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Federal Bank Personal Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

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:

Year

Interest Paid

Principal Paid

Total Payment

Outstanding Loan

2022

56,257

1,25,662

1,81,919

10,74,339

2023

93,348

2,70,491

3,63,839

8,03,849

2024

65,619

2,98,221

3,63,840

5,05,628

2025

35,041

3,28,799

3,63,840

1,76,831

2026

5,089

1,76,831

1,81,920

0

 

Federal Bank Personal Loan EMI Calculator - FAQs

Q1. What are the details that I will have to enter on the Federal Bank personal loan EMI calculator?

You will have to enter the principal amount, the tenure of the loan you want to borrow, and the rate of interest that is charged over the loan by the Federal Bank.

Q2. Do I have to sign up with Groww in order to use the Federal Bank personal loan calculator?

No. You do not have to sign up in order to use the calculator.

Q3. How can I find out if I am eligible to opt for a personal loan from Federal Bank?

You can check with the particular scheme of personal loans that you want from the Federal Bank.

Q4. Can I use the Federal Bank personal calculator more than once?

You could use this calculator as many times as you want to.

Q5. Do I have to provide my personal details in order to use this calculator?

No, you would not have to provide any details in order to use this calculator, except for the details of the loan.

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