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|
Find better loan rates, special discounts, cashback offers from all banks only with BankBazaar.com's real time interest rate calculator.
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.
Interest on personal loans varies from bank to bank. A lot of factors such as the age of the applicant, the credit score, salary amount, existing loans, etc., may affect the interest rate charged on personal loans. Here’s the range of interest rates at which the top 20 banks in India grant personal loans:
|Bank||Personal Loan Interest Rate|
|HDFC Bank||10.99% - 20.00% p.a.|
|Axis Bank||11.25% - 24.00% p.a.|
|ICICI Bank||10.99% - 22.00% p.a.|
|Citibank||10.99% - 16.49% p.a.|
|IndusInd Bank||11.99% - 23.00% p.a.|
|SBI||12.50% - 16.60% p.a.|
|Kotak Bank||11.50% - 24.00% p.a.|
|IDFC Bank||11.00% - 19.50% p.a.|
|Union Bank of India||14.40% - 14.40% p.a.|
|Standard Chartered Bank||11.49% - 20.00% p.a.|
|RBL Bank||13.99% - 16.00% p.a.|
|Punjab National Bank (PNB)||12.25% - 15.25% p.a.|
|Vijaya Bank||12.50% - 13.50% p.a.|
|Karur Vysya Bank (KVB)||13.90% - 16.40% p.a.|
|Indian Overseas Bank (IOB)||12.70% - 15.25% p.a.|
|Syndicate Bank||14.20% - 14.20% p.a.|
|Andhra Bank||13.05% - 14.30% p.a.|
|IDBI Bank||13.20% - 13.75% p.a.|
|Yes Bank||11.99% - 20.00% p.a.|
|Dena Bank||13.00% - 14.00% p.a.|
The exact personal loan eligibility differ from lender to lender. However, they remain more or less similar across the following categories:
|Age Requirements||18/21 years to 60/65 years|
|Loan Quantum||Upto Rs.50 lakh. Most banks offer up to Rs.25 lakh. Some banks offer loans up to 20 x (net monthly income)|
|Net Income (Monthly)||Minimum Rs.15,000 (For Semi and Rural areas) and Rs.20,000 (For Metros)|
|Type of Employment||
|CIBIL Score||750 or more with a mostly positive credit history|
If you are unsure whether you are eligible to get a personal loan or not, you can use the BankBazaar loan eligibility calculator to know more about your eligibility. It shows the quantum of loan you will be eligible for, the rate of interest and prepayment charges you have to pay. It also displays the best loan offers available for you. To use the calculator, follow the below mentioned steps:
Personal Loan EMI can be easily calculated using BankBazaar EMI calculator. However, if you don’t have access to the Calculator for some reason, you can resort to calculating EMI using an Excel spreadsheet.
To compute your EMI in Excel sheet, you need to know a few things:
The formula that you need to input in excel is: = PMT (rate,nper,pv)
Let us use an example to see how the above formula works. Let us assume the annual rate of your personal loan is 12%. Then the monthly rate will be: 12%/12 = 1% or 0.01.
Let us also assume that your loan tenure is 4 years. Therefore, the period number or the number of EMIs you have to pay over the course of loan tenure will be (4 x 12). Assuming your loan value is Rs.4.45 lakh, we get the EMI as
= PMT (0.12/12, 4*12, 4,45,000) = Rs.11,718
When a borrower pays their personal loan off in entirety or partially before payment is due, it is known as prepayment of loan. Although, prepayment may provide peace of mind to the borrower, it might not be financially beneficial. You should consider the following 2 factors when considering to make prepayments on your loan:
Most banks charge a penalty or prepayment fee when you try to pay off your loan earlier. Prepayment fee varies from bank to bank. It can be a percentage of the amount being paid or a flat fee or calculated on the interest remaining due. Some banks might not charge any prepayment fee at all.
It is important to compare the penalty fee you incur to your savings on interest charges for the remainder of your loan period. Most loans come with a minimum lock-in period, during which you cannot prepay or foreclose your loan.
Savings on the principal amount:
Prepaying early into your tenure can help you save a lot. However, due to lock-in period, it might not be possible to do so. Borrowers often think that since they have already paid many EMIs, the interest on the remaining ones will be low. Therefore, it would be useless to close the loan since there won’t be much saving on the remaining cost of interest.
However, interest paid on the unpaid principal amount remains the same as banks calculate interest on reducing balance basis. Rather than basing your decision only on the remaining tenure, factor in the interest rate charged when thinking about foreclosing your loan.
You can choose to make partial prepayment instead of foreclosing the loan. Partial payment reduces the principal amount remaining. Thus, reducing the interest part of the EMIs. However, you need to pay off a substantial amount of the loan for this method to be effective. Also, it is better to do so as early on in the loan period as possible. Otherwise, prepayment fee might surpass interest savings.
Answer: The BankBazaar EMI Calculator lets you choose between a varieties of prepayment options.
Answer: With the BankBazaar EMI calculator, you can calculate your EMI in as little as 30 seconds of your time.
Answer: In case the lender you are getting your loan from charges a flat amount as processing fee, you can still calculate your EMI by placing the value of Processing Fee as 0% in the calculator. But do remember that you have to pay the processing fee at the end of the day.
Answer: You can calculate EMIs for a loan quantum of upto Rs.30 lakh in the BankBazaar personal loan EMI calculator.
Answer: Yes, personal loan, like all other loans is a service that the bank provides. Thus, the EMI amount you pay will be subjected to Goods and Services Tax (GST).
What Is EMI And How Is It Computed?
Now, anybody can take a loan and repay it conveniently without any struggle due to the existence of EMIs. An equated monthly installment (EMI) is a certain amount of funds that has to be repaid every month in order to clear a loan. These EMIs will be paid over a fixed period until the loan is cleared fully. An EMI is determined by the interest rate, loan amount, and loan tenure. Click here to know all about EMIs and the computation process! Calculating EMIs manually can be very taxing and can also result in errors. Compute your personal loan EMIs with this finance tool
Longer Tenure or Higher EMI for Personal Loans?
Are you confused if you should go for a shorter personal loan tenure with high EMIs or a longer tenure with low EMIs? Well, with a few basics about how a personal loan, you can make your decision. Your EMI depends on your loan period and loan tenure along with the interest rate. When you go for a longer tenure, you will definitely end up paying higher interest on your overall loan. The interest rates for longer tenures are higher than the rates for shorter tenures. Your overall interest will be high since you are paying for a longer period. But your EMIs will be low. Learn how to choose your loan tenure and you can also learn to reduce your EMIs by clicking here
How EMI breakups are done in a Personal Loans?
Paying a personal loan through EMIs is pretty easy. However, it is very important to know the basics of an EMI before you start paying it. An equal monthly installment (EMI) is the amount that you pay on a monthly basis to repay your loan. A personal loan EMI comprises principal amount and interest amount. The interest rate allotted for your personal loan will be distributed throughout your loan tenure. During the initial period of your loan tenure, your interest amount will be very high in your EMI. As your tenure comes to an end gradually, your principal amount will be higher. Check out the advanced Personal Loan EMI Calculator to compute EMIs in a jiffy. Find out more about EMI breakups heree
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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.
IndusInd Bank has collaborated with MobiKwik to release a co-branded wallet known as ‘IndusInd MobiKwik’ which will enable individuals to make payments at the MobiKwik merchant network via a ‘direct debit feature’ with the help of their bank accounts. This advanced direct debit feature will help IndusInd bank account holders to connect their accounts and make payments easily with the help of the co-branded app. This feature is very helpful as a customer will not be required to get the MobiKwik prepaid wallet separately. This collaboration with MobiKwik is to enhance the payment methodology between fintechs and banks.
30th October 2017
An Android app called Union Sahyog has been launched by Union Bank of India in order to focus on the convenience of the customers by digitising the customer-facing services. The app is offered in 2 languages, Hindi and English. It has several features like online loan application, account opening, complaints registration, RTI, deposit and loan product information, missed call services, SMS-based services, internet banking login and self-user creation, and all mobile-based banking application. Other features include EMI calculator, branch locator, digital banking information, and social medical links. This app can be downloaded from Google Play Store. The MD and CEO of Union Bank of India, Raj Kiran Rai G launched the app and said that Union Sahyog is in line with government's vision of a digital India.
23rd October 2017
State Bank of India has launched a new initiative named ‘SME Assist’ to offer short-term working capital demand loans to its MSME customers based on their GST input credit claims. This new product is likely to manage the customer’s working capital requirement until they get their input credit. As per V Ramling, Chief General Manager (SME) of SBI, it will also assist the SMEs in running their operations in a hassle-free way. Companies who will be applying for a loan under this scheme need to give an input credit claims certificate confirmed by their chartered accountant. The processing fee for this loan is fixed at Rs.2000. Also, there will be a moratorium period of first three months for the SME borrowers under this loan scheme. This loan facility for the SME customers will be available till 31 March, 2018.
17th October 2017
As per the latest RBI Data, the benefits of reduced policy rates determined by the RBI were dully passed on to the customers by the banks. The benchmark lending rates were lowered by commercial banks by 110 basis points as the repo rate was lowered by RBI by 50 basis points. The MCLR from April 2016 to September 2017 was reduced from 9.50% to 8.40% by the commercial banks. Recently, an RBI panel recommended the use of an external benchmark system to bring transparency to the way lending rates are determined.
16th October 2017
A Mudra Camp was recently organised in Indore for the approval of Swarozgar (Self-employment) Yojana loans under Pradhan Mantri Mudra Yojana. The event was attended by Thawarchand Gehlot, Union Minister for Social Justice and Empowerment and Jayant Malaiya, Finance and Commercial Tax Minister. Mudra camps are being organized in over 50 places in India till 17 October 2017 under Mudra promotion campaign. Multiple types of loans promoted by state governments as well as Stand-up Yojana and Swarozgar Yojana are being approved and successful entrepreneurial stories are being exhibited at various centres.
9th October 2017
Trivendra Singh Rawat, the Chief Minister of Uttarakhand, said that banks should work more efficiently on endorsing and supporting the Mudra Scheme. He said this while giving his speech at a recent Mudra Promotional Campaign, which was held at IRDT Auditorium Survey Chock. This event was organised by the State level bankers committee and the state government. While addressing the gathering at the event, he mentioned how the Mudra scheme is very helpful to budding entrepreneurs of the country. He also said that young individuals of the country can learn to start their own business ventures and generate employment to several other people with the assistance of the Mudra scheme
5th October 2017
Bank of India (BOI) recently celebrated its 112th Foundation Day in every branch across the nation. The deputy general manager and zonal manager, Prashant Naik, led this remarkable event of the bank. The event was celebrated with grandiose by decorating and illuminating every branch with a lot of colours and lights. The bank’s officials introduced certain specific guidelines and measures for loan schemes such as APY, MUDRA, personal loans, Stand Up India, JLG Finance, home loans, etc. In order to mark this big day, the staff at the various bank branches worked on resolving and recovering non-performing assets (NPAs) with an upfront amount. This step will help 51 borrowers.
25th September 2017
The state government of Andhra Pradesh waived crop loans worth Rs.24,500 crore. The Agriculture Minister, Somireddy Chandramohan Reddy, said that this amount is very high in comparison to the waivers made by other states in the nation. He recently inaugurated an exclusive session conducted by the Spices Board of India, which was held for both sellers and buyers. This session was held for one full day. The minister mentioned that the state of Uttar Pradesh made a waiver of only Rs.33,000 crore though it is 4 times the size of Andhra Pradesh. He also said that spice farmers should go for traditional farming methods in order to receive superior-quality crops with high yield.
19th September 2017
Syndicate Bank and Andhra Bank, the public sector banks, have recently revised Marginal Cost of Funds Lending rates (MCLR). The tenure wise MCLR rates of Syndicate Bank stand at: 8.00% (Overnight), MCLR for 1 month at 8.05%, MCLR for 3 months at 8.10%, MCLR for 6 months at 8.25% and for 1 year at 8.50%. The MCLR for Andhra Bank are: 8.10% (overnight MCLR), MCLR for 1 month at 8.15%, MCLR for 3 months at 8.20%, MCLR for 6 months at 8.30% and MCLR for 1 year at 8.40%
15th September 2017
Bank of India, leading public sector bank, has decreased MCLR rates by 0.05% to 0.10% for multiple loan tenures from 10 September, 2017. The new marginal cost based lending rate is 8.30% for 1-year loans. Currently, the MCLR for 1 year is 8.40%. These brand new decreased rates will be implemented from September 10, 2017. The bank also minimised the MCLR for overnight and 1-month loans. The new overnight MCLR is 7.90% and the new 1-month MCLR is 8%. The 3-month loan tenures will have an MCLR of 8.10%. It is 0.05% lesser than the present 3-month MCLR.
8th September 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards
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