Personal Loan EMI Calculator

To determine your eligibility for a personal loan, factors such as your credit score, income, employment status, existing debts, and repayment history are considered. You can check your eligibility by visiting the personal loan section of the IDFC FIRST Bank portal or by using the Personal Loan Eligibility Calculator. This tool requires basic information such as your income, employment details, and existing financial commitments.

Yes, the EMI amount remains fixed throughout the tenure in low-interest rate personal loans. This ensures consistent monthly payments, making it easier for borrowers to plan their finances.

The minimum salary requirement for a ₹5 lakh personal loan varies depending on several factors such as the applicant’s credit profile and their existing loan commitments. It is advisable to check the specific requirements by contacting the bank.

While this calculator is provided by IDFC FIRST Bank, it can be used to calculate and compare EMIs for personal loans from other banks as well. The calculator uses a standard formula applicable to all personal loans, making it a versatile tool for loan planning.

When using a personal loan calculator, consider the following factors to ensure accurate and effective calculations:
1. Loan Amount: Determine the total amount you wish to borrow. The higher the loan amount, the higher the EMI will be.
2. Interest Rate: Enter the interest rate offered by the lender. A lower interest rate reduces the EMI, while a higher rate increases it. Interest rates can be fixed or floating, which may affect your repayments over time.
3. Loan Tenure: Choose the duration over which you plan to repay the loan. A longer tenure results in lower EMIs but increases the total interest paid over the life of the loan, while a shorter tenure leads to higher EMIs but less total interest.

As per the bank’s policy, the active loan offer is revised only once the active loan amount is fully repaid. The approved amount will be replenished and become equal to the initial principal loan amount once you have paid all the EMIs.

Your personal loan EMI at IDFC FIRST Bank can be paid through an auto-debit facility linked to your savings account, ensuring timely monthly payments. Alternatively, you can use net banking, mobile banking, or UPI platforms for manual payments. Setting up auto-debit is recommended for hassle-free and on-time EMI payments.

You can reduce your personal loan EMIs by opting for a longer repayment tenure, negotiating a lower interest rate, or prepaying a portion of your loan. Using the IDFC FIRST Bank EMI calculator can help you find the right balance between the loan’s repayment tenure and EMI amount to suit your financial needs.

Yes, with IDFC FIRST Bank’s FIRSTmoney EMI calculator, you can check EMIs for various personal loan amounts, ranging from ₹10,000 to ₹1 crore. Whether you need an emergency loan or wish to plan for a big expense, you can simply input your desired loan amount, interest rate, and tenure to instantly view your monthly EMIs. It helps you make a better borrowing decision before applying for a personal loan online.

EMI calculators are most accurate for fixed interest loans like those offered by FIRSTmoney. However, if you’re estimating repayments for floating interest rates, the EMI shown will be approximate, as the rate may change during the tenure. FIRSTmoney personal loans offer fixed interest rates (monthly reducing basis), where interest is applied on the remaining principal amount instead of the original principal amount. This ensures predictable EMIs throughout the loan period and is effectively more affordable.

The online personal loan EMI calculator from IDFC FIRST Bank is designed to provide an accurate calculation of your loans EMIs. These tools provide a near-exact estimate of monthly instalments, helping you compare loan amounts and repayment periods. This is especially useful when planning to apply for a personal loan online through FIRSTmoney’s 100% digital process.

When you prepay a part of your personal loan, the total outstanding principal decreases. While your EMI may stay the same, the loan tenure shortens, or you may choose to reduce the EMI amount instead. With FIRSTmoney, you can close your loan by paying the outstanding amount in full without any foreclosure charges. Check the latest fees and charges on FIRSTmoney loans.

Your loan tenure significantly influences EMI. A longer tenure results in lower EMIs, but more interest paid overall. A shorter tenure increases the monthly EMI but reduces the interest outgo. You should choose a personal loan tenure based on your financial planning. With FIRSTmoney, you can select a tenure between 9 to 60 months, giving you the flexibility to balance repayment with affordability.

Yes, if you opt for a FIRSTmoney personal loan, the EMI remains fixed for the entire loan period since it carries a fixed personal loan interest rate (Monthly reducing basis). This stability helps with monthly budgeting and prevents financial surprises.

An amortisation schedule outlines the EMI breakup—showing how much goes towards clearing the interest charges and how much towards the principal amount. It’s a helpful tool to visualise the progress of your personal loan repayment month by month. As you calculate your loan EMIs, FIRSTmoney also shows an amortisation schedule simultaneously, making your loan planning even more streamlined.

The standard formula used for calculating EMIs is:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure in months

Yes, the FIRSTmoney EMI calculator not only shows your monthly instalments but also displays the total interest you will pay in each instalment in the amortisation schedule. This helps you plan repayment strategies like prepayment or choosing a shorter tenure.

Yes, you can use the EMI calculator to estimate the monthly payments for top-up loans by inputting the new loan amount and tenure. FIRSTmoney allows existing customers to request on-demand loan amounts or additional funds based on the amount they have been approved for.

No, EMI calculators on IDFC FIRST Bank’s website are completely free and user-friendly. You can access them 24/7 to plan your finances before deciding to apply for a personal loan through FIRSTmoney.

Advanced EMI calculators may allow you to simulate part-prepayments. When you make a part-prepayment, it reduces the outstanding balance, helping you close your loan faster or reduce your monthly EMI.

Absolutely. FIRSTmoney’s EMI calculator is designed to help you compare EMIs for different tenures. This comparison helps you select the best tenure based on your monthly income and repayment capability.

Your personal loan eligibility depends on factors such as your credit score, income, employment status, existing debt, and repayment history. You can check your eligibility using the personal loan eligibility calculator. This tool requires basic information such as your income and total fixed monthly expenses.