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...
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...
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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 Reserve Bank of India (RBI) has been requested by the Commerce and Industry Ministry to give long-term loans at low interest rates to the Export Import Bank of India (Exim Bank) from its forex reserves. Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Lok Sabha that the central bank offered to Exim Bank the unutilised amount under its limit of USD 5 billion approved for India Infrastructure Finance Company Ltd. (IIFCL) as a long-term loan.
29th July 2016
The British Government’s development finance unit, CDC had invested 1,000 crore in India for people’s affordable housing. CDC’s investment will help IIFL Finance to expand the financing business and deal with the capital needs of unserved parts through different offerings. Srinivasan Nagarajan, Head (South Asia) said that, CDC initially invested in IIFL in 1999 and has seen the company grow successfully. CDC had recently invested in Equitaas, Ratnakar Bank and Janalakshmi Finance. For the year 2016, the company’s record of loan stood at Rs.17, 770 and net profit was Rs.340 crore.
28th July 2016
IDFC Bank recently signed a deal to acquire one of the most popular microfinance institutions in the country. As per the deal, IDFC Bank will take over Grama Vidiyal Micro Finance Limited, making it a subsidiary of IDFC Bank. The deal is aimed at strengthening the position of IDFC Bank in the market, with it improving its existing network while providing banking services to a larger consumer base. The deal provides IDFC Bank an opportunity to enter the rural and semi-urban markets of Grama Vidiyal, helping it form a base in states like Karnataka, Puducherry, Maharashtra, Kerala, Tamil Nadu, Madhya Pradesh and Gujarat. The deal will also see Grama Vidiyal transferring all its loan assets to IDFC Bank.
27th July 2016
Axis Bank, India’s third largest private sector bank, recently announced a cut of 10 BPs in its base rate, bringing it down to 9.35 %. The revised rate will be effective as of July 27, 2016 and will be applicable to all fund based credit services and credit limits which are connected to the base rate. Looking forward to a rise in Indian travel abroad, the bank recently launched a new package known as ‘Happy Holidays’. This is a unique facility which will enable Indian travellers to buy SIM cards, insurance and foreign currency, all by using the Axis Bank’s mobile app.
22nd July 2016
Bandhan Bank, one of the fastest growing banks in the country recently slashed its interest rate on micro loans, aiming to reduce the burden of repayment. The bank, which is known for its micro loans dropped the interest by 0.6%, effectively bringing it down from 20.5% to 19.9% per annum. Bandhan Bank, which started as a microfinance institution, has cut its rate three times in the last year, indicating its commitment to provide loans at competitive rates. It reduced rates by 140 basis points in August, bringing down the interest to 21%, before dropping it by 50 basis points in April to get the interest to 20.5%. Borrowers are the biggest beneficiaries of these rate cuts, which have seen the interest fall by 2.5% in the last 11 months. A key reason for these rate cuts is the fact that the cost of funds has reduced for the bank, which means it can afford to reduce rates. The bank has deposits worth Rs. 15,000 crore and has over 688 branches and 237 ATMs, catering to over 8.7 million customers.
20th July 2016
Grama Vidiyal, a microfinance institution headquartered in Tamil Nadu has recently been acquired by IDFC Bank. The size of the all-cash deal remains undisclosed. Following the completion of the process, the microfinance institution will become fully owned subsidy of IDFC Bank and assume the position of a business correspondent for the bank. Following the acquisition, IDFC Bank shall gain access the MFI’s 12 lakh customers and 319 branches which are spread across 7 states? The Reserve Bank of India has granted IDFC the in-principle approval for the acquisition. Speaking on the occasion, Rajiv Lall, MD and CEO, IDFC Bank, mentioned that the acquisition will not only transform Grama Vidiyal into a larger retail bank but also provide scores of customers with the access banking facilities. Regarding the absorption of the MFI’s employees, he said that not only will the current top management be retained, but also all its 3,000 employees. Grama Vidiyal enjoy a widespread presence across India in various states like Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Kerala and Tamil Nadu and boasts of a net asset base of ₹1,502 crore, which will also be acquired by IDFC Bank following the completion of the deal.
19th July 2016
Under a World Bank initiative, SIDBI (Small Industries Development Bank of India) recently joined hands with Yes Bank, one of India’s leading private sector bank, to guarantee up to 75% of loans worth up to Rs 15 crore which have been provided to energy efficiency projects. Through the tie-up, the state-governed SIDBI aims to extend credit guarantee to over 500 projects and organize finances up to $127 million. This project has been initiated with the objective of bringing about a transformation in the energy efficiency (EE) market in India by way of promotion of more and more EE investments, which will mainly be done via energy service performance contracting (ESPC) to be delivered through Energy Service Companies (ESCOs).
14th July 2016
With effect from July 11, Syndicate Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR). The revised MCLR schedule has been revised as follows: Overnight MCLR is 9.40 % (existing MCLR 9.50 %), 1 month MCLR is now 9.45% (existing MCLR 9.55 per cent), 3 months MCLR is now at 9.45% (existing MCLR 9.55 per cent), 6 months MCLR is at 9.50% (existing MCLR 9.60 per cent) and 1 year MCLR is at 9.55% (existing MCLR 9.65 per cent). Following the revision in the MCLR, the bank has also revised, again with effect from July 11, 2016, its Base Rate and BPLR (Benchmark Prime Lending Rate). The revised Base rate is fixed at 9.60% (existing rate 9.70 per cent) and the BPLR has been revised 13.85% (existing 13.95 per cent).
11th July 2016
Come Tuesday, the Interest Subvention Scheme for crop loans for the year 2016-2017 has been recently cleared by the Union Cabinet. The cabinet has allocated an amount of Rs. 18,276 crore towards this project. According to an official release, the interest subvention will be offered via NABARD (National Bank for Agriculture & Rural Development) and various other banks and will allow farmers, who have taken short-term crop loans up to the amount of Rs 3 lakh, to repay the same effectively at the rate of 4% per annum within a period of a year. To provide further help to marginal and small scale farmers who would otherwise be borrowing at a rate of 9% for the storage of their produce after the harvest, an interest subvention of 2% has been approved by the Centre which effectively brings down the interest rate to 7% for loans with a tenure of up to 6 months. Additionally, to lend relief to farmers who have been adversely affected by natural calamities, the 2% interest subvention will be extended to will be provided to banks on the re-structured amount, for the first year. However, if the farmers are unable to repay the short-term crop loan within the stipulated time, they will be allowed an interest subvention of 2 per cent, as opposed to the available 5%.
7th July 2016
The MUDRA loan scheme has benefitted over 25,000 small and micro entrepreneurs since last year, and banks have reported a total disbursal amount of over Rs.251.29 crores under this scheme. Most of the loans sanctioned were between the amounts of Rs.5,000 and Rs.50,000 – this is the first category of loans called “Shishu” which does not have any collateral or guarantor-like requirements. Since this report, banks have been instructed to increase the coverage and overall lending capacity to enable more and more people to take out these loans to enable them to invest in their businesses and grow their earning potential. The scheme has come under some heavy criticism, however, as experts suggest that these loans are being given out under the name Pradhan Mantri Mudra Yojana or PMMY, which basically furthers the political agenda of the ruling party. Experts also suggest that most of the loans taken out under the MUDRA scheme will remain unpaid or dishonoured due to its highly unorganized structure and speed of implementation, and this will again require a bailout to be paid to the banks through the use of the working class’s hard earned tax money. Another strong criticism of this loan scheme is that a lot of funds will be misappropriated or embezzled by middlemen, last-mile financiers, and government officials. Since these collateral-free loans are available to anyone and everyone, the presumption is that the next ruling party will be responsible to collect on these loans or divert taxpayer money into a bailout for all the banks. The second category of loans is the Kishor category which enables entrepreneurs to borrow amounts between Rs.50,000 and Rs.5,00,000 (Rs.5 lakh). There have been over 6,000 reported takers for these loans as well.
5th July 2016