IDFC FIRST Bank Personal Loan EMI Calculator

IDFC FIRST Bank offers its customers personal loans that start from just Rs. 20,000 all the way to 1 crore. The Tenure of these personal loans ranges from a period of 5 years. Moreover, the bank also offers its customers cheap EMIs that start very low for easy repayment of personal loans.

When you want to opt for IDFC FIRST Bank for a personal loan, you can also use the IDFC Personal Loan Calculator to know what the EMI will be before you can apply for the personal loan. 

What is the Meaning of the IDFC Bank Personal Loan EMI Calculator?

The IDFC First Bank personal loan calculator is an online tool that anyone is free to use. The calculator can show you what the EMI amount on a personal loan from the IDFC First Bank would be even before you can apply for the personal loan from the bank.

The calculator works both ways, and it can show you the interest amount and the EMI amount over the personal loan that you borrow.

It is an automated tool, and it is also user-friendly. You will not have to have professional technical skills in order to use this calculator. Also, you can find instant answers without any need for manual calculations.

How Do I Use the IDFC Bank Personal Loan Eligibility Calculator?

Using the IDFC First Bank personal calculator is simple, and you will only have to follow a few simple steps, and they are:

Step 1: You will have to provide the principal amount of the personal loan that you want to borrow from IDFC First Bank.

Step 2: Secondly, you will have to enter the Tenure of the loan.

Step 3: Lastly, it will be the interest rate that the bank is offering you for the personal loan.

After these details have been entered, you can see the EMI amount and the interest amount for the personal loan.

Importance of the IDFC Bank Personal Loan Calculator

Using the IDFC First Bank personal loan EMI calculator can help you in several ways, and most importantly, this calculator will make sure that there are no inaccuracies that would usually occur as a human error during manual calculations.

You could utilize the calculator as many times as you want to, and you can compare different values to know which is the best one.

A calculator is an online tool that will not cost you any money to use, and you can also know if you are applying for a personal loan at the right time and at the right place.

How Does the IDFC First Bank Personal Loan Calculator Work?

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. Ranjith wants to take a personal loan from IDFC First Bank, and the loan amount he wants is Rs. 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 = Rs. 11 lakhs

R = 10.45%

N = 5 Years

EMI = Rs. 23,616

Amortization Table

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

Advantages of Using the IDFC Personal Loan Foreclosure Calculator

There are several benefits to using the IDFC First Bank personal loan calculator, and some of the main ones are:

• You will not have to waste time trying to calculate the EMI amount.
• You can make financial decisions beforehand.
• The calculator is completely free, and you can use it as many times as you want to.