Federal Bank Personal Loan EMI Calculator

Calculating your EMIs has never been easier with the Federal Bank personal loan EMI calculator . This user-friendly online tool simplifies the process, providing instant results for your monthly payments and total interest. Just enter your loan details, and within seconds, you'll have a clear understanding of your financial commitments. It's a quick and convenient way to plan your finances and ensure your budget stays on track.

How to Use the Wishfin Federal Bank Personal Loan EMI Calculator?

The Wishfin Federal Bank personal loan EMI Calculator helps you determine your EMI before your loan is sanctioned. Simply enter the principal amount, interest rate, and repayment tenure to generate an approximate EMI for your loan. This easy-to-use tool provides results in seconds, allowing you to plan your finances effectively. Best of all, it's free to use and available 24/7, making it a convenient resource for managing your loan repayments.

Example of Federal Bank Personal Loan EMI Calculation

Below is the EMI calculation if you plan to take a personal loan of ₹5 lakhs from Federal Bank and have go the rate of 11.75% per annum and the tenure you have chosen is 5 years. You can also go through the amortization schedule to see how much balance will remain at the end of each year if you pay the EMI regularly.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

What is the formula used for EMI calculation?

Below is the formula that is used for the EMI calculation:

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

If you apply for a principal loan amount of ₹ 5 lakhs with an interest rate of 10.49% and a tenure of 5 years, the EMI will be calculated as follows:

• Principal Amount (P): ₹5,00,000
• Interest Rate (R): 10.49% per annum (which is 10.49/12/100 = 0.0087 per month)
• Loan Tenure (n): 5 years, or 60 months

Here’s how you will get the EMIs:

[5,00,000 x 0.0087 x (1 + 0.0087) ^ 60]/[(1+0.0087) ^60 -1] = 10744.47

The EMIs you will be required to pay is ₹ 10,744.47.

Federal Bank Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

What is the EMI of a 1 Lakh Personal Loan in Federal Bank?

Below, we have calculated the EMI for a 1 lakh Federal Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Federal Bank on their personal loans.

What is the EMI of a 3 Lakh Personal Loan in Federal Bank?

Below, we have calculated the EMI for a 3 lakh Federal Bank personal loan over a tenure of 5 years. This calculation is based on the lowest and highest interest rates charged by Federal Bank on their personal loans.

The Lowest EMI Given on Personal Loans by Federal Bank

Here are the monthly installment amounts (EMIs) for various loan sizes with Federal Bank Personal Loans, calculated over a five-year term at interest rates of 11.49% and 14.49%.

Advantages of Using Federal Bank Personal Loan EMI Calculator

Here are the key benefits of using Federal Bank personal loan EMI calculator:

• Instant Results : Quickly find out your monthly EMI payments with just a few clicks. The calculator provides immediate results. This saves you time and effort.
  
• Easy Financial Planning: Get a clear picture of your monthly financial commitments. This helps you budget more effectively and plan your finances with confidence.
  
• Flexibility: Experiment with different loan amounts, interest rates, and tenures to find the perfect loan terms that fit your financial situation.
  
• Accessibility: Available 24/7, you can use the calculator anytime, anywhere. This makes it a convenient tool for all your loan planning needs.
  
• Cost-Free: This handy tool is completely free to use, allowing you to make informed decisions without any additional costs.
  
• Transparency: Understand the exact breakdown of your EMI and interest outgo to ensure there are no surprises when it comes to your loan repayments.

Eligibility Criteria to Apply for Federal Bank Personal Loan

Below-mentioned are some of the eligibility criteria set by Federal Bank:

• Applicants should be a resident Indian citizen.
• The minimum age of the applicant at the time of loan application should be 21 years.
• Applicants should be 55 years old at the time of loan maturity.
• Only salaried individuals can apply.

Factors Affecting Federal Bank Personal Loan EMI

Here are the primary factors that affect the personal loan EMI:

• Loan Amount: The principal amount borrowed directly impacts the EMI. A higher loan amount results in a higher EMI, while a lower loan amount results in a lower EMI.
  
• Interest Rate: This is a crucial determinant of the EMI. Higher interest rates lead to higher EMIs, and lower interest rates result in lower EMIs. Federal Bank offers personal loan interest rates ranging from 11.49% to 14.49% per annum.
  
• Loan Tenure: The duration of the loan repayment period (tenure) also affects the EMI. A longer tenure reduces the EMI amount, making monthly payments more manageable, but it increases the total interest paid over the loan's life. Conversely, a shorter tenure increases the EMI but reduces the total interest paid.
  
• Age: The borrower's age can impact the EMI, as some banks have age restrictions for personal loans. Younger borrowers might have longer repayment periods available, which can lower the EMI.
  
• Credit Score: A good credit score can help secure a lower interest rate, thereby reducing the EMI. Conversely, a lower credit score might result in a higher interest rate and, consequently, a higher EMI.
  
• Income: The borrower's income level is assessed to determine the loan amount and the repayment capacity. Higher income levels may qualify for larger loan amounts, but the EMI will be adjusted to ensure it fits within the borrower's repayment capacity.
  
• Type of Interest Rate: Federal Bank offers both fixed and floating interest rates. Fixed-rate loans have a constant interest rate throughout the loan tenure, leading to stable EMIs. Floating-rate loans have interest rates that can change based on market conditions, which can cause the EMI to fluctuate.

Federal Bank Personal Loan Fees and Charges

Here are the main charges and fees related to personal loans by Federal Bank:

Limitations of Using Federal Bank Personal Loan Calculator

Here are some limitations of using the Federal Bank Personal Loan Calculator:

• Estimates Only : It provides approximate values, not exact figures.
• Excludes Fees : Does not account for additional charges like processing fees.
• Static Interest Rates : Assumes fixed interest rates which might not reflect variable rates.
• No Personal Factors : Does not consider individual credit scores or financial history.
• User Input Dependent : Accuracy is reliant on the correctness of user-entered data.