IDFC First Personal Loan EMI Calculator - May 2019

Last Updated 15th May 2019

Get monthly EMI as low as Rs. 2,301 per lakh on IDFC First Bank personal loan. Personal loan EMI in IDFC First Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

IDFC First Bank Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,955 Rs. 3,394 Rs. 2,301
Rs. 5 LakhRs. 44,776 Rs. 16,968 Rs. 11,505
Rs. 10 LakhRs. 89,552 Rs. 33,935 Rs. 23,010
Personal Loan EMI Calculator

Personal Loan EMI Calculator IDFC First

IDFC First Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to IDFC First 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.
  • IDFC First Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,301 per lakh for a 60 tenure and lowest rate of interest on personal loans at 13.50%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 13.50% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 LakhRs. 4,778Rs. 3,394Rs. 2,301
3 LakhRs. 14,333Rs. 10,181Rs. 6,903
5 LakhRs. 23,889Rs. 16,968Rs. 11,505
10 LakhRs. 47,777Rs. 33,935Rs. 23,010
  • 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 13.50% interest rate offered by IDFC First Bankfor different tenures
2 years 3 years 5 years
IDFC First Bank EMI for a loan amount Rs. 1 lakh at 13.50% 4,778 3,394 2,301
Total amount you pay back to the bank including principal and interest 1.15 Lakh 1.22 Lakh 1.38 Lakh
Interest you have to pay over loan tenure 14,672 22,184 38,060

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 Lakh loan from IDFC First Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,301. However, you pay an interest of Rs. 38,060 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from IDFC First Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,778 and pay an interest of only Rs. 14,672 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 IDFC First Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from IDFC First Bank.If you apply for a higher loan amount, your monthly EMI will be high. IDFC First Bank gives a minimum loan of Rs. 1 Lakh which can go upto an amount of Rs. 25 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. IDFC First Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by IDFC First Bank is 13.50%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in IDFC First Bank. Longer loan tenure means lower personal loan EMI. Generally, IDFC First Bank offers loan for a maximum tenure of 5 years.

IDFC First Bank Personal Loan calculator formula

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

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

In above formula,

P = Loan amount. This can range from Rs. 1 Lakh to Rs. 25 Lakh

r = Rate of interest per month. Current rate is 13.50%

n = tenure in month. For IDFC First 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 loan accounts. 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 IDFC First 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 - IDFC First 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 - IDFC First 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. IDFC First Bank lends up to a maximum FOIR of . Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. IDFC First 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.
    • IDFC First 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 IDFC First Bank personal loan
  • Purpose of Loan: IDFC First Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self employed.
    • Borrowers within the age group of 23 and 58 years.
    • Loan amount of minimum Rs. 1 Lakh to Rs. 25 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 13.50% to 16.00%.
    • Lowest EMI of Rs. 2,301 per lakh.
  • Processing Fees: 2% of loan amount. This is to be paid at the time of loan application
  • Special schemes: IDFC First 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 IDFC First Bank – How it works?

  • IDFC First Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • IDFC First 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. IDFC First 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 IDFC First EMI Calculator

Why should I calculate IDFC First 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 IDFC First Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture when you have surplus amount
What is the lowest EMI per lakh offered by IDFC First Bank on personal loan?

IDFC First Bank offers personal loan at 13.50% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,301. However, IDFC First Bank personal loan interest rate for salary account holders or existing customers can vary.

What are the prepayment charges on IDFC First Bank ?

IDFC First Bank offers you an option of prepayment after 6 months at 5% foreclosure charges.

Is there any processing charge on personal loan from IDFC First Bank?

Personal Loan from IDFC First Bank charges a processing fee of 2%.

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

No, for taking a loan from IDFC First 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 loan disbursal.

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

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

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