What is Personal Loan Calculator?
When one takes a Personal Loan, a natural
question that comes to mind is how much the EMI would (Equated Monthly
Installment) be that one has to pay back to the bank every month. Personal loan
calculator helps you in calculating your monthly EMI at your fingertips.
How to use Personal Loan Calculator?
Once you find the personal loan
calculator, To calculate the amount of personal loan EMI, you need to put
the following inputs in the personal loan calculator:
- Loan
Amount – The
principal amount borrowed from the bank or financial institution is known
as the loan amount.
- Interest
Rate – Interest
rate can be either fixed or floating.
- Loan
tenure – Is
the time over which you choose to repay the loan.
The end result will be your EMI, the
total interest you’ll be paying and the total amount you’ll be paying by the
end.
Benefits of Personal Loan Calculator?
· Fast
· Simple
· Convenient
· Estimate your monthly expenses and have a healthy financial
plan
Why should I use Personal Loan Calculator?
The simplest answer is
that it’s fast and it’s convenient. This means that you can do multiple
calculations in minutes where such calculations many take longer were you to
sit down with a pen and paper. These calculators are also super accurate so it
eliminates the possibility of errors in calculations, provided you provide
accurate data.
Components of Personal Loan Calculator?
- Amount of personal
loan to calculate personal loan EMI
- Loan term (months
or years) to calculate personal loan EMI
- Rate of interest
(percentage) to calculate personal loan EMI
Will Banks Personal Loan Calculator?
Yes. These days most, if not all, banks have
Personal Loan calculator, specific to various loans, available on their
websites.
Personal Loan Calculator Eligibility-2019
Personal Loan eligibility and
interest rate depends upon following factors –
- Loan amount: Generally,
banks offer lower interest rates for higher amount.
- Your Salary: Higher
salary bracket individuals are offered personal loans at lower interest
rates. Personal Loan interest rate of the bank varies with your net
monthly income.
- Employer Category: Employer category of the borrower is a major deciding
factor in order to determine his/her rate of interest. Every bank has a
list of company categories of salaried individuals to which they avail
personal loan. So, higher company category leads to low bank personal loan
rate.
- Relationship with the Bank: Every bank offers special rates, offers and charges to
the existing account holders of the bank. Those who have managed their
accounts and made all the payments on time in past will get benefit of low
personal loan interest rate.
- Loan Tenure: Personal
loans are of longer repayment tenure of 7 years.
- Repayment Capacity: Before
giving loan to the borrower, every bank checks the repayment capacity of
the borrower. Bank verifies the repayment capacity of the customer through
CIBIL score
or credit
score as it has all the details of previous loans taken and their
repayments. CIBIL score
also gives the information of credit card bills payment.
Eligibility Criteria |
Eligibility Details |
Age |
21 years – 65 years |
Minimum Annual Income |
Salaried: ₹ 3 Lakhs |
Minimum Credit Score |
700 and above |
Loan Tenure |
7 years |
Documents required to apply personal loan- 2019
Salaried Employees:
- Filled up loan application form
- 2 Passport Size Photo
- Copy of Income Tax
PAN
- Identity Proof – Aadhaar, Passport
/ Driving
License / Voter ID / PAN
- Residential Address Proof – Leave and License/
Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents – 3 months pay slip, 2 years Form 16,
3 months bank statement showing salary credit and any EMI debit
Self-Employed:
- Filled up loan application form
- 2 Passport Size Photo
- Copy of Income Tax
PAN
- Identity Proof – Aadhaar, Passport
/ Driving
License / Voter ID / PAN
- Residential Address Proof – Leave and License/
Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
- Income Documents – 3 months pay slip, 2 years Form 16,
3 months bank statement showing salary credit and any EMI debit
Lowest Personal Loan EMI per lakh 2019
Bank |
Lowest EMI per lakh |
Max Tenure |
SBI Personal Loan |
₹ 2,658 |
48 months |
HDFC Bank Personal Loan |
₹ 2,162 |
60 months |
ICICI Bank Personal Loan |
₹ 2,187 |
60 months |
Bajaj Finserv |
₹ 2,224 |
60 months |
Citibank |
₹ 2,174 |
60 months |
IDFC First Bank |
₹ 2,199 |
60 months |
Axis Bank |
₹ 2,187 |
60 months |
Tata Capital |
₹ 1,942 |
72 months |
Fullerton India |
₹ 2,732 |
48 months |
IndusInd Bank |
₹ 2,174 |
60 months |
Kotak Bank |
₹ 2,149 |
60 months |
RBL Bank |
₹ 2,326 |
60 months |
IIFL |
₹ 2,275 |
60 months |
HDB Financial |
₹ 2,326 |
60 months |
PNB |
₹ 2,224 |
60 months |
Andhra Bank |
₹ 2,202 |
60 months |
Yes Bank |
₹ 2,174 |
60 months |
Union Bank of India |
₹ 2,260 |
60 months |
Bank of Baroda |
₹ 3,302 |
36 months |
Syndicate Bank |
₹ 2,296 |
60 months |
Standard Chartered Bank |
₹ 2,174 |
60 months |
Bank of Maharashtra |
₹ 3,471 |
36 months |
Canara Bank |
₹ 2,683 |
48 months |
Corporation Bank |
₹ 3,367 |
36 months |
Karur Vysya Bank |
₹ 3,413 |
36 months |
Federal Bank |
₹ 2,608 |
48 months |
Indian Overseas Bank |
₹ 2,260 |
60 months |
Indian Bank |
₹ 3,276 |
36 months |
Allahabad Bank |
₹ 2,283 |
60 months |
IDBI Bank |
₹ 2,286 |
60 months |
Factors affecting Personal loan EMI 2019:
Loan amount – This is the amount which a borrower decides to take from the
bank in the form of a loan. Higher the personal loan amount, higher
will be the EMI.
Rate of interest – This is the interest charged on the borrowed loan amount.
Lower the personal loan interest rate, lower the EMI.
Loan Tenure – This is the time period for which you take a loan. Longer
the personal loan tenure, lower will be the EMI. Longest loan tenure available
across banks in India is 5 years, subject to borrower’s current age and
retirement age.
Following table provides a
comparison of EMI for a Rs. 1 lakh loan at different tenures:
Loan Tenure |
2 years |
3 years |
5 years |
EMI amount for loan amount Rs. 1
lakh at 10.50% |
₹ 4,638 |
₹ 3,250 |
₹ 2,149 |
Total amount you pay back to the
bank including principal and interest |
₹ 1.23 Lakh |
₹ 1.36 Lakh |
₹ 1.68 Lakh |
Interest you have to pay over loan
tenure |
₹ 23,034 |
₹ 36,470 |
₹ 67,905 |
At
the lowest interest rate of 10.50%, the lowest EMI for tenure of 5 years is ₹
2,149 per lakh. You need to pay an interest of ₹ 67,905 on your loan amount of Rs. 1 lakh over 5 years.
If you take a loan for 2 years at
the same rate of interest, you will have to pay a higher EMI of ₹ 4,638 and a
total interest of ₹ 23,034 on your loan amount of Rs. 1 lakh for 2 years, which
is much lesser than what you paid for a 5 years loan.
Personal Loan Application Process in India 2019:
1.
Personal Loan
Application Process Online
If the personal
loan applicant has an existing relationship with the financial lender, he/she
can apply for a personal loan via his/her net banking account and could
possibly be eligible for a pre-approval. For other customers, they can apply
for a personal loan online by following the steps mentioned below:
o
Visit the website of the financial
lender.
o
Under the loan section, choose
personal loans.
o
Click on the ‘apply now’ option.
o
Enter the details in the personal
loan application form and submit it to the bank.
o
The bank will assess the eligibility
of the applicant and request for the submission of the required KYC documents
and income documents.
o
If the applicant is found eligible,
the bank will disburse the loan amount to the bank account of the applicant, as
mentioned in the application form.
2.
Personal loan
application offline
Listed below is
the process of applying for a personal loan at the branch of the financial
lender:
o
Visit the branch of the financial
lender.
o
Procure the personal loan
application form and enter all the required details.
o
Submit relevant documents that prove
one’s income, age, address and identity.
o
The lender will then verify the
documents and check the eligibility of the applicant.
o
The loan amount will be transferred
to the bank account of the applicant if he/she is found eligible.
3.
Email and phone
banking requests:
You can leave a
request for personal loan with the bank through an email or at the customer
service centre of the bank. The bank will review your eligibility and contact
you to take the process further.
4.
Request through
ATM machine:
Nowadays you can
apply for personal loan via ATM kiosks as well. Once you raise a request the
bank personnel will contact you.
How Personal Loan Applications are processed 2019:
The process of
sanctioning of a personal loan is simpler than property loans such as home loan
and car loan. This is because, in case of property loans, the bank has to
verify not just your financial information, but also the credibility and
eligibility of the asset that you are purchasing with the loan amount. For
personal loan, you are the collateral security yourself, so the bank has to do
a background verification only on you.
o
Once the bank receives your loan
application, it will check the information provided by you against the data
available with them, such as bank balance, salary deposits made into your
account, EMIs being deducted from your account, etc.
o
The bank will cross-check and
confirm your identity and address details through your Know Your Customer (KYC)
documents. Banks may visit you at home to confirm your place of residence and
check with your office on your employment tenure.
o
The copy of your Income Tax Return
or salary pays lips will help the bank gauge your repayment capacity. This will
help determine how much loan amount the bank is willing to sanction to you.
o
Some banks might ascertain your
credit-worthiness by finding out your CIBIL score.
The higher the CIBIL rating, the more your chances of
getting the loan approved.
o
The bank will also review your age, number
of years of employment left, and salary growth prospects, to decide how much
loan it can approve for you and what the repayment period should be.
Personal Loan for Govt Employees 2019
· Interest rate Personal loan for government employee starts
@11.49%
· Special offers available for government employees of India
and public sector undertakings
· Nil processing fees for defense personnel
· Lowest interest rates for employees of public sector banks
As per the
current rates, both HDFC and ICICI bank offer the lowest interest rates of
11.49% for Government Employees. Based on processing fee, HDFC Bank and ICICI
Bank offer lowest processing fee with 0.99 charges for government employees
working in Defense. For central govt. employees, the best personal loan rates are
12.25% to 17.25%.
SBI Personal Loans for Govt Employees
SBI offers
special Loan Schemes for Government Employees in order to meet their urgent
fund requirements. SBI Xpress Credit is a loan for meeting medical emergency,
wedding or family vacation expenses. All government employees are eligible to
avail loan of up to Rs. 15 Lakh from SBI with a maximum tenure of 48 months.
SBI Xpress Credit personal loan interest rate starts from 11.90%. Another
similar scheme, SBI Pension Loan is a
specially designed schemes for government pensioners. Under the scheme, an amount of up to Rs. 14 Lakh is
available for government pensionersfor
a tenure of up to 60 months . Interest rates charged on SBI Pension loan starts at 12.45%.
Government
Bodies Who Offer Personal Loans
Maharatna
PSU – Maharatna Pubic Sector Undertaking
(PSU) can raise the investment of any company from Rs. 1,000 crore to Rs. 5,000
crore. The companies whose 3 years average annual profit is Rs. 5,000 crore or
average annual net worth of Rs. 10,000 crore for 3 years or average annual
turnover for 3 years is Rs. 20,000 crore are eligible to become a Maharatna
PSU. Presently, there are 7 government companies which comes under Maharatna
categories and these are BHEL, GAIL India, ONGC, NTPC, Coal India, Indian Oil
Corporation and Steel Authority of India. The rates for these PSUs are
different from the rates offered to private sector companies. The personal loan
rates for Maharatna PSU employees in HDFC Bank are 11.49% – 13.99% and in ICICI
Bank are 11.60%.
Navratna
PSU – Navratna PSUs are decided on six
parameters like net worth, net profit, total manpower cost, total cost of
production, cost of services, PBDIT (Profit before Depreciation, Interest and
Taxes), capital employed etc. A Miniratna company with 4 independent directors
on its board team can become a Navratna PSU. Navratna PSU includes 17 companies
and some of these are Bharat Electronics, Hindustan Aeronautics, Bharat
Petroleum Corporation, Oil India, NMDC etc. Personal loan interest rates for
Navratna PSU in HDFC Bank are 11.49% – 13.99% and in ICICI Bank are 12.25%.
Public
Sector Banks – These banks are those whose majority
share of more than 50% is held by a government. Currently, there are 21
nationalized banks in India which mainly includes SBI, PNB, Bank of Baroda, UCO
Bank etc. The loan rates for Public Sector Bank employees in HDFC Bank are
15.50% and in ICICI Bank are 13.25% – 15.75%.
Central
Government Enterprises – In
these companies, direct holding of Central Government Departments/ Institutes
or other Central Public Sector Undertaking is 51% or more. The personal loan
rates offered to Central Government Enterprises by HDFC Bank are 15.50% –
17.25% and by ICICI Bank are 12.25% – 16.75%.
Railways
– Indian Railways is a State-owned national
transporter and is owned and operated by Government of India via the Ministry
of Railways. Indian Railways employees can get personal loan by HDFC Bank at
14.99% – 16.99% and by ICICI Bank at 12.25% – 16.75%.
State
Government Enterprises – The
rates for State Government employees and Institutes like Universities,
Colleges, etc. vary from bank to bank. Currently, HDFC Bank personal loan rates
for State Government Enterprises are 15.50% – 17.25% and ICICI Bank rates are
12.25% – 16.75%.
Personal Loans for Defense Personnel
Banks have come
out with special offers for our armed forces, in lieu of their unmatched
contribution to India. HDFC and ICICI Bank offer special rates on personal
loans for defense personnel as they classify under the armed forces category.
Key armed forces category which are eligible for these offers are BSF, CRPF, ITBP, CISF, SSB, NDRF, The Indian
Airforce, The Indian
Navy and The
Indian Army. Some banks also include the Police
Department under their schemes for defense personnel. The eligibility of these
loan schemes is linked to the seniority and designation of the personnel. The
personal loan rates for defense personnel in HDFC Bank are 15.75% and in ICICI
Bank are 11.75% – 13.50%. Also, remember to compare the processing fees before
taking a personal loan offer for defense personnel as many banks offer nil
processing fee on loans for armed forces.
Personal Loan for pensioners
pensioners or
retired individuals are often in need of funds to meet their personal expenses
such as a child’s wedding or medical expenses. Leading banks such as SBI and
ICICI Bank offer loans for pensioners at
lowest discounted rates. These loans can be availed by retired employees of
Central Government, State Govt. or defense forces. Banks cap the maximum age of
pensioners to be eligible for a personal loan at 76 years with a maximum loan
tenure of up to 5 years. Banks charge a nominal processing fee for pensioners . SBI charges 12.45% interest rates for pensioners and interest rate of ICICI Bank for pensioners is in the range of 16.00% .
Government Employees Personal Loan Eligibility
· Minimum age of the applicant should be 21 years and maximum
65 years.
· and permanent salaried employees with minimum income of Rs.
20,000 per month are eligible for personal loan. Income eligibility may vary
depending upon your profile.
· Bank gives loans to those applicants who are at least 6
months experienced in their current job with a total experience of 3 years
although it may vary bank to bank.
· CIBIL score
matters as personal loans are unsecured loans. Your CIBIL score
should be 700 or more than that with a good credit history which is equally
important to get approval on loan application.
Loan for Government Employees – Fees & Charges
Bank charge fee
from PSU employees on processing and pre closure of personal loan. These
charges include –
Processing
Fee – This fee varies from bank to
bank and is higher than secured loans and can range upto 2% for government
employees.
Pre
Closure Fee – This fee is charged when you want to
close your loan before the completion of the tenure. Foreclosure charges are
different in all banks. Most of the banks charge a preclosure fee from nil to
up to 5% on outstanding loan amount.
Documents Required for Public Sector Personal Loan
· Signed application form
· Age proof – Passport, PAN Card, Birth Certificate, Employee
ID Card
· Copy of Income
Tax PAN
· Identity Proof – Aadhaar, Passport / Driving License / Voter ID / PAN
· Address proof – Passport, Voter ID Card, Aadhar Card, Utility
bills (not more than 3 months old)
· Income proof – Form 16 of last 2 years, salary slips of last
6 months and last 6 months bank statement
Personal Loan Interest Rates of Various Banks 2019
Bank |
Interest Rates |
Lowest EMI per Rs. one lakh |
Processing Fee |
HDFC Bank |
10.75% – 22.00% |
Rs. 2,162 |
Upto 2.50% Min Rs. 1,999 |
Citibank |
10.99% – 18.99% |
Rs. 2,174 |
Upto 0.5% |
ICICI Bank |
11.25% – 22.00% |
Rs. 2,187 |
Starting from 0.99%, Up to 2.25% |
Bajaj Finserv |
11.99% – 15.50% |
Rs. 2,224 |
Starting from 1.50%, Up to 3% |
IDFC Bank |
11.50% – 19.50% |
Rs. 2,199 |
Starting from 0.75%, Up to 2% |
Tata Capital |
11.75% – 18.00% |
Rs. 1,942 |
Flat fee of Rs. 1499*, Upto 2.50% |
RBL Bank |
13.99% – 18.00% |
Rs. 2,326 |
Upto 2% |
IndusInd Bank |
11.00% – 20.00% |
Rs. 2,174 |
Min 1% to Max 2.50% |
Personal Loan Further Links:
Step 1 : Check loan EMI and calculate
eligibility
As
you decide to take a personal loan, always estimate your loan amount
eligibility to know the loan amount you will be eligible for and can apply for.
Also calculate the monthly EMI that you can comfortably service given your net
take personal salary and other existing fixed obligations including rent and
EMIs on other existing loans, if any. Your house loan eligibility is calculated
based on your age, net income, existing obligations, property type, LTV ratio
and other factors. EMI is dependent on the loan amount, interest rate and
tenure. Once you understand your minimum loan requirement, your eligibility and
monthly EMI you can comfortably service, shortlist the banks which offer you
maximum loan amount to meet your requirements.
Step 2 : Check loan approval status and
legal documents
If
you are buying a property from builder, then check for the banks which have
approved the projects you have shortlisted. For resale property, check the
approved map plans and ensure that all property registration papers for the
complete chain from the first owner to current owner are in place. Shortlist the
banks which lend on your chosen property.
Step 3 : Decide on type of personal
loan interest rate offers
As
you narrow down the list of banks in Step 2 and 3, you need to conduct an
interest rate on personal loan comparison of the loan offers of various banks.
Some of the interest rate offers that needs to be checked are:
Choice
between fixed and floating rates – Fixed rates come at a slightly higher rate
of interest compared to floating rate loans and interest rate remains constant
during the tenure of personal loan. In floating rate loan, interest rates are
reset at periodic intervals in response to changes in MCLR and PLR rates of
banks or NBFCs. Majority of housing loans in India today are floating rate
loans as it allows the borrowers to get personal loan interest rate in line
with the current interest rates.
Decide
if you need a personal saver loan – This is a loan with overdraft facility
which allows you to deposit surplus amount in your personal loan overdraft
account as and when available, allowing you to reduce your overall interest
amount. This loan is highly recommended for salaried individuals with high
bonuses and self employed business which is seasonal and has fluctuating cash
flows. The interest rates on overdraft loan is slightly higher than that of a
regular housing loan interest rate.
You
can also evaluate a mortgage guarantee house loan as it covers any default risk
and allows the lender to give you loan at low rate of interest. You will
however need to pay a mortgage guarantee fee to the bank.
Check
and compare the current personal loan interest rates of the banks on various
types of loan products and take an informed decision.
Step 4 : Compare shortlisted banks
In
addition to interest rates, banks also charge many other fees on personal loans.
Along with interest rates, you should check other associated costs with a your
loan which include prepayment charges, processing fee, insurance premium and
other charges offered by the shortlisted banks. You should calculate all
inclusive costs on personal loan to be able to further shortlist the banks and
reduce your choice to 2-3 banks.
You
can take the help of loan advisors of online on various websites listed below.
2. https://www.paisabazaar.com/
3. https://www.bankbazaar.com/
5. https://www.deal4loans.com/
8. https://www.bajajcapital.com/
Step 5 : Select the bank based on other
service related parameters
Finally
as you decide to take the loan, also consider other service and transparency
related parameters of the chosen banks. Some of these factors are turnaround
time offered by the banks, quick loan delivery, doorstep services, transparency
in the loan process. You also need to understand the trends and changes in MCLR
rates over a period of time. Last but not the least, read reviews of existing
customers on banks on their services, interest rates and transparency to take
your decision to borrow from a bank.
How is Personal loan calculated?
Personal loan
EMI Calculator uses the combination of loan amount, loan tenure and interest
rate to calculate EMI online. Besides this, it also tells you how much rate of
interest you would pay over your loan period. Longer the loan tenure, more the
amount of interest for same loan amount and interest rate.
How much should I pay as monthly EMI
for personal loan?
Monthly EMI
depends upon your income and expenses. Generally, banks advise you to limit
your EMI to 35% to 45% of your net income so that you can pay your EMI without
any burden or difficulty. You can calculate your EMI online which will help you
to know your repayment capacity.
What if I miss EMI payment or there is
an ECS bounce?
If you miss
your EMI payment or if there is an ECS bounce then bank may charge a penalty.
In addition, it will also be reflected in your CIBIL report and your CIBIL score may get impacted.
What if I get delay in paying the personal
loan EMI?
Banks charges
penalty for delaying EMI payment. The amount of penalty varies from bank to
bank.
Why it is necessary to calculate EMI
beforehand?
It is
important to calculate your EMI in advance to maintain stability in future
payments. When you avail loan, you promise the bank to pay a fixed amount at
fixed date every month. So, before availing the loan you should consider the
stability of your income, monthly expenses and the existing loan obligations to
avoid any discrepancies in future payments.
Does the loan tenure affect my EMI for
personal loan?
Personal loan
can be availed for maximum tenure of 5 years. Tenure affects your monthly EMI.
Longer the tenure of personal loan, lower will be your EMI.
Personal loan calculator
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Allahabad bank personal loan calculator
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Andhra bank personal loan calculator
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