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IDBI Personal Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The IDBI Personal Loan EMI calculator can help you determine the EMI amount and shows the payment breakup component, including the principal and interest amount. This can help you plan your finances better and budget the EMI amount properly.

Personal loans are unsecured loans as they do not require any collateral from the borrower. They typically cover short-term expenses, such as medical bills, home renovation projects, etc. Personal lines of credit act like credit cards but with higher limits and fixed interest rates.

EMI, which stands for Equated Monthly Instalment, refers to a predetermined fixed payment that borrowers make to lenders on a specific date each month. This regular instalment includes both the principal and the interest. EMIs allow borrowers to gradually repay their loans over a set period.

How Does The IDBI Personal Loan EMI Calculator Work?

The calculator works on the following formula.

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)

Where,

P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are looking to take a personal loan for ₹8 lakhs to fund your marriage expenses. The interest rate of the loan is 11.5%. The tenure of the loan is 3 years. Let’s calculate your EMI amount using the above formula.

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 8,00,000 x (0.115/12 x (1 + 0.115/12)^3) / ((1 + 0.115/12)^3 - 1)
EMI = ₹26,381

If you take a personal loan for ₹8 lakhs at an interest rate of 11.5% for 3 years, you would have to pay an EMI of ₹26,381 every month.

How To Use The IDBI Personal Loan EMI Calculator?

The personal loan EMI calculator is simple to use.

  • Enter the amount you wish to borrow from the bank.
  • Key in the interest rate charged by the bank.
  • Specify the repayment tenure of the loan.

The calculator will show the monthly EMI amount instantly.

Example:

Ms Shakti is looking to take a personal loan for ₹12 lakhs. The interest rate charged by the loan is 14%. The repayment duration of the loan is 5 years. By putting values in the calculator formula, we get:

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 12,00,000 x (0.14/12 x (1 + 0.14/12)^5) / ((1 + 0.14/12)^5 - 1)
EMI = ₹27,922

If Ms Shakti takes a personal loan for ₹12 lakhs at an interest rate of 14% for 5 years, she will have to pay a monthly EMI of nearly ₹30,000.

Benefits Of Using The IDBI Personal Loan EMI Calculator

Here are some of the advantages offered by a personal loan EMI calculator.

  • The personal loan EMI calculator shows the monthly EMI amount accurately. This takes the guesswork out of your financial planning.
  • The calculator performs complicated calculations with ease, avoiding a lot of stress.
  • The calculator is free to use and can be used as many times as you like.
  • The calculator helps you understand whether you can afford your monthly EMI before you take the loan.

IDBI Personal Loan Calculator - FAQs

How does the debt-to-income ratio affect my chances of availing of a loan?
To avail of a loan, your debt-to-income ratio should not be more than 50%. Otherwise, the lender may think that you may not have the wherewithal to repay the loan.
What happens if I fail to pay my EMIs?
Lenders levy heavy penalties on unpaid EMIs. If you miss an EMI, you have to pay extra in the future. Your credit score may be affected as well.
How can I change my personal loan EMI date?
If you want to change your personal loan EMI date, you should contact your lender. The process to initiate this change may differ from one lender to another.