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IDBI Personal Loan EMI Calculator - Aug 2017

Last Updated 16th Aug 2017

IDBI Bank Personal Loan Calculator

  • Get monthly EMI as low as Rs. 2,286 per lakh with IDBI Bank now offering personal loans with loan tenure upto 60 months.
  • Lowest personal loan interest rate currently offered by IDBI Bank is 13.20%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 4,764 for a 2 year loan and Rs. 2,693 for a 5 year loan.
  • Personal loan EMI in IDBI Bank depends upon loan amount, repayment tenure and interest rate.
  • Apply personal loan online and get best personal loan rates.
  • Check the EMI for other tenures using the IDBI Bank personal loan EMI calculator on this page.
Personal Loan EMI Calculator
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Personal Loan EMI Calculator IDBI

IDBI Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to IDBI Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • IDBI Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,286 per lakh for a 60 tenure and lowest rate of interest on personal loans at 13.20%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 13.20% interest rate

Loan Amount (Rs.) 2 Years 3 Years 5 Years
100,000 Rs. 4,764 Rs. 3,379 Rs. 2,286
300,000 Rs. 14,291 Rs. 10,137 Rs. 6,857
500,000 Rs. 23,818 Rs. 16,895 Rs. 11,428
1,000,000 Rs. 47,636 Rs. 33,790 Rs. 22,856
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 13.20% interest rate offered by IDBI Bankfor different tenures
2 years 3 years 5 years
IDBI Bank EMI for a loan amount Rs. 1 lakh at 13.20% 4,764 3,379 2,286
Total amount you pay back to the bank including principal and interest 114,336 121,644 137,160
Interest you have to pay over loan tenure 14,336 21,644 37,160

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1,00,000 loan from IDBI Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,286. However, you pay an interest of Rs. 37,160 on a Rs. 1,00,000 loan.
In contrast, if you take a Rs. 1,00,000 loan from IDBI Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,764 and pay an interest of only Rs. 14,336 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting IDBI Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from IDBI Bank.If you apply for a higher loan amount, your monthly EMI will be high. IDBI Bank gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 1,000,000.
  • Interest rate - Interest rates is the rate charged by IDBI Bank on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by IDBI Bank is 13.20%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
  • Loan tenure – This is the period in which you can repay your loan in IDBI Bank. Longer loan tenure means lower personal loan EMI. Generally, IDBI Bank offers loan for a maximum tenure of 5 years.

IDBI Bank Personal Loan calculator formula

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

Here is an illustration of how IDBI Bank Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 1,000,000

r = Rate of interest per month. Current rate is 13.20%

n = tenure in month. For IDBI Bank, this can be 60 months

Tips to decide the right amount of EMI

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your IDBI Bank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - IDBI Bank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - IDBI Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. IDBI Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. IDBI Bank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • IDBI Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.

Quick guide on IDBI Bank personal loan

  • Purpose of Loan: IDBI Bank personal loan is taken to funding medical emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 22 and 60 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 1,000,000.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 13.20% to 13.75%.
    • Lowest EMI of Rs. 2,286 per lakh.
  • Processing Fees: 1% of loan amount.
  • Special schemes: IDBI Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator IDBI Bank – How it works?

  • IDBI Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • IDBI Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. IDBI Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on IDBI EMI Calculator

Why should I calculate IDBI loan EMI before taking a loan?

It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your IDBI Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount
What is the lowest EMI per lakh offered by IDBI Bank on personal loan?

IDBI Bank offers personal loan at 13.20% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,286. However, IDBI Bank personal loan interest rate for salary account holders or existing customers can vary.

Can I prepay my IDBI Bank personal loan?

IDBI Bank offers you an option of prepayment after 1 months at Nil prepayment charges.

Is there any processing charge on personal loan from IDBI Bank?

Personal Loan from IDBI Bank charges a processing fee of 1%.

Will i get the personal loan from IDBI Bank if i have a bad credit score?

No, for taking a loan from IDBI Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of disbursing the loan.

Can i have a co-applicant while applying for a Personal loan with IDBI Bank?

Yes, you can opt for a co-applicant to take personal loan from IDBI Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

IDBI Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-200-1947
Ahmedabad 1800-200-1947
Ambala 1800-200-1947
Anand 1800-200-1947
Aurangabad 022 2207 8732
Bangalore 080 2238 6757
Bhilai 1800-200-1947
Bhilwara 1800-200-1947
Bhiwadi 1800-200-1947
Bhopal 1800-200-1947
Bhubaneswar Cuttack 1800-200-1947
Bikaner 1800-200-1947
Chandigarh 1800-200-1947
Chennai 044 4303 6648
Cochin 1800-200-1947
Coimbatore 1800-200-1947
Dehradun 1800-200-1947
Delhi 011 2399 4348
Durg 011 2399 4348
Faridabad 011 2399 4348
Gandhinagar 022 2207 8732
Ghaziabad 0120 270 0798
Goa 0832 242 6525
Greater Noida 0120 270 0798
Gurgaon 0120 270 0798
Guwahati 1800-200-1947
Gwalior 1800-200-1947
Hyderabad 040 6690 8171
Indore 1800-200-1947
Jabalpur 1800-200-1947
Jaipur 1800-200-1947
Jalandhar 1800-200-1947
Jodhpur 1800-200-1947
Kanpur 022 2207 8732
Karnal 1800-200-1947
Kolhapur 022 2207 8732
Kolkata 033 2568 6253
Kota 1800-200-1947
Kozhikode 1800-200-1947
Lucknow 1800-200-1947
Ludhiana 1800-200-1947
Madurai 1800-200-1947
Meerut 1800-200-1947
Mehsana 1800-200-1947
Mohali Sas Nagar 1800-200-1947
Mumbai 022 2207 8732
Mussoorie 1800-200-1947
Nagpur 022 2207 8732
Nashik 022 2207 8732
Noida 0120 270 0798
Noida Extn 0120 270 0798
Panipat 1800-200-1947
Patna 1800-200-1947
Pondicherry 1800-200-1947
Pune 020 6603 0300
Raipur 1800-200-1947
Rajkot 1800-200-1947
Ranchi 1800-200-1947
Rohtak 1800-200-1947
Roorkee 1800-200-1947
Salem 044 4303 6648
Shimla 1800-200-1947
Sonepat 1800-200-1947
Surat 1800-200-1947
Trichy 1800-200-1947
Udaipur 1800-200-1947
Vadodara 1800-200-1947
Varanasi 1800-200-1947
Vijaywada 1800-200-1947
Vizag 1800-200-1947
Idbi Bank Personal Loan EMI Calculator

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