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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...
When calculating the Equated Monthly Instalment (EMI) for your personal loan, the trusted MS Excel program...
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.
With the RBI reducing its repo rate of interest by 50 points the repo rate is now at 6.75% in comparison to the 7.25% earlier. All loans are dependent on the repo rate as this decide the minimum base rate that banks are allowed to lend funds at to potential borrowers. In the last 24 hours, SBI, Axis bank, UCO, OBC, Andhra Bank have already reduced their base rate.
This rate cut will lead to lower EMIs on all loan products, from personal and other loans. You can also save if the rates reduce further the cumulative savings can be big. The EMIs on your loans will reduce thanks to the cut in interest rate and the interest payable on the amount also will be less leading to savings. If you’re looking taking up a loan of any kind be it personal or any other loans now is the right time.
5th October 2015
Now the it is earlier to grow from a small or medium business to a large one, Bandhan Bank is now offering a range of loans to increase your business and create more income. The maximum loan amount an applicant is allowed will be Rs. 25,00,000 for 5 years. These loans can be taken for wide range of business requirements, such as working capital, new equipment, commercial vehicle loan, term loan, Samriddhi Business loan.
28th September 2015
With the MUDRA loan mela, organised by Indian Bank and many other private sector banks offering loans to small businessmen without collateral, the Mudra loan (Micro Units Development and Refinance Agency) The disbursal of the loan will take place after the 25 September 2015, after the loan application are received by the banks. Small businessmen can avail for loans of up to Rs. 50,000 to Rs. 5 lakh and If you would like to avail the loan under Shishu, Kishore and Tarun categories then the amount of Rs. 5 lakh to Rs. 10 lakh would be given to the applicant. The applicant will need to pay a interest of 12% . These loans will be given out under the Pradhan Mantri Mudra Yojana
25th September 2015
In a move to encourage and support female entrepreneurs and artisans, the Ministry of Micro, Small and Medium Enterprises (MSME) has implemented schemes directed at providing financial benefits and employment opportunities for women.
A total of Rs.6.70 crore has been allocated for the FY 2015-2016 for the two schemes mentioned below:
1. The Mahila Coir Yojana
Under this scheme, women artisans are given training and counselling, after which financial assistance is provided for them to acquire ratts that are used for spinning coir yarn. Motorized ratts – both regular and traditional – are given at a 75% cost subsidy (up to a maximum of Rs. 7,500 for regular motorized ratts and Rs.3,200 for traditional motorized ratts). Beneficiaries are expected to raise the remaining 25%.
2. Trade Related Entrepreneurship Assistance and Development (TREAD)
Loans and financial assistance is provided from Government grants and from Nationalized banks at the rate of 30% of the loan (subject to a maximum of Rs.30,00,000) though NGOs for women who are starting entrepreneurial self-employment ventures that aren’t directly farm-related. This program aims to economically empower women using trade-related training, product-related services, training, and counselling.
In addition to these, the Chhattisgarh and Uttar Pradesh Governments are setting up the Women Entrepreneurship Award Scheme and the Mahila Udyami Protasahan Yojana, respectively, to promote and support women entrepreneurs.
14th August 2015
Karnataka Bank has streamlined processes and created a system through which people can submit MSME loan applications, and track their credit proposals online.
The system allows applicants to submit applications for MSME credit over the internet, and also provides the facility by which customers will be intimated about the details and status of their application over e-mail. In addition to this, the system also allows you to track the status of all MSME credit request that’s been submitted directly at branches
Karnataka Bank has a lot of loan products that are aimed at MSMEs, with over 160 specialised branches that deal only with the MSME in over 100 clusters in 16 states across India, Karnataka Bank hopes to be one of the major players that’s lending to this sector.
Through this new platform, MSME credit applicants and apply online and track the status of their application online, encouraging more potential MSME owners to do the same.
12th August 2015
Following the recent rate cut made by the Reserve Bank of India, borrower’s EMIs could reduce for all kinds of loans including personal loans. Vijayalakshmi Iyer, the chief managing director of Bank of India, says that EMIs will certainly reduce, marginally, following this rate cut. According to her, this is a surprise move taken by RBI which will definitely push banks to drop interest rates soon. She also states that the banking system will not be able to pass on the entire 50 bps that has been cut by the RBI recently. Nevertheless, some amount will be surely transmitted.
13th March 2015