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IDFC First Bank Personal Loan EMI Calculator, Nov 2021

Last Updated 09th Nov 2021

  • 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 EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,149 per lakh on IDFC First Bank personal loan as calculated using the lowest interest rate of 10.49% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on IDFC First Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,814₹ 3,250₹ 2,149
₹ 5 Lakh₹ 44,072₹ 16,249₹ 10,744
₹ 10 Lakh₹ 88,144₹ 32,498₹ 21,489

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Personal Loan EMI Calculator IDFC First

IDFC First Bank Personal Loan EMI is a fixed amount of money paid by you to IDFC First Bank based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your IDFC First Bank personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator IDFC First. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use IDFC First Bank Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for IDFC First Bank personal loan which can range between 10.49% to 22.00%.
  • Compare IDFC First Bank personal Loan EMI: Helps you compare the estimated EMI on a personal loan from IDFC First Bank with that of leading banks in India using the same loan amount of upto ₹ 40 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on IDFC First Bank personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from IDFC First over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at IDFC First or balance transfer to another bank.

IDFC First Bank Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on IDFC First Bank Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of IDFC First Bank Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 10.49%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right IDFC First Bank personal loan plan for you.Personal Loan EMI is calculated for IDFC First for different loan amounts and tenures at the rate of 10.49%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,637 ₹ 3,250 ₹ 2,149
3 Lakh ₹ 13,911 ₹ 9,749 ₹ 6,447
5 Lakh ₹ 23,186 ₹ 16,249 ₹ 10,744
10 Lakh ₹ 46,371 ₹ 32,498 ₹ 21,489

Factors Affecting IDFC First Bank Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. IDFC First Bank gives a minimum loan of ₹ 1 Lakh and a maximum loan amount of ₹ 40 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 10.49%. 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 over which you can repay your loan in IDFC First Bank. So, your EMI will be lower if you take a 60months loan from IDFC First Bank as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of IDFC First Bank Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
IDFC First Bank10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144
IndusInd Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144
Federal Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144
Axis Bank 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144
Tata Capital 10.49% ₹ 8,814 ₹ 44,072 ₹ 88,144

IDFC First Bank Personal Loan Amortization Calculator

IDFC First Bank Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. IDFC First Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3.50 Lakh for 4 years from IDFC First Bank at an interest rate of 10.49%. EMI calculated for this loan amount is ₹ 8,959 and the total annual EMIs to be paid annually is ₹ 1,07,514. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 6,068 ₹ 11,851 ₹ 17,919 ₹ 3,38,149
2022 ₹ 31,905 ₹ 75,609 ₹ 1,07,514 ₹ 2,62,540
2023 ₹ 23,581 ₹ 83,933 ₹ 1,07,514 ₹ 1,78,607
2024 ₹ 14,341 ₹ 93,173 ₹ 1,07,514 ₹ 85,434
2025 ₹ 4,161 ₹ 85,434 ₹ 89,595 -₹ 0

In the above illustration, on a IDFC First Bank Personal Loan of₹ 3.50 Lakh, taken at the lowest interest rate of 10.49, EMI paid is ₹ 8,959 and an annual total of EMIs is ₹ 1,07,514, the interest component is ₹ 33,210 while the principal component is ₹ 74,304 in year 1 of loan disbursement. You repay only 21.23% of the total principal after paying 12 EMIs during the first year.

IDFC First Bank Personal Loan Interest Calculator Formula

IDFC First Bank calculates personal loan EMI based on the following 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 the above formula,

P = Loan amount.IDFC First Bank personal loan amount can range from ₹ 1 Lakh to ₹ 40 Lakh.

r = Rate of interest per month. The current IDFC First Bank Personal Loan rate is 10.49%.
n = Tenure in month. This can range up to 60months in case of IDFC First Bank.

How to use IDFC First Bank Personal Loan EMI Calculator

  • IDFC First Bank personal loan calculator are online tool which give out EMI calculations using 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 meaning interest is charged for the month preceding the EMI payment date and not in advance.

IDFC First Bank Personal Loan EMI for ₹ 1 Lakh

The following table shows IDFC First Bank Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 10.49%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,00010.49% 1₹ 8,814
₹ 1,00,00010.49% 2₹ 4,637
₹ 1,00,00010.49% 3₹ 3,250
₹ 1,00,00010.49% 4₹ 2,560
₹ 1,00,00010.49% 5₹ 2,149

IDFC First Bank Personal Loan EMI for ₹ 3 Lakh

The following table shows IDFC First Bank Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 10.49%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,00010.49% 1₹ 26,443
₹ 3,00,00010.49% 2₹ 13,911
₹ 3,00,00010.49% 3₹ 9,749
₹ 3,00,00010.49% 4₹ 7,680
₹ 3,00,00010.49% 5₹ 6,447

IDFC First Bank Personal Loan EMI for ₹ 5 Lakh

The following table shows IDFC First Bank Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 10.49%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,00010.49% 1₹ 44,072
₹ 5,00,00010.49% 2₹ 23,186
₹ 5,00,00010.49% 3₹ 16,249
₹ 5,00,00010.49% 4₹ 12,799
₹ 5,00,00010.49% 5₹ 10,744

IDFC First Bank Personal Loan EMI for ₹ 10 Lakh

The following table shows IDFC First Bank Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 10.49%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,00010.49% 1₹ 88,144
₹ 10,00,00010.49% 2₹ 46,371
₹ 10,00,00010.49% 3₹ 32,498
₹ 10,00,00010.49% 4₹ 25,599
₹ 10,00,00010.49% 5₹ 21,489

How to Pay IDFC First Bank Personal Loan EMI?

There are various online & offline methods to pay your IDFC First Bank Personal Loan EMI. To repay your IDFC First Bank EMI online, you can log in to your net banking account or else you can also use the mobile banking of IDFC First Bank. IDFC First Bank also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest IDFC First Bank branch.

FAQs

Why should I calculate IDFC First loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your IDFC First Bank personal loan EMI. For instance, if you want to avail IDFC First Bank personal loan at the lowest rate of 10.49% and your monthly EMI, which comes out at ₹ 2,149 is more than your monthly budget. You have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable. In addition, if you already know the EMI you have to pay each month, you can plan your expenses accordingly. Finally, based on the EMI amount, you can opt to make a prepayment of your loan in the future when you have a surplus amount.

What is the lowest EMI per lakh offered by IDFC First Bank on a personal loan?

IDFC First Bank offers a personal loan at a 10.49% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,149. However, IDFC First Bank may offer a lower interest rate to you if you hold your salary account with the bank or if you are an existing customer.

How can I pre-close IDFC First Bank personal loan?

You can pre-close your IDFC First Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on IDFC First Bank ?

IDFC First Bank offers you an option of prepayment after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan.You have to pay these charges if you decide to pay the loan amount before the due date.

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

Yes, IDFC First Bank charges a certain amount of processing fee to process your loan application. Currently, IDFC First Bank charges a processing fee of Upto 2.00% on a Personal Loan.

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

No, for taking a loan from IDFC First Bank, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high IDFC First Bank personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in IDFC First Bank Bank?

At the current rate of 10.49%, EMI on IDFC First Bank personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,13,250, ₹ 2,25,051 and ₹ 2,62,397 respectively.

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 a personal loan from IDFC First Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in IDFC First Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your IDFC First Bank Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my IDFC First Bank loan EMI?

You can pay the IDFC First Bank personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

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IDFC First Bank Personal Loan Availed in Nov 2021

Excellent support. From initiating the loan process till disbursement, the process was smooth. Read more...

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Reviewed on 31st Oct 2021
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IDFC First Bank Personal Loan Availed in Oct 2021

MyLoanCare is good as it helps take loans. The service is excellent.Read more...

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Reviewed on 18th Oct 2021
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IDFC First Bank Personal Loan Availed in Oct 2021

Very good service. Very helpful. Worked fast. I am satisfied with this. Best comparison.Read more...

Vishal, Mumbai
Reviewed on 11th Oct 2021
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IDFC First Bank Personal Loan Availed in Oct 2021

Great

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Reviewed on 10th Aug 2021
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IDFC First Bank Personal Loan Availed in Aug 2021

It is a great place to avail a loan. MyLoanCare team is so caring and always supports and takes initRead more...

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IDFC First Bank Personal Loan Availed in Jul 2021

It was a smooth transaction and your executive also guided through different options. Thanks. Read more...

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IDFC First Bank Personal Loan Availed in Jul 2021

Nice experience, fast result and good service. Staff behaviour was very nice and comfortable to talkRead more...

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IDFC First Personal Loan News - Nov 2021
  • 2021-11-01 : IDFC First Bank Profit Jumps By 50 Percent
    Private sector bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit of Rs 151.74 crore, last year the profit was of Rs 101.41 crore. Total income during July-September of FY22 rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
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