IDFC First Bank Personal Loan EMI Calculator 2022

IDFC First Bank personal loan schemes are developed to help borrowers fulfill their requirements. You can avail a personal loan from Rs. 1 lakh up to Rs. 40 lakhs for the maximum period of 60 months (based on your eligibility). 

IDFC First Bank personal loan EMI calculator is a useful tool to figure out the Equated Monthly Installment (EMI) that a borrower will have to pay each month to repay the loan. With the EMI calculator, one can see a detailed breakdown of the loan EMIs including the loan amount and interest, and go through the amortization table.  

• Simple to Use- Compared to the manual EMI calculation with pen and paper, the EMI calculator makes the calculations easy, simple, and error-free. It hardly takes a minute to give you an accurate result. 
• Graphical Representation- Advancement in technology has made it easy to evaluate the EMI calculator’s performance. Apart from the EMI it also shows you other loan specifics with a graphical representation based on the provided information. 
• Fast Solution- It will take hours and heavy calculations to manually calculate the EMI. But, with an IDFC First Bank EMI calculator, this job can be done with a few mouse clicks within a few seconds. With an online EMI calculator, one doesn’t require to check or recheck the calculations each time. 
• Specific Result- One of the major reasons why you should use an online EMI calculator is that it offers an accurate result based on the provided information (loan amount, repayment tenure, and interest rates).

 

Generally, the IDFC First Bank uses the below provided mathematical formula to calculate the personal loan EMI. 

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

Where the 

• P is the Principal or Sum of Loan 
• R is Rate of Interest 
• N is Loan Tenure 

Information you require to enter into IDFC First Bank personal loan EMI calculator is:

Personal Loan Tenure 

It is the period for which the loan amount will be availed. IDFC First Bank offers a personal loan for up to 60 months based on eligibility. 

Personal Loan Amount  

The principal or loan amount that you are willing to avail as a personal loan from IDFC First Bank.  

Personal loan Interest Rate 

Rate of Interest charged by the bank on the availed loan amount. IDFC First Bank offers a personal loan at a pocket-friendly rate of interest based on an applicant’s eligibility and other factors. 

Let’s take an example to understand it clearly.

Suppose Veena Singh, a 29-year-old talented software engineer, is looking for a personal loan of Rs. 4 Lakhs to fly to Switzerland for a family vacation. The best thing is that she got an offer of IDFC First Bank personal loan at an interest rate of 10.05% per annum for 5 years. Now Veena is concerned about her monthly installments (EMIs).

She wants to know whether her monthly installments would be affordable or not. To understand her EMIs, she used the IDFC’s first Bank Personal Loan EMI Calculator. So, to know more about this, let's take a quick look at the below-provided table.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT	INTEREST RATE	TENURE (Years)	MONTHLY INSTALMENT	TOTAL INTEREST AMOUNT	TOTAL AMOUNT
₹ 4,00,000	10.05%	1	₹ 35,176	₹ 22,108	₹ 4,22,108
₹ 4,00,000	10.05%	2	₹ 18,467	₹ 43,213	₹ 4,43,213
₹ 4,00,000	10.05%	3	₹ 12,916	₹ 64,986	₹ 4,64,986
₹ 4,00,000	10.05%	4	₹ 10,155	₹ 87,423	₹ 4,87,423
₹ 4,00,000	10.05%	5	₹ 8509	₹ 1,10,520	₹ 5,10,520

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YEAR	PRINCIPAL	INTEREST	BALANCE AMOUNT
1	₹ 64,836	₹ 37,267	₹ 3,35,163
2	₹ 71,661	₹ 30,443	₹ 2,63,502
3	₹ 79,204	₹ 22,900	₹ 1,84,297
4	₹ 87,541	₹ 14,562	₹ 96,756
5	₹ 96,826	₹ 5348	₹ 0