Federal Bank Personal Loan EMI Calculator

Federal Bank gives its customers varied choices of personal loans that can also amount up to Rs. 25 lakhs. The maximum tenure that the bank provides the customers with is four years. Their personal loan schemes are FedPremia personal loans and more.

You can easily pay the personal loans through EMIs or equated monthly installments, and you can also estimate what the EMI for the loan would be through the Federal Bank Personal Loan Calculator.

What is the Federal Bank Personal Loan EMI Calculator?

The Federal Bank personal loan calculator is an online tool that can be used to estimate the EMI amount before you even take the personal loan from the Federal Bank. This calculator can be a reliable tool as it works with an algorithm and a standard formula. 

The calculator could be utilized by anyone as long as you have access to the internet. You do not have to provide any of your personal details or also have any technical skills to use this tool. This tool can be used in order to also identify the amount of interest that will be charged over the total value of the loan.

How Do I Use the Personal Loan EMI Calculator Federal Bank?

Using the Federal Bank personal loan calculator is simple and easy, and anyone can use it without any expertise on the technical front; the steps to use this calculator are as follows:

Step 1: You will first have to enter the principal amount of the personal loan from Federal Bank.

Step 2: Secondly, you will have to give the tenure of the loan.

Step 3: Lastly, you will have to provide the interest rate that Federal Bank is offering for its personal loan.

Now, the EMI amount will automatically be displayed on your screen in an instant.

What are the Benefits Of Using the Federal Bank Personal Loan Calculator?

There are several benefits to using the Federal Bank personal calculator, and some of the main advantages are:

1. You will not have to do any manual calculations when you have access to the calculator.
2. The calculator can be used for free and without any charges for as long as you want.
3. You can plan your monthly budget ahead of taking the personal loan from Federal Bank.
4. The Federal Bank personal loan calculator can play as a two-way tool, where you will know the EMI amount and the interest amount of the personal loan.
5. You can also use the calculator to know if you are making the right choice in choosing the particular scheme and bank.
6. The Federal Bank personal loan calculator can also be used as a tool of comparison to know what is the most suitable amount to borrow and the preferred tenure to choose for repayment of the loan.

How Does the Federal Bank Personal Loan EMI Calculator Actually Work?

The Federal Bank personal loan EMI calculator uses a standard formula as already mentioned, and the formula is -

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

This formula can be explained as follows:

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 the Federal Bank of Rs. 12 lakhs, and the rate of interest the bank is offering to Ram is 9.8%. The tenure that Mr Ram chooses to repay the loan over a period of 4 years. Therefore, the details of the loan are:

Principal = Rs. 12 lakhs

Tenure = 4 Years

Interest Rate = 9.8%

EMI = Rs. 30,320

Amortization Table

Here is an amortization table based on the example mentioned above: