Calculate your Personal Loan EMI & Total Interest Due
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|
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.
When you decide to take a personal loan, one of the most valuable tools you will ever use with reference to this loan is the Personal loan EMI calculator. Unlike home or car loans, a personal loan can be one of the most convenient sources of funds since it does not come with any conditions attached to it regarding how the money is used. However, there are a lot of things that need to be taken into consideration when deciding on the ideal amount to borrow. Customers should consider:
Additionally, the borrower should also take into account which lender he or she should approach for the loan - a bank or a non-banking financing company (NBFC). The personal loan EMI calculator can help you make these decisions.
When you approach a financial institution in order to take a personal loan, the main piece of information you are looking for is the interest rate that is being offered. Once you know it, and before you start using it to calculate the EMI, you need to convert the rate into a monthly one since the interest rate is always presented as an annual rate. To do so, the following formula is used.
Monthly interest rate = Interest rate/12
For example, if the interest rate offered to you for your personal loan is 18% per annum then your monthly interest rate will be calculated as follow:
18/12 = 1.5
This means that the monthly rate of interest will be 1.5%.
Interest on personal loans varies from bank to bank. A lot of factors such as the age of the applicant, the credit score, salary amount, existing loans, etc., may affect the interest rate charged on personal loans. Here’s the range of interest rates at which the top 20 banks in India grant personal loans as on July 2018:
|Bank||Personal Loan Interest Rate|
|HDFC Bank||15% to 20.99% p.a.|
|Axis Bank||15.5% to 24% p.a.|
|ICICI Bank||10.99% to 22% p.a.|
|Citibank||10.99% to 18.99% p.a.|
|IndusInd Bank||10.75% to 30.50% p.a.|
|State Bank of India (SBI)||11% to 15.15% p.a.|
|Kotak Mahindra Bank||10.99% to 24% p.a.|
|IDFC Bank||12% to 19% p.a.|
|Union Bank of India||10.30% to 14.45% p.a.|
|Standard Chartered Bank||10.90% to 19.49% p.a.|
|RBL Bank||14.50% to 23% p.a.|
|Punjab National Bank (PNB)||12% to 15% p.a.|
|Vijaya Bank||12.50% to 13.50% p.a.|
|Karur Vysya Bank (KVB)||13.15% to 15.65% p.a.|
|Indian Overseas Bank (IOB)||10.75% to 11.75% p.a.|
|Syndicate Bank||10.40% to 13.40% p.a.|
|Andhra Bank||11.40% to 13.05% p.a.|
|IDBI Bank||12% to 14% p.a.|
|Dena Bank||13% to 14% p.a.|
The exact personal loan eligibility differ from lender to lender. However, they remain more or less similar across the following categories:
|Age Requirements||18/21 years to 60/65 years|
|Loan Quantum||Upto Rs.50 lakh. Most banks offer up to Rs.25 lakh. Some banks offer loans up to 20 x (net monthly income)|
|Net Income (Monthly)||Minimum Rs.15,000 (For Semi and Rural areas) and Rs.20,000 (For Metros)|
|Type of Employment||
|CIBIL Score||750 or more with a mostly positive credit history|
If you are unsure whether you are eligible to get a personal loan or not, you can use the BankBazaar loan eligibility calculator to know more about your eligibility. It shows the quantum of loan you will be eligible for, the rate of interest and prepayment charges you have to pay. It also displays the best loan offers available for you. To use the calculator, follow the below mentioned steps:
Personal Loan EMI can be easily calculated using the Personal Loan EMI Calculator available at BankBazaar.com. However, if you don’t have access to the Calculator for some reason, you can resort to calculating EMI using an Excel spreadsheet.
To compute your EMI in Excel sheet, you need to know a few things:
The formula that you need to input in excel is: = PMT (rate,nper,pv)
Let us use an example to see how the above formula works. Let us assume the annual rate of your personal loan is 12%. Then, the monthly rate will be: 12%/12 = 1% or 0.01.
Let us also assume that your loan tenure is 4 years. Therefore, the period number or the number of EMIs you have to pay over the course of loan tenure will be (4 x 12). Assuming your loan value is Rs.4.45 lakh, we get the EMI as:
= PMT (0.12/12, 4*12, 4,45,000) = Rs.11,718
When a borrower pays their personal loan off in entirety or partially before the payment is due, it is known as prepayment of loan. Even though prepayment may provide peace of mind to the borrower, it might not be financially beneficial. You should consider the following 2 factors when planning to make prepayments on your loan:
Most banks charge a penalty or prepayment fee when you try to pay off your loan earlier. Prepayment fee varies from bank to bank. It can be a percentage of the amount being paid or a flat fee. It can also be calculated based on the overdue interest amount. Some banks might not even charge any prepayment fee at all.
It is important to compare the penalty fee you incur to your savings on interest charges for the remainder of your loan period. This will help you determine whether prepaying your loan will be beneficial or not. Most loans come with a minimum lock-in period, during which you cannot prepay or foreclose your loan.
Savings on the principal amount:
Prepaying early into your tenure can help you save a lot. However, due to lock-in period, it might not be possible to do so. Borrowers often think that since they have already paid many EMIs, the interest on the remaining ones will be low. Therefore, it would be useless to close the loan since there won’t be much saving on the remaining cost of interest.
However, interest paid on the unpaid principal amount remains the same as banks calculate interest on reducing balance basis. Rather than making your decision based only on the remaining tenure, factor in the interest rate charged when thinking about foreclosing your loan.
You can choose to make partial prepayment instead of foreclosing the loan. Partial payment reduces the principal amount remaining, thus reducing the interest part of the EMIs. However, you need to pay off a substantial amount of the loan for this method to be effective. Also, it is better to do so as early on in the loan period as possible. Otherwise, prepayment fee might surpass interest savings.
Answer: The BankBazaar EMI Calculator lets you choose between a varieties of prepayment options.
Answer: With the BankBazaar EMI calculator, you can calculate your EMI in as little as 30 seconds of your time.
Answer: In case the lender you are getting your loan from charges a flat amount as processing fee, you can still calculate your EMI by placing the value of Processing Fee as 0% in the calculator. But do remember that you have to pay the processing fee at the end of the day.
Answer: You can calculate EMIs for a loan quantum of upto Rs.30 lakh in the BankBazaar personal loan EMI calculator.
Answer: Yes, personal loan, like all other loans is a service that the bank provides. Thus, the EMI amount you pay will be subjected to Goods and Services Tax (GST).
What Is EMI And How Is It Computed?
Now, anybody can take a loan and repay it conveniently without any struggle due to the existence of EMIs. An equated monthly installment (EMI) is a certain amount of funds that has to be repaid every month in order to clear a loan. These EMIs will be paid over a fixed period until the loan is cleared fully. An EMI is determined by the interest rate, loan amount, and loan tenure. Click here to know all about EMIs and the computation process! Calculating EMIs manually can be very taxing and can also result in errors. Compute your personal loan EMIs with this finance tool
Longer Tenure or Higher EMI for Personal Loans?
Are you confused if you should go for a shorter personal loan tenure with high EMIs or a longer tenure with low EMIs? Well, with a few basics about how a personal loan, you can make your decision. Your EMI depends on your loan period and loan tenure along with the interest rate. When you go for a longer tenure, you will definitely end up paying higher interest on your overall loan. The interest rates for longer tenures are higher than the rates for shorter tenures. Your overall interest will be high since you are paying for a longer period. But your EMIs will be low. Learn how to choose your loan tenure and you can also learn to reduce your EMIs by clicking here
How EMI breakups are done in a Personal Loans?
Paying a personal loan through EMIs is pretty easy. However, it is very important to know the basics of an EMI before you start paying it. An equal monthly installment (EMI) is the amount that you pay on a monthly basis to repay your loan. A personal loan EMI comprises principal amount and interest amount. The interest rate allotted for your personal loan will be distributed throughout your loan tenure. During the initial period of your loan tenure, your interest amount will be very high in your EMI. As your tenure comes to an end gradually, your principal amount will be higher. Check out the advanced Personal Loan EMI Calculator to compute EMIs in a jiffy. Find out more about EMI breakups heree
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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.
Syndicate Bank - one of the oldest and largest state-run banks in India based in the city of Manipal - has increased its marginal cost of funds-based lending rates (MCLR) by 0.1% across loan tenures. While the overnight lending rate currently stands at 8.15%, the 1-month MCLR has increased to 8.20%. The revised 3-month MCLR is 8.40% and the 1-year MCLR has been hiked to 8.65%. As per the statement made by the bank during a filing for stock exchanges, the revised MCLR along with the new rates are slated to be introduced from 10 July 2018. As per the policy of the Reserve Bank of India (RBI), lenders should revise their lending rates every month. In line with this policy, Bank of Maharashtra - another public-sector financial services organisation - has reduced its benchmark lending rate on select tenures by up t0 0.15%. This rise in the MCLR by the Syndicate Bank might cause the retail loans such as home, auto, and personal loans more expensive since the amount of EMI might increase.
16 July 2018
As the demand for loans from corporates fall, SBI expects that loans from the retail portfolio will increase and constitute about 60% of all loans by the end of the current financial year. The growth of the retail loan portfolio is expected to be around 14% this fiscal, said the MD of the State Bank of India (SBI), PK Gupta.
The retail segment includes agriculture, personal, and small and medium enterprises (SME), and it forms 57.5% of SBI’s domestic loans. Gupta mentioned that the growth of personal loans (including home loans) will be in the range of 18%. The growth of agricultural loans and SME debts will be below 10% as well.
During the financial year 2017-18, most of the growth in loans was due to the demand for personal loans, i.e., retail loans, home loans, and automobile loans in particular.
6 July 2018
Bank of Baroda - a state-owned financial services company headquartered in Vadodara, Gujarat - has recently launched its first integrated SME Loan Factory to meet the financial needs of micro, small, and medium enterprises (MSMEs) in the National Capital Region. This SME Loan Factory was launched by Rakesh Kumar Bhatia, General Manager and Zonal Head of Bank of Baroda, New Delhi. This one-stop shop will provide end-to-end solutions to MSME borrowers including documentation, processing, disbursement, acquisition, relationship management, and many more.
On the first day of its launch, the Loan Factory approved a total of 16 loans worth Rs.189 crore. Furthermore, Bank of Baroda has decided to centralize the loan processing of all government-sponsored schemes at district level in order to help the MSME sector grow.
29 May 2018
According to the reports, Small Industries Development Bank of India (SIDBI) has reported a highest total profit of Rs.1,429 crore in the previous financial year. The bank recently held its annual board meeting wherein Mohammad Mustafa, Chairman and Managing Director of SIDBI, mentioned that the bank has crossed the profit milestone of Rs.1 lakh crore during the year. While the net profit of the bank for FY 2016-17 was Rs.1,120 crore, the bank’s growth rate in FY 2017-18 has been recorded at 36.6%. In 2018, the credit outstanding of SIDBI to small units have increased by 39.5% to Rs.95,291 crore.
26 May 2018
Visakhapatnam is the place to be for the purpose of investing in order to begin a new business. This is particularly because there is an excellent encouragement in this district for micro, small, and medium-sized enterprises (MSME). The District Industrial Promotion Committee of Vishakhapatnam is working towards establishing at least 1 MSME park in each constituency of the district. Moreover, the committee has chosen government-owned lands in certain areas like Bheemili, Gajuwaka, Parawada, and many more for the purpose of setting up these parks. MSMEs are being promoted extensively to motivate entrepreneurs to start innovative businesses.
11th January 2018
On 4 January 2018, Bihar's Chief Minister Nitish Kumar announced to provide Rs.4 lakh state loan to youths who are willing to pursue higher education after completing higher secondary from financial year 2018-19. He made this announcement while speaking in a public meeting at Gauripur in Singheshwar block of Madhepura. The loan will be provided to the students through SCC (Student Credit card) Scheme from the next financial year.
The CM has also asked the bankers not to harass students seeking for loan under the SCC Scheme as earlier this day he came to know that the banks are not showing proper interest in providing loans under this scheme.
8th January 2018
The state of Maharashtra got the fourth place in the entire nation with regard to the implementation and utilisation of the Mudra Loan Scheme of PM Modi. The Chairperson of Maharashtra State Commission for Women and National President of Bharatiya Janata Party (BJP) Mahila Morcha recently made this announcement. She also said that with the help of this loan, women belonging to economically underprivileged sections of the society were able to procure soft loans without any hassle. They did not have to make arrangements for any guarantor or pay interest. This loan scheme has enabled the women to become financially independent.
5th January 2018
K Atchannaidu, the Minister for BC Welfare and Transport of Andhra Pradesh, recently stated that loans should be provided to different applicants under various government schemes according to targets that are set by the district administration of Srikakulam. He said this after evaluating and assessing the status of banking operations and loans of the district. He also advised the officials of Andhra Pradesh Gramina Vikas Bank (APGVB) to provide loans efficiently to beneficiaries. He also said that bankers should meet the target of offering loans worth Rs.150 crore to tenant farmers.
28th December 2017
Dena Bank, leading bank in the country, recently opened a branch in Pauri. The branch was inaugurated by Ashwani Kumar, the chairman and managing director of the bank. Currently, the bank has 38 branches in the entire Dehradun zone. The bank intends to open more branches in the state of Uttarakhand in order to offer reliable banking services to the unbanked people living in different regions of the state. The bank even had a credit camp to celebrate the inauguration of the branch in Pauri. A total amount of Rs.12.33 crore was offered by all Dena Bank branches for the credit camp.
22nd December 2017
After the declaration of by-election, the banks in Chennai have announced that the residents of R.K. Nagar, the richest constituency in India, don’t need to submit proof of income for getting loans. Residents who have the eligibility to apply for a loan will be considered eligible for voting and in this way banks will make every citizen feel rich during the elections.
In the election constituencies of Tamil Nadu, every adult having voting rights is considered to be eligible for personal loan and are excused from the eligibility screening. Particularly, in R.K Nagar there is no ceiling for personal loan and the customers have 25 techniques to repay the loans to the banks. Even though the per capita income of the residents of an election constituency is 10 times higher than that of an average Indian, during elections all are treated equally by the banks and provided access to cash.
As per the reports, around 5,000 citizens have recently shifted to R.K. Nagar and have applied for a change of the address in their Voter card to take advantage of this golden offer from the banks.
22nd December 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards
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