IDFC Personal Loan EMI Calculator
Deciding to take a personal loan can be an overwhelming decision. Understanding the concepts of EMI calculations by IDFC Bank is a crucial step. This not only aids in managing finances but also provides clarity when it comes to managing financial obligations. Let us understand the basic nuances of EMI calculation that can make our lives easier and the personal loan process less tiring.
The loan amount can start from ₹20,000 and go up to ₹1 crore, with a tenure period of up to 5 years.
IDFC Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
What is IDFC Personal Loan EMI Calculator?
To simplify the financial planning of its customers, the IDFC Personal Loan EMI Calculator serves as an online tool that assists in financial planning. Borrowers can know in advance their monthly instalments, which are calculated based on the principal amount borrowed, the interest rate, and the tenure of the loan. EMI calculation beforehand can help in planning finances accordingly, leading to clear and crisp management of future financial obligations. You can also check out LiveMint’s personal loan EMI calculator for easy EMI calculations, loan amounts, and more.
EMI calculator is a simple easy to use tool that is capable to aid the process of EMI calculations effectively and accurately. There is no need to be a technical or financial expert to use it. You can use the values and often compare it with other relevant options. You can also visit https://www.livemint.com/loans/personal-loan-emi-calculator for the access of LiveMint Personal Loan Calculator
Factors Influencing IDFC's Personal Loan EMI Calculator
Before diving into the market for personal loans, it’s important to understand some key factors:
Formula for IDFC Personal Loan EMI Calculation
The EMI calculator works on a simple formula that provides an accurate estimate of your monthly EMI. You just need to input your desired amount and time period to get your estimated EMI with one click. The IDFC Personal Loan EMI Calculator operates using the following formula:
E=(1+R)N−1P×R×(1+R)N
Where:
- E = EMI (Equated Monthly Instalment)
- P = Principal amount
- R = Rate of interest
- N = Loan repayment tenure
However, it's crucial to remember that the interest rate you receive for a personal loan will depend on your eligibility. This assessment considers several factors, including your monthly income, age, credit score, repayment capacity, and occupation profile.
Let us understand this with an example.
Suppose you decide to take a loan of INR 13 lakh at an interest rate of 11% for a period of 3 years. Let’s have a look at the amortisation schedule and understand how much money you will end up paying monthly!
| Month | Principal | Interest | EMI | Remaining Balance | Loan Paid To Date |
|---|---|---|---|---|---|
| 1 | Rs. 30,643 | Rs. 11,917 | Rs. 42,560 | Rs.12,69,357 | 2.4% |
| 2 | Rs. 30,924 | Rs. 11,636 | Rs. 42,560 | Rs.12,38,433 | 4.7% |
| 3 | Rs. 31,208 | Rs. 11,352 | Rs. 42,560 | Rs.12,07,224 | 7.1% |
| 4 | Rs. 31,494 | Rs. 11,066 | Rs. 42,560 | Rs.11,75,731 | 9.6% |
| 5 | Rs. 31,782 | Rs. 10,778 | Rs. 42,560 | Rs.11,43,949 | 12.0% |
| 6 | Rs. 32,074 | Rs. 10,486 | Rs. 42,560 | Rs. 11,11,874 | 14.5% |
| 7 | Rs. 32,368 | Rs. 10,192 | Rs. 42,560 | Rs.10,79,507 | 17.0% |
| 8 | Rs. 32,665 | Rs. 9,895 | Rs. 42,560 | Rs.10,46,842 | 19.5% |
| 9 | Rs. 32,964 | Rs. 9,596 | Rs. 42,560 | Rs.10,13,878 | 22.0% |
| 10 | Rs. 33,266 | Rs. 9,294 | Rs. 42,560 | Rs. 9,80,612 | 24.6% |
| 11 | Rs. 33,571 | Rs. 8,989 | Rs. 42,560 | Rs. 9,47,041 | 27.2% |
| 12 | Rs. 33,879 | Rs. 8,681 | Rs. 42,560 | Rs. 9,13,162 | 29.8% |
| 36 | Rs. 42,173 | Rs. 387 | Rs. 42,560 | 0 | 100% |
(source:idfcfirstbank.com/financial-calculators/personal-loan-calculator)
IDFC Personal Loan Interest Rates for 2024
IDFC offers personal loans with both fixed and floating interest rates, starting from 10.99% per annum. The exact interest rates you receive will depend on your credit profile and individual assessment. This flexibility allows borrowers to choose the option that best suits their financial needs.
Change of Personal Loan EMI During Tenure
There are a few circumstances in which the tenure can be changed:
- Reducing the EMI amount while maintaining the same tenure or opting for a shorter tenure is possible.
- If the interest rate is linked to an external benchmark, the rate can be floating in nature, meaning that when the benchmark rate changes, the floating interest rate can also change.
IDFC Bank Personal Loan Key Details
- Interest Rate: Typically ranges from 10.99% to 12%, depending on the credit profile, loan amount, and tenure.
- Loan Tenure: The tenure for these loans ranges from 2 months to 60 months (5 years).
- Processing Fee: The bank usually charges a percentage of the total loan amount as a processing charge, which is non-refundable.
Eligibility Criteria for IDFC Personal Loan
How to Use the LiveMint EMI Calculator
To calculate EMI on your personal loan using the LiveMint EMI calculator, follow these steps:
- Input Loan Amount: Enter the total amount you wish to borrow.
- Select Rate of Interest: Choose the applicable interest rate for your loan.
- Choose Loan Duration: Select a repayment period that suits your financial needs.
Once you’ve filled in the required details, the calculator will provide you with an estimate of your monthly EMI.
Benefits of Using the LiveMint IDFC EMI Calculator
The EMI calculator offers a sense of clarity and satisfaction when it comes to taking a loan. Some advantages include:
Loan Comparison
It provides a holistic view of the total cost of the loan by entering the principal amount, tenure, and interest rates.
Time-Saving
The process is easy and accurate, guaranteeing precision. It takes less than a minute for calculation.
No Visits Required
It is user-friendly and hassle-free, allowing you to check the amount from the comfort of your home.
Reduced Errors
Manual calculations can lead to mistakes that can complicate the loan calculation process.
Interest Breakdown
Not only is the EMI calculated, but the breakdown of interest payments is also provided in a hassle-free manner.
IDFC Personal Loan EMI Calculator FAQs
Can I understand the interest amount separately?
Yes, the EMI calculator gives you the option to determine the interest rate separately from the EMI being calculated.
Are there any hidden charges?
No, the calculator is free to use.
What level of accuracy can I expect from these EMI calculators?
You can expect 100% accuracy, and EMI calculations can be completed within 1 minute.
Is the calculator limited to the bank associated with my loan?
No, it is free to use for anyone.
What are the advantages of using the LiveMint EMI calculator?
It offers convenient comparisons, free and unlimited use, eliminates the need for bank visits, clarifies interest payments, and reduces calculation errors.
What is the maximum tenure that IDFC offers?
It offers the tenure of 5 years