IDBI Bank Personal Loan EMI Calculator

IDBI Bank is a prominent private sector commercial bank in India, providing an array of credit solutions to cater to different financial requirements. Among them, personal loans are a versatile and multi-purpose loan facility. But before applying, it's important to evaluate your repayment ability with the IDBI Bank Personal Loan EMI Calculator.

Here in this blog, we will be discussing how IDBI Personal Loan EMI Calculator functions, its advantages, formula applied, interest rates applicable, and so on. Stick around to make an informed borrowing choice.

What Is IDBI Bank Personal Loan EMI Calculator?

The IDBI Bank Personal Loan EMI Calculator is an online financial tool that helps you determine the monthly instalment of your loan without the hassle of manual calculations. It also helps you to assess the affordability of your personal loan in advance. 

Besides, it can assist you in making a good repayment plan, thereby managing your finances effectively. Furthermore, it enables you to test different combinations by varying the tenure and loan amount and selecting the most appropriate one for you.

How Can IDBI Bank Personal Loan EMI Calculator Help You?

The IDBI Bank Personal Loan EMI calculator is one of the most convenient and helpful tools available. It can help you check whether the loan you are availing is within your budget or not. Moreover, knowing the monthly instalments beforehand will help you create a solid repayment plan and plan out your finances effectively.

IDBI Bank Personal Loan EMI Calculator Formula

Let us understand the manual calculation behind the IDBI Bank personal loan using the mathematical formula given below:

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

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

IDBI Bank Personal Loan EMI Example

Let us understand the personal loan EMI calculation with the help of a practical example. Mr Anurag is willing to avail a personal loan of Rs. 12 lakhs to purchase a car garage for a period of 6 years at a 12% per annum interest rate. 

Loan Amount: Rs. 12 lakhs

Tenure: 6 Years

Interest Rate: 12% per annum

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

E= 12,00,000×0.01×(1+0.01)⁷²/((1+0.01)^72​-1)

E= Rs. 23,460

IDBI Bank Personal Loan Amortisation 

The amortisation schedule, also known as the repayment schedule, contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

Here is a detailed overview of the Personal Loan amortization schedule of IDBI Bank: 

How To Use IDBI Bank Personal EMI Calculator?

Listed below are the steps guiding you to use an IDBI Bank Personal EMI calculator: 

• To start with, simply visit the IDBI Bank Personal EMI Calculator page.
• Then just input the loan amount in the amount field or you can also use the slider to select the principal amount.
• Enter your loan tenure and the rate of interest on your personal loan.
• Now you will be able to view the monthly amount that you will have to repay to the bank.

IDBI Bank Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the IDBI Bank personal loan interest rate calculator:

• User-friendly: The IDBI Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. You can use the calculator even without technological expertise or background. You will only require a stable internet connection and the input variables, and you will be ready to go.
• Instant and Right Solutions: The calculator saves you from manual computation, which consumes time and leads to wrong results. You can obtain correct results based on the variables you provide using the IDBI Bank personal loan calculator within minutes, thus saving time and effort.
• Helps in Managing Finances: Learning about your loan repayment ability is essential before making any financial commitments. This calculator enables you to do that by providing accurate answers every time you use it. It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
• Enables Constructive Comparison: IDBI Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, allowing you to compare several loan amounts. This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
• Offers Flexibility and Convenience: These online calculators can be accessed from anywhere, anytime, with a stable internet connection. You are not required to pay any additional charges for using them, adding to your convenience.

IDBI Bank Personal Loan EMI Charges

Here are some of the key charges and fees related to the IDBI Bank Personal Loan:

Processing Fee

• Personal Loan: 1% of the loan amount + applicable taxes
• Salary account with in-built overdraft facility: NIL (Documentation charges to be borne by the customer)
• Overdraft facility to IDBI Bank pensioners: Nil (Documentation charges to be borne by the customer)

Foreclosure Charges

• Personal Loan: From the date of disbursement up to 6 months – 2% + applicable taxes, After 6 months the charges are NIL

Insurance Charges

• Personal Loan: The charges are waived

Other Charges (Including ST + ES)

• Copy of property documents: Rs. 225
• Swapping of PDCs / ECS or change of repayment mode to PDC or ECS: Rs. 575
• Cheque Return/ ECS Return Charges due to financial reasons: Rs. 300
• Duplicate Statement Charge: Rs. 115
• Re-issuance of PO/DD: Rs. 115
• Duplicate Certificate / Interest Paid Certificate: Rs. 150
• Copy of credit information obtained from CIBIL: Rs. 50

Penal Interest Charges on Overdue Amount for Delayed Period

• Personal Loan: 36% per annum
• Salary Account with in-built overdraft facility: 2.5 % per annum
• Overdraft facility to IDBI Bank Pensioners: 2.5 % per annum

IDBI Bank Personal Loan Eligibility

Here are the eligibility requirements for availing an IDBI Bank personal loan which are as follows:

For Self-Employed and Salaried Individuals:

• Principal amount: Up to Rs. 10 lakh
• Age: Minimum of 21 years to a maximum of 60 years

Please note that the applicant must have an IDBI Bank salary account.

For Pensioners Individuals:

• Principal amount: Up to Rs.5 lakh
• Age: Up to 75 years by the end of the loan tenure

Moreover, the pensioner individual must have an active IDBI Bank pension account.

IDBI Bank Personal Loan Interest Rate

The IDBI Bank personal loan interest rates typically vary among different categories. Below we have provided the tables providing the personal loan interest rates for personal loans under different categories:

Personal Loan for Salary/Pension Overdraft

• Pension Account with overdraft facility (For retired IDBI Staff): 10.60%
• Salary / Pension Account with overdraft facility (For others): 13.35%

Fixed ROI : Personal Loan

• ROI Range: 11.00% - 15.50%

Loans to Physically Challenged Persons Under National Divyangjan Finance and Development Corporation (NDFDC)

• Less than Rs. 50,000: 5 % p.a.
• Above Rs. 50,000 to Rs.5 lakhs: 6 % p.a.
• Above Rs. 5 lakh to Rs. 15 lakhs: 7 % p.a.
• Above Rs. 15 lakhs to Rs. 30 lakhs: 8 % p.a.
• Above Rs. 30 lakhs to Rs.50 lakhs: 9 % p.a.

To sum up, the IDBI Bank personal loan EMI calculator can help you determine your monthly instalments in advance. This as a result can help you to plan out your financial goals and objectives over a longer term. Moreover, it also facilitates determining the affordability of the loan and helps in creating a solid repayment plan. Additionally, be sure to maintain a healthy credit score, a promising credit history and a stable source of income to increase the chances of getting your loan approval.

Other Banks Personal Loan EMI Calculator:
1. IDFC Personal Loan EMI Calculator
2. Bank of India Personal Loan EMI Calculator
3. Indusind Personal Loan EMI Calculator
4. Union Bank Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. Axis Bank Personal Loan EMI Calculator
7. Indian Bank Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator