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.
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:
|Bank||Personal Loan Interest Rate|
|HDFC Bank||10.99% - 20.00% p.a.|
|Axis Bank||11.25% - 24.00% p.a.|
|ICICI Bank||10.99% - 22.00% p.a.|
|Citibank||10.99% - 16.49% p.a.|
|IndusInd Bank||11.99% - 23.00% p.a.|
|SBI||12.50% - 16.60% p.a.|
|Kotak Bank||11.50% - 24.00% p.a.|
|IDFC Bank||11.00% - 19.50% p.a.|
|Union Bank of India||14.40% - 14.40% p.a.|
|Standard Chartered Bank||11.49% - 20.00% p.a.|
|RBL Bank||13.99% - 16.00% p.a.|
|Punjab National Bank (PNB)||12.25% - 15.25% p.a.|
|Vijaya Bank||12.50% - 13.50% p.a.|
|Karur Vysya Bank (KVB)||13.90% - 16.40% p.a.|
|Indian Overseas Bank (IOB)||12.70% - 15.25% p.a.|
|Syndicate Bank||14.20% - 14.20% p.a.|
|Andhra Bank||13.05% - 14.30% p.a.|
|IDBI Bank||13.20% - 13.75% p.a.|
|Yes Bank||11.99% - 20.00% p.a.|
|Dena Bank||13.00% - 14.00% 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 BankBazaar EMI calculator. 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 payment is due, it is known as prepayment of loan. Although, prepayment may provide peace of mind to the borrower, it might not be financially beneficial. You should consider the following 2 factors when considering 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 or calculated on the interest remaining due. Some banks might not 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. 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 basing your decision 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).
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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.
The state government of Andhra Pradesh waived crop loans worth Rs.24,500 crore. The Agriculture Minister, Somireddy Chandramohan Reddy, said that this amount is very high in comparison to the waivers made by other states in the nation. He recently inaugurated an exclusive session conducted by the Spices Board of India, which was held for both sellers and buyers. This session was held for one full day. The minister mentioned that the state of Uttar Pradesh made a waiver of only Rs.33,000 crore though it is 4 times the size of Andhra Pradesh. He also said that spice farmers should go for traditional farming methods in order to receive superior-quality crops with high yield.
19th September 2017
Syndicate Bank and Andhra Bank, the public sector banks, have recently revised Marginal Cost of Funds Lending rates (MCLR). The tenure wise MCLR rates of Syndicate Bank stand at: 8.00% (Overnight), MCLR for 1 month at 8.05%, MCLR for 3 months at 8.10%, MCLR for 6 months at 8.25% and for 1 year at 8.50%. The MCLR for Andhra Bank are: 8.10% (overnight MCLR), MCLR for 1 month at 8.15%, MCLR for 3 months at 8.20%, MCLR for 6 months at 8.30% and MCLR for 1 year at 8.40%
15th September 2017
Bank of India, leading public sector bank, has decreased MCLR rates by 0.05% to 0.10% for multiple loan tenures from 10 September, 2017. The new marginal cost based lending rate is 8.30% for 1-year loans. Currently, the MCLR for 1 year is 8.40%. These brand new decreased rates will be implemented from September 10, 2017. The bank also minimised the MCLR for overnight and 1-month loans. The new overnight MCLR is 7.90% and the new 1-month MCLR is 8%. The 3-month loan tenures will have an MCLR of 8.10%. It is 0.05% lesser than the present 3-month MCLR.
8th September 2017
Fincare Small Finance Bank, which was earlier known as Disha Microfin Limited, commenced its banking operations at 25 branches in the states of Karnataka, Tamil Nadu, Gujarat, and Andhra Pradesh. The Reserve Bank of India (RBI) provided the bank with small finance bank (SFB) licence in May, 2017. The bank received deposits worth Rs.225 crore on the first day itself with the help of around 1000 depositors. The CEO of the bank, Rajeev Yadav, said that 50% of its operations are situated in the state of Gujarat. The bank intends to be a rural and semi-urban bank with proper digital operations with full concentration on the retail segments and priority sectors of micro and small companies.
7th September 2017
Punjab National Bank, a leading government bank in India, has reduced base lending rate by 20 basis points (bps) to 9.15%. These new base rates will be valid from September 1. It decreased 20 BPS from 9.35% to 9.15% with effect from September 1, 2017. The bank decreased the Marginal Cost of Funds Based Lending Rate (MCLR) by 20 to 25 bps with effect from September 1, 2017. The MCLR is 8.15% for 1 year and 8% for 3 months. Presently, State Bank of India (SBI) has a very low base rate at 9% which was decreased in July this year.
6th September 2017
In a statement released by the bank, they have followed other banks in the country and have reduced the marginal cost of funds based lending rate (MCLR) by 5 basis points. According to the bank, post revision, the overnight MCLR stands at 7.95 per cent (8 per cent), one month at 8.05 per cent, three months at 8.25 per cent, and six months at 8.35 per cent. They added by saying that, the one year, two year and three year MCLR post revision stands at 8.45 per cent, 8.65 per cent and 8.7 per cent respectively.
4th September 2017
In the state of Rajasthan, around 21 lakh farmers were provided with farm loans worth Rs.8,700 crore. The target was Rs.9,000 crore for crops for the summer season. Last year, during the same kharif season, crop loans worth Rs.8,320 crore were issued to 20.60 lakh farmers. Ajay Singh Kilak, the Cooperative Minister of Rajasthan, said that till now, 52,000 farmers have enjoyed the advantage of obtaining short-term crop loans. The minister stated that around 25 lakh farmers will be provided with interest-free crop loans worth Rs.15,000 crore. Out of this amount, loans worth Rs.6,000 crore will be offered in the rabi season and loans worth Rs.9,000 crore will be offered in the kharif season.
24th August 2017
A Retail Utsav or Loan Mela was organised by Indian Overseas Bank (IOB) on this Wednesday in all of their branches located in Delhi. The main programme of this retail loan disbursement mela took place in the Parliament Street Branch of IOB and was presided by Annie George Mathew, the Joint Secretary of Department of Expenditure in the Ministry of Finance & Government Nominee Director of IOB Board. The loan sanction letters were handed over to the customers who took part in this programme. In the same programme, IOB also announced its disbursal of various retail and MSME loan schemes having a worth Rs. 44 crore to customers. From this innovative initiative, it is evident that IOB is putting more focus and effort in lowering down the turnaround time of retail lending to meet their growing customer demands.
23rd August 2017
If you are looking for a decent interest on your fixed rate personal loans, you can follow a few simple tips to attain your financial goal. One of the tips is to offer a security or an asset. You will need to pledge it your bank. When you give an asset as a collateral, you will definitely get a very low interest rate for your personal loan. You can even negotiate with the bank to get a great interest rate. Another important guideline is to move to another lender for a low interest rate. When you go for this option, you will most likely be required to pay a prepayment or pre-closure fee to your existing lender or bank. This fee is generally 2 to 5% of your unsettled loan amount.
22nd August 2017
In an attempt to increase its, Lakshmi Vilas Bank (LVB) said in a statement that they are looking to raise Rs.500-750 crore capital this fiscal. According to Parthrasathi Mukherjee, Managing Director & CEO of Lakshmi Vilas Bank (LVB), the bank aims to grow its SME and retail portfolios, where stronger focus will be lent to gold loans, other retail loans and SME credit, among others. It is also looking at transforming its SME lending model. There is also a conscious de-focussing on the wholesale corporate segment. At present, the corporate portfolio accounts for 51 per cent. We will be happy if it comes down to 47-48 per cent by the end of this fiscal. He added by saying that the bank will aggressively push current account, savings account (CASA) deposits. It ended 2016-17 with a CASA ratio of 17.5 per cent, and hopes to improve this to 25 per cent by 2020. Towards this, several initiatives, including rolling out digital products, have been taken. We are looking to grow transaction banking in a big way and will focus on cash management, remittances, non-fund businesses, and sale of third-party products. All of these will help grow our revenues.
18th August 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards