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Apply NowA personal loan EMI calculator helps in your loan planning
Get an approximation of your EMIs
Change your loan amount, tenure on the personal loan EMI calculator
Amounts
₹5000 ₹1cr
Interest Rates
10.99% 38%
Period
2 months 84 months
You will pay EMI of only,
₹1637/ per month
A personal loan EMI calculator helps in your loan planning
Get an approximation of your EMIs
Change your loan amount, tenure on the personal loan EMI calculator
Personal loans are a great way to finance large purchases or cover emergency costs. IDFC FIRST Bank Personal Loans offers competitive interest rates and flexible repayment terms, making them an attractive option for borrowers. If you are unsure about how you will repay them, use our personal loan EMI calculator to determine your monthly instalments and plan your finances accordingly.
Our personal loan EMI calculator is an excellent tool for those looking to plan their loan repayments. It can help borrowers make smaller, more manageable payments over time without derailing their financial goals.
It is a free online tool that doesn’t require any prior expertise to calculate your EMIs. Get key insights regarding personal loans when it comes to EMIs, total interest payments, and the amortisation schedule. With quick calculations, precise results, and an easy-to-use interface, our personal loan EMI calculator is your best companion for planning your personal loan.
Enter basic details about your personal loan and know your exact EMI (Equated Monthly Instalment) using IDFC FIRST Bank’s personal loan EMI calculator.
Month | Principal | Interest | EMI | Balance | Loan Paid to Date |
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By using the calculator, you can determine the exact EMI amount before applying for the loan based on the loan amount, interest rate, and tenure.
If you have a specific EMI budget in mind, the calculator can help you determine the loan amount that you comfortably afford without stretching your finances.
By knowing the total principal amount and the total interest payable, you can use the online tool to choose a comfortable loan tenure.
Calculating EMI via the traditional manual method is time-consuming, complex, and often prone to errors. An online tool offers accurate results instantly.
Our personal loan EMI tool has a seamless user interface and is easy to use whether you check it on the desktop, or on the mobile device.
To understand the concept of a savings account, imagine you and your friend have ₹500 each. While your friend kept it with him, you deposited it in a bank that offers an interest rate of 10% annually.
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Avail up to 50% lower EMI with our extended loan tenures up to 10 years
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Interest calculated on daily balances and paid at the end of every month
Equated Monthly Instalments or EMI is the amount that must be paid every month until the end of the loan tenure to pay off the borrowed amount. On taking a loan, the equated monthly instalments becomes a key factor in deciding the loan amount and tenure. So, you must consider the EMI payments before applying for a loan based on your financial capacity. The EMIs will also vary depending on the tenure of your loan. A longer tenure reduces your EMI payments but increases your total interest payment while a shorter tenure increases your EMIs but reduces the total interest. You must use a personal loan EMI calculator to figure out a suitable EMI amount for yourself. Every instalment of loan repayment consists of two segments – the principal and the interest amounts. If the principal component is represented by P, the interest rate by R, and the number of instalments by n, we can calculate the monthly EMI using the following formula: P x R x (1+R)^N/ [(1+R)^N-1] Let us understand an example of the calculation of EMI for a personal loan worth ₹3,00,000 with IDFC FIRST Bank at an interest rate of 10.75% per annum and a loan tenure of three years. Here is how your EMI will be calculated. EMI per month = 300000 * 0.00874 * (1+0.00874) ^ 36/ [(1+0.00874)^36]-1 The rate of interest is usually represented on a yearly basis. In the above case, the rate considered is 10.75% per annum, so you first need to convert it into an effective monthly interest rate using the following formula: Rate of interest/12/100 i.e. 10.75/12/100 = 0.00874 This is how you can calculate your personal loan EMI manually. And as you can see, calculating personal loan EMI by yourself is quite hectic, time-consuming, and there is always a possibility of manual errors. However, you do not need to worry about calculating your personal loan EMI manually. Our personal loan calculator does the job for you in seconds!
The formula for calculating EMI is: P x R x (1+R)^N / [(1+R)^N-1] where, P= Principal or your loan amount R= Rate of interest N= Tenure (loan term in number of months) EMI includes two main components – principal and interest. At the beginning of the tenure, the interest amount is higher and eventually decreases throughout the tenure. Towards the end of the tenure, the principal amount makes up a large proportion of the EMI. With this online tool, you can easily calculate your monthly EMI value without committing any calculation errors.
Along with knowing the monthly pay-out with the help of an online personal loan EMI calculator, you should also understand how the loan interest rate will be determined. Loan EMI is calculated based on the loan amount, repayment tenure, and interest rate. While the tenure and loan amount depends on your financial needs and repayment capabilities, the interest rate will be based on your eligibility. The interest rate offered to you will depend on multiple factors: • Your monthly income • Your credit history • The loan amount • Existing fixed monthly obligations (including outstanding loans) As a rule, the less risky your profile is for the lender, the lower will be the interest rates offered. To get a good interest rate, you will have to ensure that you service all your outstanding loans on time and have enough income to cover your fixed obligations.
You don’t need to apply complex formulae to calculate your monthly payments. You can just enter three key values – term, loan amount, and interest, into the tool . It will automatically take care of the calculations for you. Increasing the interest rate or loan amount will increase the EMI value while increasing the tenure will reduce the EMI value. You can adjust the variables according to your requirement. Let’s take an example of how an online loan EMI calculator works when you enter the relevant information. Suppose you are looking for a loan amount of Rs. 7,00,000 for a repayment tenure of 5 years at an interest rate of 12 per cent per annum. You will have to carry out the following steps: • Keep the loan value at Rs. 7,00,000 • Keep the loan tenure as 60 months • Keep the rate of interest as 12
• Loan Amount: Higher the loan amount, the greater the EMI value. The maximum loan amount you can avail, will be set by the financial lender based on your repayment capacity, relationship with the lender/institution, and other factors. • Rate of Interest: The rate of interest is directly proportional to the EMI. The higher the rate of interest, the greater will be the EMI value. The financial lender will determine your loan’s interest rate based on several factors such as your income, your repayment capacity, and your credit history. • Loan Tenure: The loan tenure varies inversely with the EMI. Longer tenures lead to smaller EMI values. However, with a longer tenure, you may end up paying more interest in total. Usually, the loan tenure options will be set by the lender and will be between 12 months and 84 months. When you plan to take a loan online, you should review your current financial commitments and income to arrive at a suitable loan amount and affordable EMI values. With the easy-to-use online personal loan EMI tool by IDFC FIRST Bank, you can get the job done in minutes. IDFC FIRST Bank offers competitive interest rates and flexible repayment timelines, which can help you get pay your EMIs affordably.