scheme is tailored to be availed by SC/ST and women entrepreneurs in order to set up Greenfield enterprises. Bank loans between Rs.10 lakh and Rs.1 crore will be offered for the same. Earlier in the year, Prime Minister Narendra Modi launched the scheme which is currently being implemented through all scheduled commercial banks. The plan is make sure that each bank branch extends loans to at least one women entrepreneur and one SC/ST. The enterprisers who are eligible to avail may have business in manufacturing, services or the trading sector.
11th May 2016
Following the change in the MCLR (marginal cost of funds), Canara Bank recently revised its lending rates. The new lending rate is fixed between the range of 8.80-9.35 per cent, which is effective from May 1, 2016 and will be applicable across various tenors. MCLR is the new uniform method which will be adopted by all banks to make sure that not only borrowers but also banks themselves can benefit from fair rates of interest.
10th May 2016
After the lead taken by SBI in slashing its lending rates across its retail loan segment, next in line is YES Bank. The bank has cut down its MCLR (marginal cost of funds-based lending rate) by 10 basis points across all tenors. The revised MCLR for one year now is 9.5 per cent, as compared to the 9.6 per cent previously. The new MCLR rate, which will be effective from May 1, 2016, is linked to retail loans like personal loans, among others, and will make them cheaper to avail.
6th May 2016