10 Best Loan EMI Calculators from Indian Banks
In recent years, Indian banks and financial institutions improved their online services to a great extent reducing the number of the personal visits to the branch. They have also provided various tools for managing the money and financial calculations. Loan EMI calculator is one such tool every new bank started providing. With an EMI loan calculator, you can find out how much your monthly loan amount will be based on your principal loan amount and tenure of loan. While most EMI calculators spit out accurate results, actual loan interest rates and EMIs can slightly vary. Anyways, here are ten EMI loan calculators from Indian banks.
1. ICICI Bank’s EMI Calculator
ICICI is one of the top rated private bank in India and always leads in the improvisation methods. Tools & Calculators page of the website provides access to the financial tools for car loans, home loans,health insurance, life insurance etc.
Home Loans page provides the simple EMI calculator where the user has to enter or select loan amount,rate of interest and tenure. On selecting the above,it provides the monthly installment that has to be paid per month. It does not provide any other information.
Personal Loans provides the fixed rate loan EMI calculator where the user has to enter or select Loan amount,Rate of interest and no of months (tenure).On pressing the Ok button it provides the monthly installment to be paid.
2. HDFC Bank Loan Calculator
HDFC bank is the popular one in providing housing loans.
Home Loans page provides the EMI calculator where the user has to drag or enter the the loan amount,ROI and No of Years.On entering the values, the tool provides the installment to be paid per month.
Financial Tools page provides the loan EMI calculator where the user has to enter the loan amount,tenure and Interest rate.On clicking the calculate button it shows the monthly EMI, total amount payable (for the whole tenure), principal and the total interest(for the whole tenure). It also shows the venn diagram showing the intersection of the principal and interest. From this tool, one can find out the total interest to be paid for the whole tenure.
3. State Bank of India’s EMI Calculator
SBI is the best financial service organization owned by the government India and it is more technically advanced and provides many facilities when compared with other government owned banks.
SBI has a dedicated website for home loans namely SBI Home Loans which provides the EMI calculator on the home page itself.The user enters the loan amount,interest rate and the loan period in years. Clicking the submit button produces the result in a new page with the following fields monthly payment,number of payments (in months),time to first payment and effective interest rate.
The Calculators page of the SBI main site has the EMI calculator.The user enters the amount,duration (in months) and Interest rate. On clicking the calculate button, it displays the EMI calculated and the total interest.
4. Axis Bank Loan EMI Calculator
Axis Bank is one of the oldest private bank in India headquartered in Mumbai.
The Calculators page has the EMI calculator where the user enters the loan amount,interest rate and tenure.The tool also has the option of including processing fee and pre payment.The tool generates the monthly amortization table with the fields like month,starting balance,interest paid,principal paid and ending balance.From this tool one can get an idea of how much of the monthly installment goes towards principal and how much towards interest. It also shows a graph showing 4 quarters and the percentage of the loan paid in each quarter.(Total tenure is divided into 4 quarters).
Personal loans page shows the fixed rate personal EMI calculator. The user has to enter the loan amount,rate of interest and tenure (in months).The result shows the monthly installment to be paid.
5. Punjab National Bank
PNB provides an Excel file named Loan Calculator.xls for EMI calculations. The input for the file are loan amount,interest,loan period(in months),moratorium(months),date of loan and Optional extra payments. The output is a comprehensive monthly table with fields like Payment no,Date,Beginning balance,scheduled payment,extra payment,total payment,principal,interest and ending balance.
This option is convenient for the user as they don’t have to do calculations online every time as the file can be saved permanently and referred whenever needed.
6. Canara Bank
EMI calculator provided by Canara bank is very simple where the user has to enter value in the field Loan amount,interest rate and installments.Clicking the compute button results in the monthly installment to be paid.
7. Indian Bank
The EMI calculator provided by Indian bank is a very basic one as it generates only the monthly installment to be paid.
8. Bank of India
Bank of India provides two EMI calculators namely Interactive and Conventional. The interactive calculator is the basic one where only the monthly installment is displayed.The conventional calculator provides an option for viewing the detailed table.On clicking the chart button, it displays the monthly table with the field like S.No,EMI amount,Principal,Interest and Balance so that one can get the ideal of the amount going towards interest and principal.
9. IDBI Bank
The EMI calculator provided by IDBI bank is the basic one and it combines the eligibility and EMI calculation into one. So the user has to provide additional input like cost of property and net take home salary.
10. Bank of Baroda
Loan EMI calculator provided by Bank of Baroda is exactly the same as the one by Bank of India.
Loan calculator tools provided by other non banking websites
The following websites provide a more interactive and visually better calculation charts than provided by the banks.
EMICalculator, Bankbazaar, NCalculators, Infibeam, Deal4loans, Rupeetimes, Apnapaisa