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.
India Ratings and Research said in a report that the overall gross NPA ratio of NBFCs is likely to rise to 7.8 percent by the end of March 2017. Out of the 7.8 percent gross NPL, 1.5- 1.7 percent increase will be because of the shift to 120 day NPL recognition norm in the 2016-17 financial year from 150 days at 2015-16 financial year. The report also mentioned that the moderation in incremental delinquencies in the sector will continue through the 2016-17 financial year.
8th February 2015
The cooperation department in Tamil Nadu has been urged to create awareness on the recently introduced Amma Micro-Loans Scheme for petty traders. Under the scheme, traders can avail approval for loans up to Rs. 5,000 without any interest from cooperative societies. The government will pay 11 percent interest to the cooperatives instead of the borrower. The traders have to repay the loan in 25 weekly instalments of Rs. 200 each. Those who repay their loans promptly can avail new loans at 4 percent interest. So far, the Tamil Nadu government has received 1,700 applications under the scheme and a cumulative of Rs. 38.45 lakh has been disbursed to 769 petty traders.
2nd February 2015
From February 3, customers of HDFC Bank can obtain personal loans and small loans through its ATMs. The move is aimed to help customers who find it more convenient to make transactions outside regular banking hours. The bank recently received approval from the Reserve Bank of India for its advanced analytics to determine the eligibility of customers before providing a personal loan. These analytics will examine a person’s profile, transaction details, credit and or debit card repayments, balances and salary credits. When a customer applies for a loan at the ATM kiosk, his/her profile is assessed. After an e-agreement authorised at the ATM, the loan is credited directly to their account. In the second phase, customers can avail credit cards and top-ups on existing loans through the ATM.
1st February 2015
Banks have been asked by the Reserve Bank of India to provide loans to women Self Help Group (SHG), of up to Rs. 3 lakhs at an interest rate of 7%. The loans will be provided under the National Rural Livelihoods Mission (NRLM)-Aajeevika scheme during 2015-16. All women will be eligible for this loan, however if they have existing credit with the Swarnjayanti Gram Swarozgar Yojana (SGSY), they will not be eligible. Commercial and cooperative banks in 150 districts will provide these loans to the women of SHGs.
22nd January 2016
In a bid to assist flood victims, Amma has rolled out an interest-free loan of Rs.5000 to small traders. This loan is being offered to help the flood victims restart their businesses. The loan scheme is called the Amma Small Traders Loan Assistance Scheme and is basically aimed at small vendors like fruit sellers, flower sellers and vegetable vendors. The borrower is required to repay the loan at Rs.200 per week for 25 continuous weeks. The rate of interest of 11% per annum will be paid by the State Government of Tamil Nadu to cooperative banks from whom loan is secured. 500 special camps for loan disbursement will be set up by cooperative banks over a period of ten days for small business owners.
21st January 2016
Recently, the Reserve Bank of India organized a meet with the representative of Medium and Small Scale Industries in Vizag to address their concerns. In the same meeting, the members of MSME requests the central bank to increase the bank loan repayment default period to 6 months from the previous period of 3 months. They also request the bank to reduce the interest rate on loans offered under the MUDRA scheme. The current interest rate charged on loans under the MUDRA scheme is 12%, which the representative of MSME request to reduce to 6%.
21st January 2016
18th January 2016: The Local MSMEs have urged the Reserve Bank of India and the government to extend the default period of Bank loan repayments. The current period is 3 months after which the loan becomes a non-performing asset. MSMEs are looking to extend this 3 month period to 6 months. The pleas was put forth at a town hall meeting organized by RBI at Vishakhapatnam where the representatives of MSMEs argued that the period should be extended as many of them were not receiving payments from the government and other bigger companies within the stipulated timeframe. Representatives not only sought for extension of time periods but also sought lower interest rates. The pleas argued for lowering interest rates from current 14% to 9% and have the Mudra Loan Interest Rates lowered from 12% to 6%. They feel that if the interest rates are not lowered, then the loans would defeat their purpose. The President for local MSME association, Mr Balaji argued that the interest rates for loans should always remain in single digits.
20th January 2016
With the recent floods in the state’s capital Chennai, many MSME sector traders and small traders were affected. TN Chief Minister Jayalalithaa, unveiled new steps such as lending which are interest-free, loan moratorium, relaxation norms for unemployed youth to start their self-employment ventures. The moratorium period for all loans taken by the MSME sector and small traders, have been given a 2 years on need basis by the Tamilnadu Industrial Investment Corporation Limited, they will also provide loans to repay the interest for a period of 6 months. Additional loans will provided for any lost property, stock, equipment, etc. The repayment of these loans also can be extended.
19th January 2016
Hansraj Ahir, the Union Minister for chemicals and fertilizers has urged bankers to quicken the process of loan sanctioning under the Mudra Yojana. This scheme is sponsored by the central government in order to provide loans for educated unemployed youths. Addressing officers and bankers at a joint review meeting of Mudra Yojana and Deendayal Upadhyaya Gram Jyoti Yojana, the minister said that financial assistance should be provided to employed youths for setting up small units. He also said that banks refusing loan sanctions under the Yojana will be served show cause notice.
14th January 2016
The priority sector witnessed loans to the tune of Rs 11,636 crore from banks in Telangana during the previous quarter of 2015, accounting for 52% of their annual target. Banks had set a target of Rs 57,320.23 crore for the year, with advances in the quarter taking the total to Rs 35,088 crore. Priority sector and agricultural advances accounted for 33% and 14.85% of the advances provided, respectively. The state government will soon provide financial assistance under the Financial Inclusion Plan to over 258 villages in the coming months.
12th January 2016
Following the growth in the agriculture industry, the agriculture lobby demands higher amount of loans at competitive rates. The Consortium of Indian Farmers Association general secretary B D Rami Reddy says that growth in the fishing and forestry sector has increased by 2.2% compared to 2.1% in the financial year 2014-2015. Following this, the CIFA demands that all farmers and tenant farmers should be granted loan of up to Rs 5 lakh at 4% interest. It also asks for increased coverage for crop insurance for farmers.
7th January 2016
Retail loan has managed to outshine every other loan option in the market. The growth of retail loan was double the pace of any other loan in the market till the end of last year. The growth was higher than that of corporate loans which has proved that consumer sentiment is more important than the corporate investment outlook. Data obtained by an analysis conducted by the Reserve Bank of India has indicated that retail loan has grown 18% year on year in November of 2015 compared to 15.8% at the same time in 2014.
5th January 2016