Allahabad Bank Personal Loan EMI Calculator

It depends on the category of personal loan you avail. If you opt for a personal loan against your fixed deposit receipts, the rate of interest applicable to your personal loan does not change. Hence, your EMI will remain the same throughout. If you avail for the clean personal loan or the product that links to an external benchmark rate, the rate of interest can fluctuate. Therefore, EMI can vary, as well.

The calculation of the EMI depends on the following three factors.

• The loan amount As the loan amount goes up, so does the EMI.
• Rate of interest applicable on loan The EMI and the rate of interest move in the same direction.
• The repayment tenure The EMI increases as you shorten the tenure.

The moratorium is usually not available on personal loans. However, housing loans come with varying moratorium periods. The borrowers can opt to pay the interest during the moratorium. At times, the banks offer to capitalise the interest portion and add it to the principal amount. Under such circumstances, the EMI will be higher than what it is when there is no capitalisation.

The EMI calculator accounts for these aspects by calculating the interest for the moratorium separately.

No, the rate of interest for each borrower will vary because of the internal credit rating. Each borrower has a specific internal credit score ranging from AB-1 to AB-6. The rate of interest depends on this score.

Yes, the method of calculating the EMI is universal. Hence, the EMI calculator that serves the purpose of calculating the personal loan EMI can also cater to the home loan, as well.

The EMI calculator offered by Allahabad bank does not perform the reverse calculation. However, some of the EMI calculators available on the internet do so.

Yes, you can do a manual reverse calculation on the Allahabad Bank EMI calculator. It can prove useful to determine your loan affordability.

This method involves using the trial and error calculation. The regular EMI calculator provides you with an estimate for a given loan amount, ROI, and tenure. If you can afford a higher EMI, you can proceed to increase the loan amount gradually on a trial and error basis for arriving at the affordable EMI.

Yes, Allahabad Bank personal loans connect to the 3M-MIBOR. As and when the reference rate changes, Allahabad Bank revises the effective interest rate on loan. Usually, banks increase the tenure of the loan to accommodate any increase in the interest rate. However, they do not do so for personal loans. Therefore, the EMI amount will change when you vary the rate of interest while keeping the tenure constant.