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.
‘Oriental Batuaa’ – a new mobile wallet launched by Oriental Bank of Commerce (OBC) on the occasion of its 75th Foundation Day. OBC has come up with a number of digital offerings along with this mobile wallet service. According to Animesh Chauhan, the Managing Director and CEO of OBC, the bank has also launched a new version of mobile banking and two new RuPay cards namely - Oriental Premium Card and Oriental Prepaid Card. The Oriental Premium card is a platinum international debit with airport lounge access. The Oriental Prepaid Card is meant for corporates and individuals. Commenting on the launch of mobile wallet, Animesh Chauhan said, “Wallet launch cannot happen without building necessary security features. Wallet launch is also linked to customer awareness with it”. Recently, the bank also launched two new MSME schemes called ‘Oriental Budget Hotels and Restaurants’ and ‘Oriental Sanjeevani’.
24th February 2017
A job fair is being organized exclusively for women on Feb 25, which will be held at Keshav Memorial Education Campus at Narayanaguda. Nearly 60 leading companies are from across India are expected to participate in the job fair, giving a chance at employment to nearly 2,000 women. The fair will be inaugurated by Mr. Bandaru Dattatreya, who is the Union Minister of State for Labour and Employment. In addition to the companies, the job fair will also be seeing participation from some nationalized banks such as State Bank of India, SBH, Canara Bank, Andhra Bank, Syndicate Bank, Indian Bank, Allahabad Bank and Bank of India. The banks are participating to offer guidance and assistance to the women entrepreneurs to to avail loans under various schemes such as Stand Up and Start Up and MUDRA (Micro Units Development and Refinance Agency) run by the government.
21st February 2017
A Memorandum of Understanding (MoU) was signed by the Small Industries and Development Bank of India (SIDBI) with Mahratta Chambers of Commerce, Industries and Agriculture (MCCIA) in a bid to increase MSME financing by facilitating loans to member MSMEs. Loans would be sanctioned for of up to Rs.50 lakh on a preferential basis. MSMEs usually have a tough time getting loans from banks and financial institutions even though they are one of the biggest generators of employment in India. Out of 5.1 crore MSMEs in the country, only around 7.3% of them are able to get loans. The target groups of this MoU are micro, small, and medium enterprises that are members of MCCIA in the Pune region. MCCIA has a membership of around 1,600 MSMEs in Pune and surrounding areas. According to SIDBI, there will be no turnover restrictions imposed on the MSMEs who avail these loans. Enterprises who have been in existence for at least three years and have posted a profit in the last two years will be eligible for this loan.
20th February 2017
According to reports from Deutsche Bank, RBI (Reserve Bank of India) might opt for a 25bp cut in interest rate in the next week at its monetary policy review. There is hope for an accommodative policy stance at the review, however chances of further rate cut is unlikely owing to global price developments. RBI is expected to tolerate more nominal rupee depreciation as well as resort to further monetary easing. The central bank, however has kept interest rates unchanged despite demand for lowering it. It also decreased the economic growth projection by half a percentage point to 7.1% in its first policy review after demonetisation.
8th February 2017
An extended guarantee claim and strict loan reporting requirements seems to be the contributing factors that have crippled the Pradhan Mantri Mudra Yojana (PMMY). The PMMY promotes lending to different micro enterprises, collateral-free. There are a couple of challenges that are being faced when a closer look is taken at loan disbursals. Firstly, with just two months left in the financial year, only Rs.0.89 trillion has been disbursed to microfinance institutions (MFIs). Secondly, lending margins are capped at 6% and 10% respectively for banks and NBFCs. This spawns a risk-reward mechanism which comes under the refinance sector of PMMY and favours MFIs. Thirdly, women borrowers receive loans which are unsecured to a tune of up to Rs.0.5 lakh. Manish Jaiswal, Business-Head of SME Ratings, says that PMMY can move forward with respect to becoming a structurally efficient model by tackling two key factors; a pricing caps review for NBFCs and banks and an efficient claim settlement process.
3rd February 2017
Karnataka Vikas Grameen Bank (KVGB) a regional rural bank that is sponsored by Syndicate Bank, will be looking at making 250 villages 100% digital friendly for banking activities by the end of March this year. The move comes along with the promotion of cashless transactions to make all transactions digital. KVGB has over 65 lakh customers spanned over Gadag, Dharwad, Belagavi, Haveri, Vijayapura, Bagalkot, Udupi, Uttara Kannada, and Dakshina Kannada districts of Karnataka. KVGB has their work cut out for them to provide digital assistance to all of these areas. The bank has set a target of 9 villages that they intend on making 100% digital by the 26th of January. So far, they have succeeded in making 8 of these 9 villages 100% digital while the last village, Andinje village which has 491 households, will soon be announced as 100% digital, eligible for banking activities.
24th January 2017
Gold loan companies like Muthoot Fincorp and Manappuram Finance are expecting a growth in gold sales by the next quarter. Demonetisation hit gold sales with the lack of funds and various caps on withdrawals. But now, as the economy is slowly getting back on its feet, gold loans are steadily increasing in demand. Thomas George Muthoot, Director of Muthoot Fincorp, has said that business will fully normalise by April, 2017. With the rise in the number of cashless transactions, loan repayments are pretty much back on track. The rise in gold prices over the past couple of weeks has also helped in the growth and demand of gold loan business and has rekindled the customer’s interest in gold loans.
20th January 2017
Bank of Baroda, which is mainly occupied in providing services such as corporate banking, international banking, personal banking, and treasury services apart from various other services, has opened a new branch in Whitefield, Bengaluru. K. Venkateswarlu, General Manager of Bengaluru zone, inaugurated the new branch. Holding a solid domestic existence with 5,377 branches and 8,975 ATMs, Bank of Baroda is looking forward to serving people with various banking solutions.
18th January 2017
With a majority of the banks across the country reducing their lending rates after being flushed by the inflow of money caused by the demonetisation of the Modi-led government, even Bank of India has followed suit. With the marginal cost of funds based lending rates (MCLR) of the bank being dropped by 90 basis points, the Bank has reduced its lending rates for retail loans as of January 7. As a result, the home and vehicle loans have seen a drop in interest rates. The interest rate on home loans has been reduced to 8.70%, whereas vehicle loan interest rates have seen a drop to 9.35%. Loans against properties also have been revised to 10.50-11 % with women enjoying a 0.5% lower interest rate on all retail loans. The revisal of the interest rates for retail loans are effective immediately.
10th January 2017
The influx of funds in the banking system due to demonetization has spurred the government banks to cut loan rates across all types of loans like housing, auto and personal loans. UBI and SBI have slashed their lending rates by 0.9% while the PNB has cut its rate by 0.7%. Kotak Mahindra bank and the State Bank of Hyderabad cut their MCLR based rates by 0.10% and 0.20% respectively. Dena Bank cut its rates by 0.75%. The demonetization has led the banks to slash their rates to the lowest in 6 years for SBI. From January, 2015 the SBI has slashed its lending rates benchmark by 200 basis points. The Prime Minister in his address to the nation on New Year’s Eve asked the banks to give priority to lending to the middle class and the poor.
5th January 2017