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.
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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.
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
Crop loan worth Rs.5,786 crore granted by Primary Agricultural Cooperative Societies to 17 lakh farmers in the state has been waived off by CM Jayalalitha. At the 63rd All India Cooperative Week celebrations, Minister for Electricity, Prohibition and Excise P.Thangamani said that the state’s cooperative societies were performing well. He also added that Rs.232.14 crore loan granted to 46,634 farmers in Namakkal district was also waived off. This waiver has come as a breather for farmers who struggle to manage their money lenders. In Namakkal district, farmers were granted adequate loans, which were repaid on time. 96% of the women self-help groups had made their repayments on time. Drought relief assistance of Rs.55.75 crore was given to a total of 41,200 farmers in the district. V.Saroja, Minister for Social Welfare, and Nutritious Noon Meal Programme said that a loan of Rs.2.28 lakh crore was provided to cooperative societies in the last five years, a first in the country.
25th November 2016
In the light of the demonetisation, which has had a detrimental effect on the rural people and the farmers, the South Canara District Central Cooperative (SCDCC) Bank has requested the government to extend the date specified for farmers of the district to repay their loans. On behalf of the plight the farmers, M.N. Rajendra Kumar, president of SCDCC Bank, addressed the issue at the 63rd all-India cooperative week celebrations in Mangaluru, saying that the government should be adept to respond to the plight of the farmers - inconvenienced by the demonetization of Rs.500 and Rs.1,000 currencies- and expected to clear their dues at the primary agricultural societies (PACs) as of November 8, 2016. Keeping in mind that most farmers only hold PACs accounts, which are also following the demonetisation of high-valued currencies, the Karnataka Chief Minister, Siddaramaiah, has written to Finance Minister Arun Jaitley, to look into issue immediately as he finds it impractical for them to open accounts in commercial banks during this period. DDC banks have disbursed farm loans of approximately Rs.10,400 crore of which Rs.2000 crore was expected to be paid back between November 8th till the end of December. Failure to do so would result in the farmers paying high interest rates and ineligibility to apply for loans for the Rabi crop.
23rd November 2016
The State Bank of Hyderabad has given a flat cut off on the Marginal Cost of Funds Based Lending Rates by 10 basis points, bringing it down from 9.55 % to 9.45%. According to a statement by the bank, the revised rates are effective from 1 Nov 2016. The statement also added that housing loans have been reduced to 9.45 percent per annum by the bank, which again is applicable from the same date onwards.
21st November 2016
Dena bank on Tuesday announced a reduction in the marginal cost of funds based lending rate (MCLR) by 5 bps to 9.4%. As per the revised rates, the overnight MCLR is set at 9.15 % while one-year MCLR is at 9.40 %. According to an official statement from the bank, these revised rates will be applicable from 1 November 2016. The lowering of rates by Dena bank comes within a week after SBI and ICICI bank reduced their marginal cost of funds based lending rates.
4th November 2016
In an official statement released by the Chhattisgarh government on Saturday, it has announced the disbursement of interest free crop loans to farmers. The offer which is available only for a short period, covered more than 9.38 lakh farmers across the state. A total of Rs 2813 crores have been distributed by the government in this Kharif season, even though the funds initially allocated for zero interest crop loans were Rs 2800 crores. The practice of providing interest free loans to farmers was started by the government back in 2014, to cover both Rabi and Kharif season crops. According to APEX bank chairperson Ashok Bajaj, the farmers are also provided with farm equipment and other necessary materials.
27th October 2016
The State Bank of Patiala has received an award for the financial assistance provided to medium, small and micro enterprises in the region for the years 2013 – 14 and 2014 – 15 which saw a growth of Rs 2,597 crore for 2013 – 14 and Rs 994 crore for 2014 – 15. Devendra Kumar, General Manager and SA Ramesh Rangan, Managing Director of the State Bank of Patiala received the award on behalf of the bank in a National Award Ceremony held at the Punjab Agricultural University in Ludhiana on Monday, for which the Prime Minister of India, Narendra Modi was the chief guest. The Union Minister for Micro, Small and Medium Enterprises, Kalraj Mishra gave away the award. The bank has set up 30 MSME specialized branches with a view to maintain this momentum during the current financial year as well.
24th October 2016
Marginal cost of funds based lending rates (MCLR) is very important while lending finance. Many leading banks have reduced their MSLR rate this festive season to boost sales. After the monetary review was released by The Reserve Bank of India on October the 4th many financial institutes further reduces their lending rates. ICICI Bank, Syndicate Bank, Kotak Mahindra Bank, are few of the banks that revised their lending rates. Axis Bank also reduced their MCLR by 5 basis points on all tenors offered by them. The bank confirmed in a press meeting that they have reduced their MCLR on overnight lending rate and have brought it down to 8.80% and their current three year lending rate is 9.35%.
20th October 2016
Syndicate Bank has decided to reduce its MCLR (Marginal Cost of Fund-Based Lending Rate) from October 7 onwards. The overnight MCLR has been reduced from 9.40% to 9.30%. The one-month MCLR has fallen down to 9.35% from 9.45%. The three-month, six-month and one-year MCLR has been reduced to 9.35%, 9.40% and 9.45% respectively.
17th October 2016
PNB recently made changes to their lending rates. They revised their MCLR as of October 1st, 2016. India’s second largest public bank would now charge about 9.05% to 09.60% p.a MCLR. Many leading banks have put aside the base rate system and are now following the RBI-introduced MCLR method to charge interest rates. Punjab National Bank will now charge 9.05% p.a for overnight loans, 9.2% p.a for 3 months term, 9.3% for one year, 9.45% for 3 years and a fixed 9.6% for five years term. This may have an affect on many financial products including personal loans.
13th October 2016