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.
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
Karnataka Bank has decided to reduce its MCLR (Marginal Cost of Fund-Based Lending Rate) by five basis points from October 1 onwards. The overnight MCLR has been reduced to 8.90%. The one-month MCLR has fallen down to 9%. The three-month, six-month and one-year MCLR has been reduced to 9.05%, 9.10% and 9.15% respectively.
7th October 2016
Many prominent banks have reduced their lending rate after Reserve Bank of India(RBI) declines its liquidity injection rate by 25 bps(basis points). Banks such as ICICI Bank Ltd, Punjab & Sind Bank and State Bank of India have cut their lending rate by 5 bps. According to Rajeev Anand (group executive at Axis Bank Ltd), more reduction can be expected in the months ahead. With the change in the liquidity scenario, the lending rates will keep changing. Urijit Patel (RBI governor) has stated that they are hoping to increase the transmission through marginal cost of funding-based lending rate (MCLR) calculation. However, the decrease in lending rates have been quite slow. Recent data shows that in case of public sector, the lending rates have been cut by 15 bps and in case of private banks, the value is 25 bps.
7th October 2016
Bank of India has revealed that from September 30th onwards, the base rate will be 9.65%. Currently, it is 9.70%. Any lending below the base rate cannot be undertaken by the banks. Shares in Bank of India ended 3% higher at Rs.120 on the BSE (Bombay Stock Exchange).
4th October 2016
State Bank of India has set its targets for SME loans for this year. The bank is hoping to grow the small and medium enterprise loan segment by 10% to 12%. Last year, the SME loan segment’s growth was hampered by a sluggish economy. This took a toll on SBI’s financials. SBI is taking steps to gradually improve their order book position and cash flows in ordered to reach the new growth target. If the cash flows are improved, then the targets are said to be feasible and reachable by this fiscal end. As for the overall growth of the loan segment, the bank has set its targets at 13% to 14%. However, the corporate sector is still under stress and officials are not optimistic about its growth.
3rd October 2016
India’s largest lender, State Bank of India, plans to achieve a minimum of 10-12% growth in offering loans to small and medium enterprises this year. This target has been set as there has been a gradual improvement in their cash flows and order book status amid corporate sector lows. SBI’s SME lending did not see any growth in the previous financial year owing to a slow economy. Managing Director of SBI, Rajnish Kumar, believes that the targeted growth is feasible. However, the bank will aim at an internal target of 14-15%. SBI is also directing its focus on receivable-based funding and supply-chain financing.
20th September 2016
Chairman of State Cooperative Bank, Ashok Bajaj has announced disbursal of interest-free agricultural loans worth Rs.2,800 crore during this year’s Kharif season. The apex bank in Chhatisgarh will disburse these loans through its primary agriculture cooperative societies. Already, Rs.2,559 crore in the form of short term crop loans, has already been granted at 0% interest to 9.29 lakh farmers. Out of the total disbursed amount, Rs.17,477 crore has been distributed in the form of cash, while Rs.8,119 crore in the form of agricultural related materials. The State Government and Centre will bear the interest incurred on loans.
16th September 2016
Arundhati Bhattacharya, State Bank of India recently stated that the bank is thinking of a 25 basis interest rate cut as it will help the economy and the banking sector in India. A 60 year old banker stated in a brief interview with IANS that the government fixed 4% inflation rate is very low in a developing country like India. She further stated that inflation rate will come down in the next few months.
13th September 2016