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What Is the Federal Bank Personal Loan EMI Calculator?
The Federal Bank personal loan EMI calculator is an indispensable tool if you are planning to borrow a sum for your personal needs from the Federal Bank. It helps to estimate your monthly installments and understand the total interest you will pay throughout the repayment period. It uses your loan amount, tenure, and interest rate as inputs to calculate your EMI and helps you make informed decisions about borrowing or planning your finances for repayments.
With just a few clicks, the Federal Bank personal loan EMI calculator gives you accurate EMI calculations and empowers you to make informed decisions.
The Federal Bank personal loan EMI calculator also helps you determine the optimum repayment tenure and EMI amount based on your repayment capacity. This way, you can align your loan with your financial goals and ensure a smoother borrowing experience.
Experiment with different loan amounts and tenures to explore various options that align with your financial goals. Additionally, it helps you plan your finances by calculating the interest payable over the loan duration and enables you to manage your monthly outgo wisely.
How Does the Federal Bank Personal Loan EMI Calculator Work?
Understanding how a Federal Bank personal loan EMI calculator works is essential when calculating EMIs and interest for your personal loan. A mathematical formula runs in the background of the Federal Bank personal loan EMI calculator. Once you input the loan amount, interest rate, and loan period, it will automatically generate the EMI amount, interest payable, and total payable amount. You can try different combinations of principal and tenure to determine the combination that will require an affordable EMI.
What Is the Federal Bank Personal Loan EMI Calculator Formula?
The Federal Bank personal loan EMI calculator formula is given below:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal amount
R = is the interest rate
N = is the loan tenure
How to Use the Online Federal Bank Personal Loan EMI Calculator?
Using the online Federal Bank personal loan EMI calculator is easy and quick. Follow these simple steps to calculate your EMIs:
- Step 1: Visit the Angel One website and navigate to the Federal Bank personal loan EMI calculator page.
- Step 2: Enter the loan amount you wish to borrow.
- Step 3: Input the bank's interest rate for the personal loan.
- Step 4: Choose the loan tenure within which you'd like to repay the loan.
Once you have entered all the required details, the EMI calculator instantly generates the monthly instalment amount you must pay.
Using the online Federal Bank personal loan EMI calculator on the Angel One website, you can plan your finances effectively and make informed decisions regarding your loan.
Let’s look at an example for a better understanding:
Suppose you want a personal loan of Rs. 3,00,000 for 3 years, and the applicable interest rate is 12% per annum. Your personal loan EMIs will amount to Rs. 9,964. The total payable amount will be Rs. 3,58,715, with an interest of Rs. 58,715.
Benefits of Using the Federal Bank Personal Loan EMI Calculator
- Stress-free loan repayment: The online Federal Bank personal loan EMI calculator offers convenience and accuracy, relieving you of manual calculations and uncertainties. It provides precise figures, enabling effective financial planning, and ensuring timely repayments. With this EMI calculator, you can avoid financial stress caused by incorrect calculations.
- Convenient access: The Federal Bank personal loan EMI calculator is easily accessible on Angel One. It offers a user-friendly interface to calculate your personal loan EMI anytime, anywhere. It is compatible with various devices, including smartphones, tablets, and computers and you just need an internet connection to access it.
- Efficient: Manual calculations take up a lot of time that you could have spent productively elsewhere. The online Federal Bank personal loan EMI calculator saves you time and effort by providing instant results. With just a few clicks, you can quickly evaluate various loan scenarios and determine the most suitable option.
Types of Personal Loans Offered by Federal Bank
Federal Bank offers hassle-free personal loans tailored for salaried individuals earning a minimum monthly salary of Rs. 25,000/-. With a maximum loan amount of Rs. 25 lakhs and a tenure of up to 60 months, these loans offer flexibility and convenience. Enjoy attractive interest rates, faster processing, and minimal paperwork. These loans can be applied at all Federal Bank branches. To be eligible, you must be below 60 at the end of the loan tenure and have a minimum of 3 years of employment history in your current job.
The Federal Bank personal loan EMI calculator is like a virtual financial companion that empowers you to envision your loan repayment journey. It computes your monthly instalments and allows you to plan your finances easily.
To use the online Federal Bank personal EMI calculator, visit the Angel One website and navigate to the Federal Bank personal loan EMI calculator. Enter the loan amount, tenure, and interest rate. Using these inputs and applying a mathematical formula, the calculator will generate the EMI amount, total payable amount, and interest.
The Federal Bank personal loan EMI calculator is free on Angel One. You can use the calculator to calculate your monthly installments and plan your loan repayment effectively.
The penalty on the prepayment of the loan depends on the terms and conditions of the loan agreement laid out by the lender. Most lenders charge a percentage of the outstanding amount as a prepayment penalty. It is a good idea to refer to loan documents for accurate information regarding prepayment penalties.
Generally, the EMI amount is fixed based on the loan amount, interest rate, and tenure. However, you can check with the lender and they modify it based on their discretion.
The total interest of a personal loan is calculated based on the loan amount, interest rate, and loan tenure. The difference between the total payable amount and the borrowed amount is the interest.