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Calculate IDFC Personal Loan EMI

1 Lac 8 Lac 16 Lac 24 Lac 32 Lac 40 Lac
149141924
11.42.84.1999999999999995.67
Total Payments

₹4,000,000

Total Interest-
₹0
Principal Amount-
₹4,000,000
Total EMI

₹0

EMI payment starting from

Balance
EMI Payment/Year
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹4,000,000
  • 10.49%
  • ₹0
  • 7

EMI payment starting from

Updated:

IDFC Personal Loan EMI Calculator

IDFC Bank, which was a part of IDFC, the integrated infrastructure finance company, as a result of its demerger from IDFC Limited. The bank started its operations in 2015 with 23 branches, and today it has over 600 branches across the country. In 2018 the earlier IDFC Bank and Capital First merged to form IDFC First Bank.

The bank serves both private as well corporate sectors while still maintaining its speciality sector, i.e., the infrastructure sector. The bank has been actively lending to the retail sector as well. IDFC First Bank Personal Loans have gained popularity over the years owing to the quick service clubbed with technology upgradation. You can explore the flexibility of the loan parameters by using the IDFC Personal Loan EMI Calculator to predict the EMI that fits your budget.

How to use Personal Loan EMI Calculator IDFC?

Having prior knowledge of the outgo towards the proposed personal loan will help you manage your other expenses within the available funds. A well-planned loan can spare you from the pain of going through financial stress. You can calculate the proposed EMI using the IDFC Bank Personal Loan EMI Calculator. Follow the step-by-step procedure to do the calculations.

  • You can find the Personal Loan EMI Calculator IDFC Bank on the personal loan page.
  • Provide the required input, i.e., the loan amount, interest and tenure.
  • The EMI value will be given immediately.
  • You can adjust the tenure and the loan amount to arrive at the EMI that fits your pocket.
  • The EMI calculator can be used any number of times till you arrive at the best result.

IDFC Bank Personal Loan Interest Calculator Formula

You should be aware that a percentage of interest will be collected on the loan amount sanctioned. The method of interest calculation differs from lender to lender. Banks generally calculate the interest on reducing balance. The mathematical formula for the reducing balance method of interest calculation 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 a number of years)   
IDFC Personal Loan EMI Calculator uses this formula for the calculation of the EMI. Along with the EMI, you will get the awareness of the total cost of the loan. If you are borrowing for a purpose that cannot be deferred, like medical emergencies, you can lower the total cost of the loan by reworking the loan amount and tenure. Otherwise, if you feel that the loan is not cost-effective, you can wait for your savings to source the purpose.

Know in detail: Simple Interest Formula Calculation.

Benefits of IDFC Personal Loan EMI Calculator

Predicting the EMI beforehand has its own advantages. You can decide the loan amount according to the affordable EMI. If you feel the personal loan interest rate is not lucrative, you can negotiate with the lender for a better rate. A better rate will be provided based on the internal credit profile. Generally, a low-risk borrower, i.e., a borrower who has the parameters like credit score, income and repayment capacity at its best, will get a better deal. The advantages of using the IDFC Personal Loan EMI Calculator for the EMI calculation are:

  • Speed and accuracy: The complicated formula, when applied manually for the EMI calculation, will be confusing and time-consuming. The EMI Calculator will do the same job within seconds. What would take hours if done manually will be done in seconds with the EMI calculator. Also, there will be no scope for errors if the calculation is done using the Personal Loan EMI Calculator IDFC Bank.
  • Comparison of EMIs: The EMI calculator can be used any number of times to compare the EMIs of various banks to get the benefit of the best deal.
  • Free of Cost: The EMI calculator is available to one and all and can be used any number of times without any fee.
  • Amortisation Schedule: The EMI Calculator will also give an amortisation schedule commensurate with the input. You will be able to understand the pace at which the principal reduces. This will enable you to decide at which stage the prepayments have to be done to reduce the cost of the loan.

Why use the IDFC Bank Personal Loan EMI Calculator?

The various reasons why you should use IDFC Bank Personal Loan EMI Calculator are:

  • It is convenient to use and does not have any expertise to operate. All you need will be an internet connection. Keep the value of the critical inputs, i.e., loan amount, interest rate and tenure, ready and use the calculator to get the EMI that is within your reach.
  • The results are error-free. Manual calculations can only be approximate and not 100% accurate, whereas the EMI calculator gives 100% accurate results.
  • The time consumed for the analysis is minimal, and the results are shown within seconds of keying in the input.   
    Knowing the EMI in advance will provide you with an idea about the loan amount that you can borrow, and you can decide whether it suffices the purpose for which it is meant.
  • You will be spared from the embarrassment of loan rejection since you will be applying for the amount that you will be eligible for.

IDFC Personal Loan EMI Calculator to Estimate the EMI to fit your budget

IDFC First Bank offers a personal loan at 10.49% p.a.with a maximum repayment tenure of 60 months. The minimum loan amount provided is Rs. 20000/- and the maximum loan amount is Rs. 40.00 lakhs. You can apply for a loan for any amount within Rs. 40 lakhs provided you have enough repayment capacity to accommodate the EMI for this huge amount. How can you assess the EMI that fits your budget?

You can use the IDFC Personal Loan EMI Calculator to evaluate the EMI. You can try various combinations of loan amount and tenure until you arrive at the EMI that fits your budget. The monthly gross income, the debt to income ratio, the credit score are the detrimental factors for the loan amount. It is essential to have prior knowledge of your loan eligibility in proportion to the EMI that fits your budget before applying for the loan in order to avoid rejection of the loan application.

Factors affecting the IDFC Personal Loan EMI

To derive the advantage of the various offers available in the market, you should have knowledge of the factors that affect the Personal Loan EMI. The three basic factors that affect the EMI are the loan amount, rate of interest and tenure. The loan amount and tenure can be manipulated as per your repayment capacity. To derive the best out of the various interest rates prevailing in the market, you should compare the interest rates of the top lenders. You can negotiate the interest rates if you are an existing customer of the loan provider and have a good income, favourable credit score and employment with a reputed organisation. Now let us see how the basic factors affect the EMI of a Personal Loan.

Rate of Interest: The rate of interest is the factor that decides the cost of the loan. The higher the rate of interest, the higher will be the EMI, and so will be the cost of the loan. If you have availed of the loan at a floating rate of interest, the EMI will change as per the fluctuation in the interest rate. If the interest rate reduces during the repayment period, the EMI will also reduce, and if it increases, the EMI will increase. In such cases, you can opt for a constant EMI, which will reduce the tenure when the EMI is lesser than the normal EMI, and the tenure will increase if the EMI is higher than the normal EMI.

Loan amount: The loan amount is the amount sanctioned in line with your repayment capacity, debt to income ratio and credit score. If the loan amount is high, the EMI will be high, and if it is low, then the EMI will be below. Though IDFC Bank provides a personal loan up to Rs. 40.00 lakh, applying for a loan that results in an EMI that fits your budget is essential to avoid future financial mismatches.

Tenure: The EMI is inversely proportional to the tenure. The higher the tenure, the lower will be the EMI and the lower the tenure, the higher will be the EMI. So you will have to choose the tenure according to your repayment capacity. For instance, at the time of applying for the loan, if your monthly budget permits a lower EMI, then opt for a higher tenure. If during the repayment period some of your existing loans mature and excess funds will be available to accommodate for a higher EMI, you can opt for a reschedule of EMI to reduce the tenure.

What the Personal Loan EMI Calculator will not tell you?

IDFC First Bank charges interest at 10.49% onwards for the personal loan. There are other charges like the processing charges, EMI bounce charges, delayed payment charges, prepayment charges etc., that will also be collected. Processing charges at 3.5% of the loan amount will be collected at the time of disbursal of the loan. Prepayment/foreclosure charges at 5% of the loan amount will be charged. Rs. 400 for every instance of EMI dishonour will be collected besides a delayed penalty of 2% of the unpaid EMI, which will be added to the EMI of the subsequent month. All these changes add up to the cost of the loan.

The EMI Calculator will only tell you about the total interest payable for a loan amount for a particular tenure. If you need the information regarding the other charges associated with the Personal Loan, you will have to call the customer care helpline of the bank or should visit the bank branch to collect the details.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

IDFC Personal Loan EMI Calculator FAQs

Why should the EMI be calculated before applying for the loan?

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Having prior knowledge of the additional monetary obligation will help you manage your monthly budget accordingly. You will either borrow only to the extent of the available surplus funds or will cut down on expenses to accommodate the EMI payable for the loan amount you intend to borrow. You will also be prompted to compare the EMIs of other banks that may help you get the best out of the offers available across the top banks.

What is the formula applied to calculate the Personal Loan EMI using the EMI Calculator?

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The formula applied for the calculation of the Personal Loan 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 a number of years)

You can change the values of the basic variants to arrive at the EMI that will be convenient and fits your pocket.

What is the method adopted for the calculation of Personal Loan interest?

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IDFC Bank adopts the reducing balance method for Personal Loan interest calculation. The interest will be applied to the outstanding balance at the end of the day. If you make prepayments periodically, you can reduce the total interest cost when the reducing balance method is adopted for interest calculation.

Can the EMI remain constant for the entire tenure?

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You can opt for keeping the EMI constant whenever there is fluctuation in the interest rate by changing the tenure accordingly. If the EMI is lower, the tenure can be reduced, and if it is higher, the tenure can be increased to keep the EMI at the initial level.

What are the modes of paying IDFC Bank Personal Loan EMI?

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You can make the EMI payment through net banking. You can also opt for ECS or a standing instructions facility. Alternatively, you can drop the EMI cheque at the branch or can opt for an automated deduction from the salary account by placing a request at the bank branch.