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...
Axis Bank is one of the foremost private banks in India. It provides attractive interests...
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.
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
Karnataka’s Bhartiya Kisan Sangh has requested the State Government to waive crop loan taken by farmers from cooperative banks, cooperative societies, and commercial banks. Yalandur Ranganath, the President of Sangh State said at a press conference that Karnataka has been experiencing severe drought since the last four years. Majority of the farmers struggle to repay their loans, as they have lost all their crop. He said that the government should help these farmers and give a waiver of crop loans of up to Rs.3 lakh. The government should also convert short-term crop loans into long-term without interest. The Sangh also urged the government to improve and strengthen the agriculture sector as well as the marketing system.
19th April 2017
The Pradhan Mantri Mudra Yojana has sanctioned loans to the tune of over Rs.1.8 lakh crores for 2016-17 which were meant for providing financial aid to the non-corporate small scale business sector. According to the Ministry of Finance, loans to the tune of Rs.1,80,087 crores were sanctioned to borrowers out of which 70% were women. About 5% of the borrowers were from Scheduled Tribes, 20% were from Scheduled Caste, and 35% were from Backward Classes. Out of this amount, Rs.1,23,000 crores was sanctioned by banks while Rs.57,000 crores was sanctioned by non-banking institutions. A target of Rs.2.44 lakh crores was announced by the Union Budget for Mudra Loans during the term of 2017-18.
17th April 2017
Effective April 10th, Syndicate Bank’s base rate will by 9.50%. The bank slashed its rates by 10 basis points bringing its rate down from 9.60%. The cut in the base rate will benefit some loan customers. With the scheme of demonetisation, banks received a massive influx of cash into their systems that gave them more funds to lend. Most banks have brought down their lending rates, but on the other hand, fixed deposit rates have also come down. There have been no changes to the MCLR and BPLR. The Marginal Cost of Funds Based Lending Rate was introduced by the Reserve Bank of India last year to ensure that banks regularly change their rates keeping in tune with the RBI repo rates. Currently, Syndicate Bank’s one-year MCLR is 8.75% and will remain unchanged even though the base rate has been slashed. Syndicate Bank’s BPLR stands at 13.85%.
11th April 2017
Effective April 1st, 2017, SBI has slashed its base rate by 15 basis points. HDFC Bank has also brought down its rate by 25 basis points. The banks are currently offering interest rates of 9.10% and 9% respectively. This will benefit all customers who have taken loans before April 2016. The Reserve Bank of India had introduced the MCLR system in April last year. The marginal cost of funds-based lending rate was designed to bring in a new benchmark for lending rates with a provision to determine fund costs through a weighted average. SBI has not changed the 6-month and 3-year MCLRs and it will remain at 7.95% and 8.15% respectively.
6th April 2017
One of the leading nationalised bank in India, SBI reduced their base rate by 15 bps to 9.1%. The new rates are effective from the beginning of the second quarter that is April, 2017. According to sources, only 30% to 40% of the total floating rate loans are based on MCLR while the remaining are linked to the base rate. By the end of September, about 15% or Rs.13,000 crores of home loans will be linked to MCLR while over 40% of their overall loans will be linked to the new MCLR system. However, the bank did not change its marginal cost of lending rate.
5th April 2017
Kotak Mahindra Bank has decided to offer corporate loans in the future. Usually, these kind of loans are offered by state-run lenders who are already battling to solve the bad assets issue. Kotak Mahindra Bank is aiming to increase the share of corporate loans in their portfolio to 40% in the next three years. So far, Kotak Mahindra Bank has acquired more than 500 large and medium-sized companies consistently every year. They have about 700 clients from conglomerates including clients like Tata and Aditya Birla Groups. The bank used to receive a return of 12% to 13%. This year, they are targeting at 21% by enhancing their non-capital based income such as fees, trade, and transaction banking.
27th March 2017
According to a recent RBI announcement, 5 of SBI’s associated bank branches will be merged with SBI. Following the merger, the associated bank branches will function as SBI branches from April 1, 2017 onwards. The bank branches which will become a part of State Bank of India include all branches of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). From April 1, 2017 onwards, all customers (including depositors) of State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore will automatically become customers of State Bank of India. In August 2016, 5 associate banks, in addition to Mahila Bank, merged with State Bank of India. Following the merger, State Bank of India will have an increased asset inventory of more than Rs. 37 lakh crore ($555 billion) along with a total number of 22,500 branches and 58,000 ATMs.
23rd March 2017
HDFC Bank has launched a digital LAS (Loan against Securities) plan in alliance with the National Securities Depository (NSDL). Customers can now avail overdraft facility against various shares in three simple steps: selection of the shares that need to be pledged using net banking, receive and agree on the one-time password (OTP), and then pledge the shares with the help of NSDL through OTP. The bank has stated that customers with demat accounts can open a current account instantly after calculating their chances of eligibility for the overdraft limit. This facility is currently available for only demat shares and will soon be extended to securities like mutual funds, insurance policies, and bonds. This facility will allow borrowers to obtain the LAS, enhancement and withdrawals made online, and auto-renewal loan facility.
17th March 2017