Urban Money

IDBI Personal Loan Calculator

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

There is no avoiding emergencies which can stand tall in the face of anyone at any time. It can only be countered with the right solution, which mostly involves a certain amount of monetary capital. If not emergencies, there can still be various reasons why someone needs financial assistance. It could be a planned vacation, purchase of a vehicle, marriage expenses, purchasing a house, renovating a house, an education loan and so on. For the same, IDBI Bank offers an array of loan types for its customers to meet various financial ends.

With personal loans becoming popular, borrowers have the provision to use the financial services offered by IDBI bank. In this article, readers can acquaint themselves with how IDBI personal loans can be calculated in advance and foresee the expense structure with the help of the IDBI personal loan calculator.  

IDBI Bank Personal Loan Calculator - Key Features 

The online tool of IDBI bank personal loan calculator is backed by comprehensive programming, which provides error-free and fast results. This online IDBI loan EMI calculator has some attractive features listed below.

  • Hassle-free and fast computation
  • Save time and energy
  • Provides an estimate of the monthly recurring expense structure 
  • Data is represented in clear format 
  • Interactive interface that lets the user manipulate figures limitlessly 
  • Users can make comparative studies based on varied interest rates, loan amount, and duration. 

Why Should You Use IDBI Personal Loan EMI Calculator? 

Using the IDBI personal loan EMI calculator can assist you in foreseeing your monthly recurring expense and help you determine the right plan for your financial plans. You can create a roadmap of your expenses from when the loan tenure becomes effective. This is essential in adjusting your monetary resources by keeping aside enough for emergencies. Furthermore, by using the IDBI personal loan EMI calculator, you bypass the obstacle of computing complex calculations, thus saving time and energy. With manual calculations, one is always at risk of making mistakes that are very much counterproductive. One can use this hassle-free online tool to structure their expenses and meet all their financial goals. 

IDBI Bank Personal Loan EMI Calculator Formula & Example

When considering applying for a loan, there are a few things that can indirectly help a borrower make better financial decisions. Awareness of how EMIs are calculated may not make much difference but can still assist in crosschecking with actual bank offers. EMIs are calculated based on the interest rate, loan tenure, and loan amount. For interest rates that are compounded, the computation becomes somewhat complex. Here is how one can calculate the EMI:

P x R x (1+R)^N / [(1+R)^N-1]

Here, 

  • P stands for the principal borrowed amount, 
  • R denotes the interest rate, 
  • and N denotes how many instalments will be there.

For example, suppose you are applying for a personal loan with IDBI bank of INR 1,00,000 for an interest rate of 12%, for a tenure of 2 years. In that case, the IDBI personal loan EMI calculator will depict the following terms.

EMI = 1,00,000 multiplied by 0.0129 * (1+ 0.0129)^24 = Rs 9,745 / [(1+ 0.0129)^24 ]-1

The rate of interest (R) on your loan is calculated monthly i.e. (R= Annual rate of interest/12/100). For instance, if R = 15.5% per annum, then R= 15.5/12/100 = 0.0129.

Benefits of Using IDBI Bank Personal Loan EMI Calculator 

While taking a personal loan, it is prudent for the customers to understand how much they can afford. They will be required to assess their financial situation and come to a common wavelength regarding how much financial aid they will require. With online tools such as IDBI personal loan calculators, the task of computing expenses in advance becomes easier. There are several benefits of using the IDBI personal loan EMI calculator. Some of them are listed below.

  • EMI calculators are easily available online. A user can simply provide the inputs about their IDBI personal loan. 
  • IDBI personal loan EMI calculator will compute results and present them to the user in real-time. 
  • The user will have the provision to use the online tool as much time as they want. There is no specific limit to how much one can use. 
  • Users can efficiently compare different loan rates, amounts, and tenure to ascertain the right deal. 
  • One can save valuable time and effort, producing results with maximum efficiency. 
  • The information about the IDBI personal loan EMI calculator can be used for making more accurate financial decisions.  

Factors Affecting IDBI Personal Loan EMI 

EMI or Equated Monthly Installments are a result of various factors, including the interest rate, the tenure of the loan, and the amount of loan sanctioned. These are, however, variables that keep fluctuating from borrower to borrower. If one wonders how these are decided, it takes in the factors based on the customer’s profile and borrowing history and adjusts per the bank’s policy. Some factors affecting IDBI personal loan EMI are as follows:

  • IDBI Personal Loan Interest Rate: The first and foremost factor to consider is the prevailing interest rates per market standards. Banks must adhere to the market's performance and balance it with profitability and competitive rates. 
  • Loan Amount: Banks deploy loan capital concerning a few aspects such as the repayment capacity of the borrower, history of the applicant, and credit score. Since there are risks involved when sanctioning large amounts, it is only prudent for the bank to ensure they will get their money back. Furthermore, collateral makes it easier for a person to get the loan amount they need. 
  • Loan Tenure: Finally, the IDBI personal loan EMI depends on the loan's duration. Borrowers can choose how long they require to repay a certain loan amount. The more the duration, the more interest they will be charged. Customers have to be smart about this as they expect to lower their expenses and meet their financial obligations. The EMI will be broken down as per the loan tenure. One can always resort to using IDBI personal loan EMI calculator to foresee how their expenses will be. 

Comparison of IDBI Personal Loan Interest Rate with other Banks

With many financial institutions in place, customers have the advantage of various options. Consequently, banks are forced to keep the interest rates to a minimum per market standards. Moreover, IDBI personal loan comes with competitive interest rates for loan applicants, thereby helping them reduce their search efforts. With IDBI Personal Loan Interest Rate around 12%, here is a list of banks with their personal loan interest rate offers so customers can easily compare the IDBI personal loan EMI with other banking institutions.

Bank Name  Personal Loan Interest Rates
Axis Bank 13.70%
Bank of Baroda 8.50% onwards
Canara Bank 9.90%
HDFC Bank 11.57%
Kotak Mahindra Bank 11.5% to 24%
Punjab National Bank 10.45%
State Bank of India 10.50%
Avanse 10% to 16.50% 
Credila 11.85% onwards
Allahabad Bank 9.20% onwards
Andhra Bank 10.80% onwards
Axis Bank 12% onwards
Bajaj Finserv 12.99% onwards
Bank of India 9.35% onwards
Bank of Maharashtra 9.70% onwards
CASHe 33% to 36%
Central Bank 8.45% onwards
Citibank 9.99% onwards
Early Salary 24% onwards
Federal Bank 11.49% onwards
Fullerton India 11.99% onwards
Home Credit 24% onwards

IDBI Bank Personal Loan Amortisation Calculator

Customers who are applying for an IDBI personal loan can gravely benefit from an IDBI Bank personal loan calculator. Individuals can use the online calculator tool to ascertain how their monthly recurring payments will appear. This is helpful in multifold. Firstly, users can use the data to assess whether or not they can afford the loan. Moreover, the information can assist in creating a financial layout of expenses. Also, the EMI will help the customer curb unnecessary spending.

Amortisation Schedule for a Personal Loan of ₹ 35 Lakh over 15 years

The table below pertains to the amortisation schedule for a personal loan of INR 35 lakhs over 15 years. The interest rate is assumed to be 7.5% p.a.

Year Principal Interest Balance Amount
1 ₹ 1,28,589 ₹ 2,66,746 ₹ 33,71,410
2 ₹ 1,38,917 ₹ 2,56,419 ₹ 32,32,493
3 ₹ 1,50,074 ₹ 2,45,262 ₹ 30,82,419
4 ₹ 1,62,126 ₹ 2,33,209 ₹ 29,20,292
5 ₹ 1,75,147 ₹ 2,20,188 ₹ 27,45,144
6 ₹ 1,89,214 ₹ 2,06,121 ₹ 25,55,930
7 ₹ 2,04,410 ₹ 1,90,925 ₹ 23,51,519
8 ₹ 2,20,827 ₹ 1,74,508 ₹ 21,30,691
9 ₹ 2,38,563 ₹ 1,56,773 ₹ 18,92,128
10 ₹ 2,57,722 ₹ 1,37,613 ₹ 16,34,405
11 ₹ 2,78,421 ₹ 1,16,915 ₹ 13,55,984
12 ₹ 3,00,782 ₹ 94,554 ₹ 10,55,202
13 ₹ 3,24,938 ₹ 70,397 ₹ 7,30,263
14 ₹ 3,51,035 ₹ 44,300 ₹ 3,79,228
15 ₹ 3,79,439 ₹ 16,108 ₹ 0

IDBI Bank Personal Loan EMI for ₹ 10 Lakh

The below table showcases the amortisation schedule for a personal loan of INR 10 lakhs over a period of 5 years. The interest rate is assumed to be 7.5% p.a.

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 1,70,350 ₹ 71,533 ₹ 8,29,649
2 ₹ 1,84,031 ₹ 57,852 ₹ 6,45,618
3 ₹ 1,98,811 ₹ 43,072 ₹ 4,46,806
4 ₹ 2,14,778 ₹ 27,105 ₹ 2,32,028
5 ₹ 2,32,157 ₹ 9,855 ₹ 0

IDBI Bank Personal Loan EMI for ₹ 20 Lakh

The amortisation schedule for a personal loan of INR 20 lakhs over a period of 5 years is shown in the table below:

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 3,40,700 ₹ 1,43,067 ₹ 16,59,299
2 ₹ 3,68,062 ₹ 1,15,704 ₹ 12,91,236
3 ₹ 3,97,623 ₹ 86,144 ₹ 8,93,613
4 ₹ 4,29,557 ₹ 54,210 ₹ 4,64,056
5 ₹ 4,64,315 ₹ 19,711 ₹ 0

IDBI Bank Personal Loan EMI for ₹ 25 Lakh

The below table shows the amortisation schedule for a personal loan of INR 25 lakhs over a period of 5 years. The interest rate is assumed to be 7.5% p.a.

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 4,25,875 ₹ 1,78,834 ₹ 20,74,124
2 ₹ 4,60,078 ₹ 1,44,630 ₹ 16,14,046
3 ₹ 4,97,028 ₹ 1,07,680 ₹ 11,17,017
4 ₹ 5,36,946 ₹ 67,762 ₹ 5,80,070
5 ₹ 5,80,393 ₹ 24,638 ₹ 0

IDBI Bank Personal Loan EMI for ₹ 30 Lakh

The amortisation schedule for a personal loan of INR 30 lakhs over a period of 5 years, is shown in the table below. The interest rate is assumed to be 7.5% p.a.

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 5,11,050 ₹ 2,14,600 ₹ 24,88,949
2 ₹ 5,52,094 ₹ 1,73,556 ₹ 19,36,855
3 ₹ 5,96,434 ₹ 1,29,216 ₹ 13,40,420
4 ₹ 6,44,336 ₹ 81,314 ₹ 6,96,084
5 ₹ 6,96,472 ₹ 29,566 ₹ 0

IDBI Bank Personal Loan EMI for ₹ 50 Lakh

The below table pertains to to the amortisation schedule for a personal loan of INR 50 lakhs over a period of 5 years. The interest rate is assumed to be 7.5% p.a.

YEAR PRINCIPAL INTEREST BALANCE AMOUNT
1 ₹ 8,51,750 ₹ 3,57,667 ₹ 41,48,249
2 ₹ 9,20,157 ₹ 2,89,260 ₹ 32,28,092
3 ₹ 9,94,057 ₹ 2,15,360 ₹ 22,34,034
4 ₹ 10,73,893 ₹ 1,35,524 ₹ 11,60,141
5 ₹ 11,60,787 ₹ 49,276 ₹ 0

Frequently Asked Questions (FAQs)

What is the EMI of a 1 lakh loan?

IDBI offers attractive interest rates for personal loans. The interest rate ranges from 7.80% to 8.85%. If a loan availed of INR 1,00,000 is availed, the monthly EMI can range from INR 650 to INR 713.

Can I get a loan from IDBI Bank?

IDBI offers its customers an array of loans, including the IDBI personal loan, to meet their various financial requirements.

How much loan can I get on my salary of 15000?

There is a general understanding that a loan can be sanctioned by a financial institution that is six times the borrower’s income. For an income of INR 15,000, the best scenario is that one can avail of a loan up to INR 9 Lakhs.

How can I check my personal loan eligibility in IDBI Bank?

One can check their eligibility for requesting an IDBI personal loan by visiting the bank’s official website or by getting in touch with a bank agent by visiting the bank’s nearest branch or getting in touch with a customer service representative of the bank.

How much loan can I get from IDBI Bank?

IDBI sanctions loans to various categories of individuals. The loan capital deployment can range from INR 50,000 to INR 10 Lakhs for a regular salaried person. The range for senior citizens and pensioners will be INR 25,000 to INR 5 Lakhs.