Planning to get a personal loan, but not sure if you can afford it? Getting a personal loan can be seem to be complex, especially when trying to understand EMIs, interest rates, and repayment tenures. A personal loan calculator simplifies this process, providing clarity on your monthly obligations and helping you make informed financial decisions. This tool computes the EMI, interest payable, and total repayment amount based on your loan parameters.
IDFC FIRST Bank offers a user-friendly personal loan calculator that enables precise financial planning, empowering you to confidently manage your loan journey. Additionally, with a FIRST money smart personal loan from IDFC FIRST Bank, you enjoy flexible terms to meet your financial urgencies with ease.
How does a personal loan calculator work?
A personal loan calculator is a free digital tool offered by IDFC FIRST Bank that determines your equated monthly instalments (EMIs) using three main inputs:
1. Loan amount: The amount borrowed.
2. Interest rate: The annual interest charged by the lender.
3. Loan tenure: The duration of repayment in months or years.
The calculator employs the following formula to compute EMI:
EMI= [P×r×(1+r)^n]/[(1+r)^n−1]
Where:
• P = Loan amount
• r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• n = Loan tenure in months
Example:
For a loan amount of ₹5,00,000 at an annual interest rate of 12% for 5 years:
• P = ₹5,00,000
• r = 12% ÷ 12 ÷ 100 = 0.01
• n = 5 × 12 = 60 months
EMI≈₹11,122
This allows you to anticipate your monthly outflow accurately. With an IDFC FIRST Bank personal loan calculator, you also get your amortisation schedule to stay on top of your repayments.
How to use an IDFC FIRST Bank personal loan calculator?
Using IDFC FIRST Bank’s personal loan calculator is straightforward and efficient:
1. Visit the IDFC FIRST Bank website and navigate to the personal loan section.
2. Adjust the sliders alongside loan amount, interest rates, and tenures to input the respective parameters.
3. Instantly view the EMI, total interest payable, and overall repayment amount.
4. Experiment with different loan amounts or tenures to find the best fit for your budget.
This user-friendly tool provides instant insights, saving you time and effort in manual calculations. IDFC FIRST Bank prioritises your borrowing experience and offers a flexible loan plan with FIRSTmoney.
Why opt for IDFC FIRST Bank’s FIRSTmoney smart personal loan?
IDFC FIRST Bank’s FIRSTmoney smart personal loan is a tailored solution for discerning individuals seeking financial flexibility. Here’s why it stands out:
• Online application journey: Apply seamlessly from the comfort of your home with a completely DIY process and get your loan of amounts up to ₹10 lakhs approved within minutes.
• Low interest rates: With FIRSTmoney, you get one of the lowest interest rates in the industry starting at an attractive 10.99% per annum, ensuring affordability.
• Instant disbursal: Once you complete the application process and your loan amount is approved, funds are credited to your account instantly.
• Zero foreclosure charges: No more hefty charges to foreclose your personal loan! Enjoy the freedom to close your loan anytime without any additional cost.
• Flexibility to borrow more: Get immense flexibility to meet your additional fund requirements. With FIRSTmoney, you can apply for additional funds with just a few clicks to meet your financial urgencies.
• Flexible tenures: Choose repayment periods ranging from 9 to 60 months to suit your needs.
• Zero paperwork: No lengthy documentation required to apply for a FIRSTmoney smart personal loan. While applying for a loan, simply present your PAN card during the video KYC process (V-KYC).
Conclusion
A personal loan calculator is an indispensable tool for precise financial planning. It helps you evaluate your loan’s affordability and provides a clear understanding of your financial commitments. IDFC FIRST Bank’s calculator stands out for its simplicity and accuracy, empowering you to make an informed decision.
With the benefits of IDFC FIRST Bank’s FIRSTmoney smart personal loan such as competitive interest rates, instant disbursals, and flexible terms, you can confidently address your financial needs. Start planning today with the IDFC FIRST Bank personal loan calculator and secure your financial future.
