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Personal Loan EMI Calculator - HDFC Bank, SBI, ICICI, Citibank, Kotak, IndusInd, SCB

Last Updated 29th May 2017

Personal loan EMI Calculator India

  • Loan amount – Higher the loan amount, higher will be the EMI
  • Rate of interest - Lower the interest rate, lower the EMI
  • Work profile - employees of large companies get lower rates leading to lower EMI
  • CIBIL score - High CIBIL Score helps in getting lower rates on personal loans
  • Loan Tenure - Longer the loan tenure, lower the EMI
Personal Loan EMI Calculator
Rs.

Lowest Personal Loan EMI per lakh May 2017

Bank Personal Loan Interest Rates* Lowest EMI per lakh for Max Tenure
Citibank (4.2/5.0) 102 Users sponsored 10.99% - 16.49% Rs. 2,174 for 60 months Explore More Apply Now
HDFC Bank (4.2/5.0) 318 Users 11.00% - 20.00% Rs. 2,174 for 60 months Explore More Apply Now
SBI (3.4/5.0) 4 Users 12.50% - 16.60% Rs. 2,658 for 48 months Explore More Apply Now
ICICI Bank (4.2/5.0) 43 Users 11.59% - 22.00% Rs. 2,204 for 60 months Explore More Apply Now
Axis Bank (4.1/5.0) 54 Users 11.25% - 24.00% Rs. 2,187 for 60 months Explore More Apply Now
Bajaj Finserv (3.8/5.0) 44 Users 11.99% - 15.50% Rs. 2,224 for 60 months Explore More Apply Now
Standard Chartered Bank (4.1/5.0) 11 Users 11.49% - 20.00% Rs. 2,199 for 60 months Explore More Apply Now
Fullerton India (2.7/5.0) 4 Users 16.00% - 34.00% Rs. 2,834 for 48 months Explore More Apply Now
IDFC Bank (4.4/5.0) 18 Users 11.49% - 19.50% Rs. 2,199 for 60 months Explore More Apply Now
Kotak Bank (3.3/5.0) 11 Users 11.50% - 24.00% Rs. 2,199 for 60 months Explore More Apply Now
IndusInd Bank (4/5.0) 42 Users 11.99% - 23.00% Rs. 2,224 for 60 months Explore More Apply Now
Syndicate Bank 14.20% - 14.20% Rs. 2,337 for 60 months Explore More Apply Now
RBL Bank (3.5/5.0) 1 Users 16.00% - 20.00% Rs. 2,432 for 60 months Explore More Apply Now
Tata Capital (4.5/5.0) 1 Users 11.99% - 18.00% Rs. 2,224 for 60 months Explore More Apply Now
Union Bank of India (3.3/5.0) 1 Users 14.40% - 14.40% Rs. 2,348 for 60 months Explore More Apply Now
Vijaya Bank 12.50% - 13.50% Rs. 2,250 for 60 months Explore More Apply Now
PNB 12.25% - 15.25% Rs. 2,237 for 60 months Explore More Apply Now
Karur Vysya Bank 13.90% - 16.40% Rs. 3,413 for 36 months Explore More Apply Now
Indian Overseas Bank 12.70% - 15.25% Rs. 2,260 for 60 months Explore More Apply Now
Andhra Bank 13.05% - 14.30% Rs. 2,278 for 60 months Explore More Apply Now
Bank of Baroda 11.60% - 16.60% Rs. 3,302 for 36 months Explore More Apply Now
Bank of Maharashtra 15.10% - 15.10% Rs. 3,471 for 36 months Explore More Apply Now
Canara Bank 13.65% - 13.65% Rs. 2,715 for 48 months Explore More Apply Now
Corporation Bank 12.75% - 13.75% Rs. 3,357 for 36 months Explore More Apply Now
Dena Bank 13.00% - 14.00% Rs. 3,369 for 36 months Explore More Apply Now
Federal Bank 13.32% - 15.12% Rs. 2,699 for 48 months Explore More Apply Now
IDBI Bank 13.20% - 13.75% Rs. 2,286 for 60 months Explore More Apply Now
Allahabad Bank 13.10% - 13.10% Rs. 2,280 for 60 months Explore More Apply Now
Indian Bank 14.50% - 17.00% Rs. 3,442 for 36 months Explore More Apply Now
Yes Bank 11.99% - 20.00% Rs. 2,224 for 60 months Explore More Apply Now

Personal Loan Calculator

EMI on Personal Loan

  • The monthly amount calculated by the EMI calculator for personal loan is the fixed money you pay to the bank towards payment of principal and interest
  • For a personal loan at 12.99% interest rate, the lowest EMI per Rs. one lakh loan amount is as below. However, the total interest you pay to the bank will increase with increase in loan tenure.
Loan Tenure 2 years 3 years 5 years
EMI amount for loan amount Rs. 1 lakh at 12.99% Rs. 4,754 Rs. 3,369 Rs. 2,275
Total amount you pay back to the bank including principal and interest Rs. 114,089 Rs. 121,281 Rs. 136,488
Interest you have to pay over loan tenure Rs. 14,089 Rs. 21,281 Rs. 36,488

Personal Loan EMI Calculator Formula

Apart from online personal loan calculator, you can also calculate your monthly EMI with a mathematical formula. The formula to calculate personal loan EMI is

P*r* (1+r)^n/([(1+r)^n]-1)

P represents the principal amount that you want to apply for
r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
n is the tenure of loan in months

Personal Loan Interest Calculator – Impact on EMI

Flat rate method Vs reducing balance method

Your loan EMI will be higher in case of loan on flat rate while EMI will be lower with reducing rate.

Flat interest rate: Here the interest is calculated on the original principal amount for the entire period. So, if you opt for a personal loan of Rs. 5 lakhs at 12.50% flat rate of interest for a period of 3 years, the EMI will be Rs. 19,097. Here, the total interest per year will be 500,000* (12.50/100) = 62,500. Thus, total interest in 3 years = 62,500 * 3 = 187,500. This interest along with principal amount is distributed over the entire loan period to arrive at monthly EMI. Here the impact of repayment of capital is not considered.

Reducing balance method: In this method, the interest rate is charged only on the outstanding amount of the loan. Generally in this case the interest rate is higher than the flat rate but actually it may turn out to be cheaper as the interest is paid only on the remaining principal amount. Every month some part of EMI goes towards principal amount, thus the interest is charged on the remaining amount. Hence there will be a gradual reduction of the principal amount and as a result of the same interest will be applicable on the lesser amount. So, if you opt for a personal loan of Rs. 5 lakhs at 12.50% rate of interest for a period of 3 years, the EMI will be Rs. 16,727.

Personal Loan EMI - Modes of Payment

  • The most convenient way of paying a personal loan EMI is by way of ECS mandate in favor of the bank from whom the personal loan has been availed
  • Note that it is not necessary to hold a bank account with the same bank. One can issue an ECS mandate from one’s salary account or normal bank account
  • Key benefit of paying EMI through ECS is that there is no risk of cheque bouncing due to signature mismatch or any technical issue
  • Other modes can include post dated cheques and payments by demand drafts, though these are rarely used nowadays

Frequently Asked Questions on EMI Calculator Business Loan

What if I miss EMI payment or there is an ECS bounce?

If you miss your EMI payment or if there is an ECS bounce then bank may charge a penalty. In addition, it will also be reflected in your CIBIL report and your CIBIL score may get impacted.

What if I get delay in paying the personal loan EMI?

Banks charges penalty for delaying EMI payment. The amount of penalty varies from bank to bank.

Why it is necessary to calculate EMI beforehand?

It is important to calculate your EMI in advance to maintain stability in future payments. When you avail loan, you promise the bank to pay a fixed amount at fixed date every month. So, before availing the loan you should consider the stability of your income, monthly expenses and the existing loan obligations to avoid any discrepancies in future payments.

Does the loan tenure affect my EMI for personal loan?

Personal loan can be availed for maximum tenure of 5 years. Tenure affects your monthly EMI. Longer the tenure of personal loan, lower will be your EMI.

How MyLoanCare EMI calculator helps in calculating EMI?

MyLoanCare EMI calculator calculates the EMIs of different banks as per the details entered by you. You can easily compare the EMIs and opt for the best option. You also get to know about the interest charged on loan amount entered.

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Personal Loan News - May 2017
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