If you are someone who wishes to avail of a pre-approved personal loan and intends to use a personal loan calculator to choose a suitable bank, you are doing it right! Not only does a personal loan calculator help you know the value of your future Equated Monthly Instalments (EMIs) in advance, but it also helps you compare the interest rates of various banks, all of which can help you take a more informed decision. Read on to learn about four personal loan calculators that are most helpful in helping you take a personal loan in India in 2023.
Read more: Home Loan EMI Calculator
10 Best Personal Loan EMI Calculators in India
Various banks provide personal loans at varying Rates of Interest and tenures. Here, we have listed the 10 best personal loan EMI calculators in India:
1. IDFC FIRST Bank’s personal loan EMI calculator
Calculating the EMI of one’s pre-approved loan manually is a tedious process, and one of the best online calculators that can help you do the same in India is IDFC FIRST Bank’s personal loan EMI calculator.
Features and Benefits:
- To use this calculator, you must input the value of your personal loan (in ₹), the period of your personal loan (in months), and the interest rate (starting from 10.49% for IDFC FIRST Bank’s personal loans). IDFC FIRST Bank’s personal loan calculator displays your future monthly EMI after receiving the above input and allows you to apply for the personal loan directly.
- IDFC’s personal loan EMI calculator helps you manage your budget better by informing you about the EMIs’ value in advance.
- With knowledge of the principal amount and the total interest payable, you can use this calculator to choose a convenient loan tenure.
- IDFC FIRST Bank’s personal loan calculator provides quick and accurate results in a few seconds.
- It is one of the best user-friendly user interfaces in the industry that gets a customer’s calculations done without any hassle.
2. HDFC Bank personal loan EMI calculator
- To use HDFC Bank’s personal loan EMI calculator, you must enter the loan amount (in ₹), tenure of the loan (in years), and the interest rate (starting from 10.5% for HDFC Bank personal loans)
- HDFC Bank’s site that hosts this EMI calculator deploys “sliders” to help you input the above-mentioned details of your personal loan.
3. SBI repayment calculator
- The State Bank of India (SBI) website has a “repayment calculator” that can help you calculate the EMIs of all of the loans that the bank offers, including personal loans. You must enter the loan’s amount (in ₹), tenure (in years), and interest rate to get started.
- This EMI calculator provides certain other important details, such as “total moratorium”, which are relevant for other loan categories.
4. Axis Bank personal loan EMI calculator
- The Axis Bank personal loan EMI calculator, too, requires you to provide details such as the loan amount (in ₹), interest rate, and tenure (in months) to calculate the value of your future EMIs.
- Axis Bank also provides an amortization schedule on its site to better explain the principle of Amortization on which the repayment of a pre-approved personal loan is based.
5. ICICI Bank personal loan EMI calculator
- ICICI personal loan EMI calculator is a financial tool that can be used online to plan long-term and short-term financial goals. It helps make investment planning hassle-free.
- This calculator helps users calculate their monthly installments easily and eliminates errors that are likely to occur in manual processes.
- Best personal loan EMI calculators in India consider the parameters – Amount of loan, Interest Rate, and Tenure.
6. Bank of Baroda personal loan EMI calculator
- BOB personal loan EMI calculator is straightforward to use. You must enter the Principal amount, Interest rate, and repayment tenure on the three sliders. You can also compare the variables by shifting the sliders.
- It allows you to have an insight into your affordability and help you decide on the loan’s tenure.
- The interest rate depends on the EMI and tenure of the loan.
7. Union Bank of India personal loan EMI calculator
- This bank provides loans ranging from 15 lakhs for 5 years. The loan schemes are different for salaried, self-employed, etc.
- This best personal loan EMI calculator in India is a tool that is free to use and functions on an algorithm.
- It is 100% accurate with no chances of errors, saving you time in calculating and making decisions.
8. Citibank personal loan EMI calculator
- Citibank provides users with various secured and unsecured loans at different interest rates and EMI.
- The personal loan EMI calculator of Citibank can be used by visiting the bank’s website. There you will find the “Personal loan EMI calculator” Option. Here, you need to enter the required details, and you will instantly get the results.
- You can use this calculator for unlimited time, free of cost.
9. Bank of Maharashtra personal loan EMI calculator
- The best personal loan EMI calculators in India, provided by the Bank of Maharashtra, is an online tool designed to assist users regarding loan-related calculations.
- It helps you to compare the EMIs of various loan amounts against different tenure and Interest rates. This way you can choose the one that suits you the best.
- It will also assist you in applying for a personal loan at the Bank of Maharashtra.
10. Induslnd bank personal loan EMI calculator
- The Personal loan EMI calculator Induslnd Bank uses a formula that provides the most accurate results in seconds. It does not require registration; you can use it simply by visiting the bank’s website.
- It will also help you determine the interest amount you will be paying on the personal loan.
- There are no technical skills required to use this calculator.
As mentioned above, the best personal loan EMI calculators in India also help you understand your personal loan eligibility with these reputed banks. The Personal loan EMI calculator also makes your calculation process and decision-making process more manageable. Be sure to go through these criteria before applying.