Tuesday, October 3, 2023
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IDFC Personal Loan EMI Calculator

IDFC First Bank offers its customers personal loans at very low-interest rates, its personal loan starts from INR 20000 to INR 1 crore. The tenure for this loan is 5 years, moreover, IDFC bank offers customers cheap EMI so that customers can easily repay the loan amount. When you think of opting for IDFC Personal Loan, you can use IDFC personal loan EMI calculator to calculate what will be your EMI.

IDFC personal loan EMI calculator is an online tool that is free to use and can be used by anyone to calculate EMI. Customers can get to know their EMI even before applying for a loan. The personal loan calculator works in both directions, it tells you about interest rates as well as EMI that the customer has to pay for repayment of the loan. It is a customer-friendly and automated tool that can be used by anyone, you don’t require any expert or professional to work on it. Plus it is very quick it gives you instant answers without any manual calculations.

How to Use IDFC Personal Loan EMI Calculator?

The IDFC First Bank personal loan calculator has a pre-set formula, which is:

E = P x r x (1+r) ^ n / ((1+r) ^ n-1)

This formula stands for:

E = EMI amount

P = Principal

R = Rate of interest

N = Tenure of the loan

This formula can also be understood through an example.

Mr. Ram wants to take a personal loan from IDFC First Bank, and the loan amount he wants is INR 11 lakhs, with a tenure of 5 years. The bank is offering him an interest rate of 10.45%.

The details of the personal loan are:

P = INR 11 lakhs

R = 10.45%

N = 5 Years

EMI = INR 23,616

Interest Rates

Based on the applicant’s risk profile, the bank offers interest rates. IDFC Personal Loan Interest Rates start from 10.49% annually.

How to Use IDFC Personal Loan EMI Calculator?

Using IDFC personal loan EMI calculator is easy and will involve you following a few simple steps, which are as follows:

  1. Firstly, you have to provide the principal amount of the personal loan that you have to borrow from IDFC Bank.
  2. Secondly, you have to provide the tenure of the loan.
  3. Thirdly, the rate that bank is offering to you.

After entering all these details you will get the EMI you have to pay and the interest amount for the personal loan.

Importance of IDFC Personal Loan Calculator:

IDFC personal loan calculator will help customers in several ways but most importantly there will be no inaccuracy in the calculation of EMI as it can happen in manual calculation.  It is a very simple and convenient online tool to calculate EMI, can be used several times, and can compare different values to choose the best one. IDFC calculator is a free tool that will tell you whether you are applying for the right thing or not.

Fees & Charges:

Charges DescriptionFees / Charges
Processing fees (Non-Refundable)Up to 3.5% of the Loan Amount
Stamp DutyAt Actuals
EMI ReturnUp to INR 400/- per EMI bounce
Cheque/ ECS SwapUp to INR 500/- per transaction [Mandate swap from other banks to IDFC FIRST Bank – Nil]
EMI Pickup/Collection ChargeUp to INR 500/-
Duplicate NOCUp to INR 500/- per instance
Physical Statement of Account/Repayment ScheduleUp to INR 500/- per statement
ForeclosureUp to 5% of the Principal loan outstanding after payment of 6 or more EMIs
Document retrieval charges (per retrieval)Up to INR 500/- per instance
Part Payment Charges (only for Smart PL)Up to 2% of part payment charges are applicable on partial payment. Part Payment is to be made from the customer’s own funds. Part-payment is not allowed for customers who have opted for Simple Personal Loan/Pre-approved Personal Loan.
Loan CancellationUp to 1% of the loan amount + interest from the date of disbursal till receipt of cancellation request Cancellation request is to be received within 30 days of the loan booking date or 1st EMI presentation date, whichever is earlier. Post which cancellation will be treated as a foreclosure. For Pre-approved Personal Loans, it can be canceled within 15 days at no charge. Post 15 days of the free look period, the loan will be treated as standard foreclosure with up to a 5% charge.
Late payment/Penal charges/ Default interest/Overdue (per month)Up to 2% of the unpaid EMI or Up to INR 300 whichever is higher
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Benefits of Personal Loan EMI Calculator:

  • Prior knowledge of EMI values – By applying Personal loan EMI calculator you will get to know the amount needed to be kept aside every month for loan repayment.
  • Budget Management – By knowing EMI values from the beginning you can manage your expenses accordingly.
  • Better Tenure Selection – By knowing the principal amount and interest payable you can choose your tenure properly in which you are comfortable.
  • Quicker as well as more accurate results – By applying a calculator which is an online tool, it gives you an added advantage over manual calculation. As it will be more accurate as compared to done calculations manually.
  • User Interface – IDFC calculator has a seamless user interface that is easy to use whether on desktop or using on mobile.
  • Instant Results – You can get accurate and instant results by using the IDFC EMI loan calculator. You can get your accurate EMI by which you can plan your repayment schedule.

Amortization Table

Based on the example, this is the amortization table of the personal loan borrowed by Mr. Ram:


Factors Affecting IDFC Personal Loan Calculator:

Normally, tenure, borrowed loan amount, and interest levied by the bank are the factors that affect EMI. But, certain aspects of the EMI can fluctuate and are variable. These are interest rate compounding factors and flexible interest rate options. Majorly loan amount sanctioned is based on the borrower’s age, credit value, and bank policies and indirectly affects IDFC personal loan EMI.

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