Having an accurate estimate of your monthly instalments that you will pay is an important part of the loan. It doesn’t matter how much you borrow or what rate you borrow if your repayment schedule is not set it will make it difficult to pay the loan. This equated monthly instalment is the EMI amount you pay every month. If you do the EMI calculation before applying, you can get a positive impact on your overall finance. In this article, you will know about how to manage IDFC First Bank Personal Loan using an EMI calculator. IDFC First Bank is one of the leading private banks in India that is providing personal loans at an affordable rate of interest. Apart from this facility, it also has served its customers with 24X7 helpline service.
With the personal loan from IDFC First Bank, you can meet various personal finances such as holidays, weddings, renovation, education, medical emergency, shopping for high-cost durables, etc. IDFC First Bank personal loan can be availed without submitting any collateral with an attractive interest rate starting from 14.00% per annum. So if you are looking to opt for a personal loan and want to know your EMI before taking it, then this article would help you in the loan process. As it will tell you what are the details you need to take care of and what is the importance of the EMI calculation. So, read and know.
What is the IDFC First Bank Personal Loan EMI Calculator?
An EMI Calculator is a tool that helps you in calculating an accurate EMI amount with the help of a few basic details. You will have to just insert the details of your IDFC First Bank Personal Loan into it to generate the result in a second. The IDFC First Bank Personal Loan EMI Calculator works on the following formulae.
E = P x r x (1+r)^n/((1+r)^n – 1)
Where E= EMI
P = Principal Amount that you want to borrow
R = Rate of Interest charged by the lender
N = Number of months you want the loan for
So, in order to calculate the EMI, you want to have these three details at your disposal. With the help of IDFC First Bank personal loan, you can get the loan amount ranging from the INR 1 lakh to INR 25 lakhs. IDFC First Bank lets you repay the borrowed loan within the period of 12 months to 60 months. You can choose this according to your repayment capability and generated EMI amount.
What is the importance of calculating EMI?
If you know about the EMI, the loan amount is managed in your finances accordingly. When you have a certain figure, you can choose a suitable tenure to plan repayment because this EMI amount is deducted from your monthly income. IDFC First Bank personal loan EMI calculator helps you in organizing the payment for your borrowed loan.
If your age is between 23 to 58 years and have a regular source of income, then apply for the IDFC First Bank Personal Loan to meet your financial needs quickly without any hassle.