Description

After coming up with a decision to acquire an instant personal loan to deal with a financial emergency, you may desire to know what the monthly outgo will be that you will be required to pay against the loan. It is significant to recognize your monthly instalment which is officially known as equated monthly instalment (EMI) because it helps you in ascertaining the loan amount to avail and setting-up your monthly budget.

In this context, similar to any other Bank, Federal Bank has also its own personal loan EMI calculator that enables you to figure out the estimated EMI amount within seconds.

Federal Bank personal loan

When it is about taking out personal loans in India, Federal Bank is quite famous since it offers varying personal loan schemes for different people. The Bank offers personal loans to every type of salaried individual.

You can avail personal loans from Federal Bank for up to Rs. 25 lakhs with flexible repayment tenor options ranging up to 48 months (4 years). The interest rate differs as per the profile of a certain loan applicant, although, it is known for extending personal loans with low interest rates which can range from 10.99% p.a. to 17.99% p.a.

What is a Federal Bank personal loan EMI?

As stated earlier, EMI stands out for Equated Monthly Installment which is a monthly amount that has to be paid by a borrower to the Federal Bank against the personal loan availed, prior to or on the determined date every month, throughout the chosen loan tenure.

The EMI amount is decided by taking into account both amounts - principal and interest amount. Even if the EMI amount mostly stands out similar, the share of the principal and the interest element varies every month. Every EMI you pay against the loan, the principal amount of the Federal Bank personal loan continues to be increasing, and the interest amount continues to be lowering.

Federal Bank personal loan EMI calculator

In order to calculate your monthly instalment on a certain amount, you can visit the official page of Federal Bank and use its EMI calculator. It is quite easy and seamless to use the Federal Bank personal loan EMI calculator since it doesn’t engage complex calculation; you can figure out the output immediately.

Before using the Federal Bank personal loan EMI Calculator, you are required to possess a few of the significant details viz. the loan amount, interest rate and loan term.

Once you determine these figures, you are simply required to follow the below-stated 4 steps to determine the EMI against the Federal Bank personal loan:

  1. Input the principal amount that you need.

  2. Input the interest rate charged by the Bank.

  3. Input the loan term in years or months throughout which you are willing to repay the loan.

  4. Click on ‘Calculate’.

You will get to know the equated monthly instalment (EMI) as per the inputs you gave in the calculator. So, that amount is the figure which you will be required to pay every month across the entire repayment term against your personal loan from Federal Bank.

Federal Bank personal loan EMI calculation formula

Similar to other lenders, Federal Bank also uses the standard formula of EMI calculation. Here it is:

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

Where,

  • EMI - equated monthly instalment
  • P - principal loan amount
  • R - monthly interest rate
  • N - number of monthly instalments

Let’s understand with an example, for instance, you are willing to apply for a loan amount of Rs. 1 lakh at 11% of the yearly interest rate for a tenure of 3 years, then using the Federal Bank personal loan calculator, following is the data that you will get. Take a look:

Input data

  • Principal – Rs. 1,00,000
  • Interest rate – 11% p.a.
  • Loan term – 3 years

Result data

  • EMI - Rs. 3,274
  • Total interest payable – Rs. 17,859
  • Total payment (Principal + Interest) – Rs. 1,17,859

You will also be able to see an amortization table for the same. Take a look at the amortization table of the input data:

Amortization Table

Year

Principal

Interest amount payable

Total amount payable (Principal + Interest)

Outstanding Balance

1

29,757

9,529

39,286

70,243

2

33,201

6,086

39,286

37,042

3

37,042

2,244

39,286

0

Alongside, you must know that the EMI figure demonstrated as per the Federal Bank personal loan EMI calculator does not include the additional charges such as processing fees, foreclosure charges, etc.

Federal Bank personal loan EMI calculator - features and benefits

You can enjoy the following features and benefits on using the Federal Bank personal loan EMI calculator. Take a look at these:  

Tells the EMI amount to be paid

The first and foremost objective of Federal Bank EMI calculator is to state the estimated monthly instalment on a personal loan using the details entered by the loan seeker and that is the also the core benefit of using this EMI calculator.

It helps you in understanding the effect of the loan repayment on your monthly budget. It also facilitates in choosing suitable loan tenure to qualify your monthly budget.

Facilitates in establishing a repayment table

As Federal Bank personal loan EMI calculator helps you in figuring out the total payable amount throughout particular term alongside a monthly repayment breakdown by way of EMI, you can get to know the varying payable amount during different terms. This helps in determining the important aspects of loan foreclosure of the loan.

 

Features and Benefits of Federal Bank Personal Loan

Following are the main features and benefits that you can enjoy on taking out a personal loan from Federal Bank:

  • Easy to take out
  • No collateral / security required
  • Immediate approval
  • Flexible options of repayment
  • Low processing fee

Factors to consider before using the Federal Bank personal loan EMI calculator

There are a few elements that you should look upon even before you use the Federal Bank personal loan EMI calculator. You must ensure to check that you fulfil all the requirements of eligibility for the Federal Bank personal loan, else, there would not be any benefit of figuring out the repayment amount prior to availing the loan and afterwards coming to know that you are not even eligible for the loan.

We have listed some of the fundamental and core eligibility requirements of Federal Bank personal loan that you must ensure to meet if you want to take out an instant personal loan from Federal Bank:

  • Age – up to 60 years
  • Income – Individuals with a net salary of Rs. 25,000/month and above
  • Citizen - Indian
  • Work experience - 3 years in the current company
  • CIBIL score - 750+

 

The end line

Federal Bank is one of the Best commercial Banks in India that provide instant personal loans. Using the personal loan EMI calculator of Federal Bank, you will be able to comprehend the estimated monthly instalment which will ultimately help you in selecting the best repayment tenor and rate of interest so that it can form around your monthly budget.

You can also take out a personal loan instantly on attractive interest rates from Afinoz instant loan app at your ease. Download the app from the Google Play Store now!