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.
Top picks from our Financial Expert
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.
An expert panel from the government has recommended that the interest subsidy offered to farmers with crop loans above Rs.3 lakhs under the Rs.9 lakh crore farm credit scheme, should be scrapped. Currently, farmers with loans up to Rs.3 lakh have to pay an interest of 7% while this is reduced to 4% if the loan is paid within a year. Farmers with loans under the scheme of over Rs.3 lakhs are currently paying subsidised interest for amounts till Rs.3 lakhs beyond which the subsidies don’t exist. The government panel has recommended scrapping this subsidy while allowing increase in subsidy period for farmers unable to pay loans up to Rs.3 lakhs within a year.
27th April 2016
Bajaj Finserv, vice-chairman, Sanjiv Bajaj, spoke of their interest in the startup ecosystem and plans of making strategic stakes in some of the fintech startups. He addressed a group of entrepreneurs at TieCon Pune last week saying, "I spent some time in Silicon Valley recently and met some of the startups, half of which were run by Indians, as well as companies like Amazon and Microsoft. We want to tap into the opportunities available there as well as in India and may look at investing in fintech companies, maybe even take a strategic stake if it makes sense for us."
21st April 2016
A report by Bank of America Merrill Lynch has stated that the Reserve Bank of India is likely to cut policy rates by around 25 basis points in the coming months. The rate cut are on the back of low industrial production growth, a better monsoon prediction and stable inflation. This is following a 0.25% rate cut in the current month, which saw rates reducing to 6.5%. Industry experts are calling for further rates cuts, hoping that these cuts will increase investments in the country.
19th April 2016
The Central Government is seeking loans to the tune of Rs. 21,975 crore from the National Bank for Agriculture and Rural Development (NABARD) for the Pradhan Mantri Awas Yojana. The government proposes to build 1 crore houses in rural areas in the next 3 years with a total investment of about Rs. 81,975 crore. The cost of building a pucca house in village’s ranges from Rs. 1.2 lakh to Rs. 1.3 lakh depending on the terrain. The government aims to repay the loan through budgetary allocation after 6 years – post-2022.The new scheme plans to have all basic infrastructures – including electricity, potable water, toilets and other facilities – and expects the house to last around 30-35 years, said Union Rural Development Minister.
18th April 2016
There has been a gain of 1.82% in the stock value of Axis Bank which was in effect a gain of INR 441.35 in the Bombay Stock Exchange. The change in the stock was probably due to the fact that the bank decided to lower its base lending rate. The base lending rate is now the Marginal Cost of Funds based Lending Rate or MCLR for short. The lending rate of Axis Bank has been reduced by 15 basis points now. This inadvertently means better and cheaper loans for any interested customer.
15th April 2016
SKS Microfinance, the listed microfinance provider that helps the poorer sections with lending requirements, is planning to reduce its lending rates. This gives rise to the hope that other lenders will follow suit and micro loans will become cheaper. Dilli Raj, president, SKS Microfinance, said that the rates would be cut by 10 to 15 basis points within a month. SKS Microfinance has a customer base of over 50 lakh small borrowers, with outstanding loans worth Rs. 6,177 crore as on December 31, 2015. SKS is the only microfinance institution (MFI) to lend at a below-20% rate of 19.75%. Other MFIs are expected to lower lending rates by 25-50 basis points in the next 3 to 6 months since the borrowing cost is expected to fall.
14th April 2016
Amid an agricultural crisis, the government of Punjab has announced that farmers in the state can avail interest-free crop loan to the tune of Rs. 50,000 on each crop. The loan also allows farmers to repay in instalments after the crops are procured each season. Punjab became the first power-surplus state recently. The government now plans to connect all major cities in the state with 4 to 6-lane roads and highways. The project is likely to require an investment of over Rs. 22,000 crore.
13th April 2016
Loans to come cheaper from banks across India as the Reserve Bank of India reduced the repo rate again by another 25 bps. That effectively makes the repurchase rate become 6.5% from an earlier 6.75%. The short term borrowing rates have been reduced from 6% to 5.75%.
While savings schemes had a slash in rates, this in effect allowed RBI to bring the lending rate down further and make more of a lucrative offer to the citizens of India.
12th April 2016
The repo rate cut from the Reserve Bank of India has by now become a commonplace news with almost three cuts done in the past year itself. The first cut of the current financial has come across now as RBI cut its lending rate from 6.75% to 6.5%. Since the repo rate or the lending rate of RBI is what decides the rates of interest charged on personal loans, it is expected that about a half percent reduction in such rates will happen in due course of time. From the statements made by the RBI’s governor, it could be expected that this five-year low rate could get even lower.
7th April 2016
The State Bank of Travancore (SBT) recently announced new Marginal Cost Based Lending Rates (MCLR) on different tenors for advances and loans sanctioned by it from April 1. For an overnight tenor, the MCLR is 9.3% while tenors of one month and three months have MCLRs of 9.4% and 9.5% respectively. A six-month tenor has a MCLR of 9.7% while the MCLR for a tenor of one year is 9.8%. MCLRs for tenors of two and three years (fixed rate loans) are 9.9% and 10% respectively. All floating rate loans of the State Bank of Travancore of one year and above have been pegged to 9.8% (1 year MCLR). SBT customers have the option to switch to MCLR from the Base Rate system. The MCLRs are set to be under review every month as per RBI regulations.
6th April 2016