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).
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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.
Private sector bank, Bandhan, which is looking for a change in business mix, expects non-micro loans to be 25% of its total loan portfolio in the coming 5 years, according to bank MD and CEO Chandra Shekhar Ghosh. Currently, micro-loans comprises about 90% of the bank's total portfolio for loan. The rest is attributable to non-micro loans. Ghosh said that the bank is focusing on affordable housing and MSME to foster growth in its macro loan portfolio. The bank is also planning increase its branch number to 1,000 by the end of this fiscal year. It already has 840 branches, with almost 70% footprint in rural areas across India. The bank, which is usually immune to non-payment of loans issues, saw a rise in the number of bad loans last quarter due to farmer loan waivers being announced in several states. This impacted the repayment culture in states like Uttar Pradesh, Maharashtra and Madhya Pradesh. Gross non-performing assets (NPA) rose to Rs.175 crore last quarter in April-June of this fiscal year, from Rs.86 crore in the same quarter last fiscal year. 75% of the total Rs.175 crore NPA comes from UP, MP and Maharashtra. Bandhan’s exposure to agriculture and allied sectors stands at almost 40% of total loans issued. Bandhan saw a 35% increase in its net profit to Rs.327 crore for the quarter that ended on 30 June, from Rs.242 crore in the same period of time from a year ago.
2nd August 2017
According to a source, District Collector Anita Ramachandran has asked banks under her ambit to speed up disbursal of crop loans up to Rs.1 lakh. In addition, she said that ‘no cash’ boards should not be displayed at the banks as sufficient currency was supplied to them and made it clear that the banks should not create any hurdles to farmers in drawing their loan amount as this was the time they purchase seeds and fertilizers for kharif.
24th July 2017
Syndicate Bank has recently established a dedicated centre to cater to the needs of people looking to avail Retail and MSME loans in the Kharitabad region, Hyderabad. Services like loan assessment, processing, recovery, and sanction for various retail firms and Micro, Small and Medium Enterprises (MSMEs). These loan centres are set up to reduce the processing time for a loan and to also simplify the entire loan application and disbursal process. The centre in Kharitabad will act as a hub to 67 branches of Syndicate Bank. A simplified application form has also been announced by the bank in case an MSME or retail firm wants to apply for credit.
18th July 2017
The state government of Maharashtra has extended the loan waiver scheme to include farmers who had taken loans post 2008. Earlier the scheme, Chhatrapati Shivaji Maharaj Sanman Yojana, only covered farmers who had outstanding loans from 1 April 2012 to 30 June 2016. The chief minister also extended the deadline to repay overdue loans taken in 2016-17 to 31 July 2017. This facility is provided to regular payees of the loans. As per the one-time settlement scheme, farmers can make the loan repayments in four installments. Once three installments are repaid, the fourth one of Rs.1.5 lakh will be waived off by the government. Eligible farmers will have to approach banks to benefit from the scheme. They are also required to file an affidavit as proof of eligibility for the waiver.
12th July 2017
The Kolhapur District Central Co-operative (KDCC) Bank has seen a 12% drop in crop loan recovery. In 2015-16, the bank recovered 92% of crop loans which were sanctioned but this value went down to 79% in the next year. Being the biggest lender in the district for term and crop loans, the bank is responsible for contributing about 55% of the total lending that happens in the district. According to KDCC, crop and term loans provided to farmers amounted to Rs.1,409 crore in 2016-17 but the bank managed to recover only Rs.1,123 crore.
7th July 2017
After the Punjab government agreed to waive off loans of marginal and small farmers, they estimate that it will take nearly 10 years to repay the banks. Currently, they have provisioned for less than one-tenth of the total loan amount that could come up to Rs.24,000 crore.The state government has specified that they have set aside Rs.1,500 crore for the waiver. The waiver will push Punjab’s fiscal deficit further by 4.8%. The state government is willing to fully back the loans and repay banks over a period of 10 years.Indian lenders are currently grappling over debts. The waiver on farm loans is expected to hurt credit discipline and increase inflation. The state government plans to cut expenses and explore all possible options to bridge the shortfall. The state government also assumes that the central government will lend a helping hand, in an act to save the farming community of the country. Punjab follows Uttar Pradesh, Maharashtra, and Telangana in foregoing loans to farmers.
30th June 2017
Allahabad Bank, the Kolkata based financial institution, has slashed their marginal cost of funds based lending rate (MCLR) and the new rates will come into effect from June 12th. The overnight MCLR has been reduced to 8% from the previous standing of 8.15%. MCLR for one month has been reduced to 8.10% from the previous rate of 8.25%. Allahabad Bank has also reduced the three month and six month MCLR which now stands at 8.30% and 8.40% respectively. The one year MCLR has also been reduced to 8.50% from the previous standing of 8.60%.
12th June 2017
Canara Bank, a public sector bank, has reduced the marginal cost of funds based lending rates (MCLR) by 0.05% for different maturities. According to the instructions provided by the Reserve Bank of India (RBI), every rupee loan and credit limits that are renewed from June 7, 2017, will follow the new tenor-based MCLR rates. The brand new MCLR will be 8.10% for overnight maturities. For 1-month maturities, the new MCLR will be 8.15% and for 3-month maturities, the MCLR will be 8.20%. For 6-month maturities, the new MCLR will be 8.35% and for 1-year maturities, the new MCLR will be 8.40%.
9th June 2017
Bank of India recently conducted the Star Mahotsav, where bank executives arrived at the door step of its customers to make availing and disbursals of loans convenient. Star Mahotsav included recovery of bad loans, disbursement of retail loans including housing and vehicle loan, disbursement under MSME and agriculture and promotion of its products, including debit and credit card, POS machine, and internet banking service. Following the drive, the Bank commented and said that they managed to disburse about Rs. 46 crore under retail, while MSME and agriculture advances and could recover close to Rs. 3 crore from borrowers.
8th June 2017
Mr. Hari Bhai Parthbhai Chaudhary, Union Minister of State of Tamil Nadu recently pointed out that micro, small and medium enterprises have displayed considerable growth in the past 3 years. On the occasion of the launch of new facilities at the Steel Cluster Services Salem Private Limited at Seelanaickenpatti, Mr. Chaudhary said loans amounting to Rs.1.44 lakh crore have been provided by the Micro Units Development and Refinance Agency Bank (MUDRA) to borrowers. Also, adequate steps have been taken to double the loan amount in the current year. Mr. Chaudhary also said that Centre has instructed MUDRA banks to give priority to SC/ST and women entrepreneurs when distributing loans. He said that all the respective departments in the States have been given the necessary funds, sans discrimination, and post demonetization, bank deposits have seen a phenomenal rise. Mr. Chaudhary also said that nearly 93% of industries in India are MSMEs, considering which the Centre is doing all in its means to provide not only financial but technological assistance to them. As a result, products which were being imported before are now being produced in India and being exported. The Central government will not give priority to youth and women when it comes to starting new units. These borrowers can obtain loans up to the amount of Rs.10 lakh from MUDRA Bank, without having to provide any security.
6th June 2017
Bajaj Finserv and Viveks, an electronics retail store, have partnered to release a co-branded EMI Privileges Card to enable individuals to buy goods in installments conveniently. The Chairman and Managing Director of Viveks, BA Kondaraman, says that customers have changed a lot over the last 50 years since when Viveks has been in the industry. People prefer purchasing goods through installments or through credit cards. This new Viveks-Bajaj EMI Privileges Card will provide you with EMIs, privileges, exclusive offers, etc. Bajaj Finance has entered the purchases segment by introducing this card. A lot of people are relying on EMIs for regular purchases such as groceries, clothes, daily essentials, etc. This concept of buying goods through an EMI card is quite prevalent in the Western nations.
24th May 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards