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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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.
Allahabad Bank, the Kolkata based financial institution, has slashed their marginal cost of funds based lending rate (MCLR) and the new rates will come into effect from June 12th. The overnight MCLR has been reduced to 8% from the previous standing of 8.15%. MCLR for one month has been reduced to 8.10% from the previous rate of 8.25%. Allahabad Bank has also reduced the three month and six month MCLR which now stands at 8.30% and 8.40% respectively. The one year MCLR has also been reduced to 8.50% from the previous standing of 8.60%.
12th June 2017
Canara Bank, a public sector bank, has reduced the marginal cost of funds based lending rates (MCLR) by 0.05% for different maturities. According to the instructions provided by the Reserve Bank of India (RBI), every rupee loan and credit limits that are renewed from June 7, 2017, will follow the new tenor-based MCLR rates. The brand new MCLR will be 8.10% for overnight maturities. For 1-month maturities, the new MCLR will be 8.15% and for 3-month maturities, the MCLR will be 8.20%. For 6-month maturities, the new MCLR will be 8.35% and for 1-year maturities, the new MCLR will be 8.40%.
9th June 2017
Bank of India recently conducted the Star Mahotsav, where bank executives arrived at the door step of its customers to make availing and disbursals of loans convenient. Star Mahotsav included recovery of bad loans, disbursement of retail loans including housing and vehicle loan, disbursement under MSME and agriculture and promotion of its products, including debit and credit card, POS machine, and internet banking service. Following the drive, the Bank commented and said that they managed to disburse about Rs. 46 crore under retail, while MSME and agriculture advances and could recover close to Rs. 3 crore from borrowers.
8th June 2017
Mr. Hari Bhai Parthbhai Chaudhary, Union Minister of State of Tamil Nadu recently pointed out that micro, small and medium enterprises have displayed considerable growth in the past 3 years. On the occasion of the launch of new facilities at the Steel Cluster Services Salem Private Limited at Seelanaickenpatti, Mr. Chaudhary said loans amounting to Rs.1.44 lakh crore have been provided by the Micro Units Development and Refinance Agency Bank (MUDRA) to borrowers. Also, adequate steps have been taken to double the loan amount in the current year. Mr. Chaudhary also said that Centre has instructed MUDRA banks to give priority to SC/ST and women entrepreneurs when distributing loans. He said that all the respective departments in the States have been given the necessary funds, sans discrimination, and post demonetization, bank deposits have seen a phenomenal rise. Mr. Chaudhary also said that nearly 93% of industries in India are MSMEs, considering which the Centre is doing all in its means to provide not only financial but technological assistance to them. As a result, products which were being imported before are now being produced in India and being exported. The Central government will not give priority to youth and women when it comes to starting new units. These borrowers can obtain loans up to the amount of Rs.10 lakh from MUDRA Bank, without having to provide any security.
6th June 2017
Bajaj Finserv and Viveks, an electronics retail store, have partnered to release a co-branded EMI Privileges Card to enable individuals to buy goods in installments conveniently. The Chairman and Managing Director of Viveks, BA Kondaraman, says that customers have changed a lot over the last 50 years since when Viveks has been in the industry. People prefer purchasing goods through installments or through credit cards. This new Viveks-Bajaj EMI Privileges Card will provide you with EMIs, privileges, exclusive offers, etc. Bajaj Finance has entered the purchases segment by introducing this card. A lot of people are relying on EMIs for regular purchases such as groceries, clothes, daily essentials, etc. This concept of buying goods through an EMI card is quite prevalent in the Western nations.
24th May 2017
Indian Overseas Bank has cut their marginal cost of fund-based lending rate (MCLR) by 10 basis points from May 10 across all tenors. Starting from 10th May, 2017, Indian Overseas bank customers will be paying less lending rates. The new MCLR set by the Indian Overseas Bank is 8.55% for a period of one year. The new MCLR for overnight tenure is 8.35%, one month tenure is 8.40%, and the MCLR is 8.45% and 8.50% for three month and six month tenure, respectively.
15th May 2017
Indian Bank, one of the nation’s leading public sector bank, recently announced a drop in their base lending rate. According to reports, the bank cut its base lending rate by 0.20 percent. The base lending rate has been lowered by 0.20 percent from 9.65% and the new base lending rate now stands at 9.45 percent and will come into effect starting May 7, 2017 onwards. Base rate, by definition, is the minimum lending rate that a bank can charge. The bank cannot charge a rate that is lower than its base lending rate. Earlier, in the previous month of April, India’s biggest lending institution, State Bank of India (SBI), slashed its base rate by 0.15 per cent, bringing the new lending rate to 9.10 percent. Following tips, the bank’s stock closed 3.52 percent higher, at Rs 347.40 on BSE.
9th May 2017
On May 1, 2017, Punjab National Bank cut its marginal cost of funds-based lending rate (MCLR) by 10-15 basis points resulting in a drop in their interest rates for loans. Now, the interest rate for one year loans will be 8.35 per cent from 8.45 per cent, and for five year loans will be 8.65 per cent from 8.75 per cent.
4th May 2017
ESAF Bank, a small Kerala based finance bank, recently commenced operations in the state of Tamil Nadu, with their first branch opened in Thuneri near Nilgiris. Mr. Paul Thomas, Managing Director and CEO of ESAF Bank said the ban will soon have two other branches, one at Ilayamuttur in Tirupur district and another at Pumalaikkund in Theni district. The future course of action, for the next 3 months is to open 85 branches across the country. The bank is aiming at generating a business of ?20,000 crore in the coming 3 years.
27th April 2017
J&K Bank has recently launched a two-day campaign to promote the bank’s digital products and also offer hassle free retail credit products like car loans, home loans, personal loans and cash credit. According to reports, the campaign saw widespread participation, especially by Civil Secretariat employees who were offered on-the-spot facility to open new accounts with instant Debit/Rupay cards and more.
26th April 2017