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What is Loan Eligibility and EMI Calculator?

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For a smooth repayment journey, it is vital you get an idea of how much loan you are supposed to get. At the same time, it is vital to know the EMI you will pay to the lender. To your help, there are loan eligibility and EMI calculators available for use. The eligibility sums up the estimated loan amount considering your present income, expenses, savings, and financial liabilities, if any.

After knowing the eligible loan amount, use the EMI calculator to compute your loan installments. The EMI calculator computes the monthly installments by taking into consideration the loan amount, interest rate and repayment duration. The calculator also tells you the interest you will pay to the lender. You will know that the EMI constitutes a portion of both interest and principal. As a result, you can also see the estimated interest payment over the loan tenure. You can thus experiment with your tenure, particularly in the case of a home loan, to save on the interest portion. Choose a tenure that accommodates the EMI to your budget while also reducing the interest liability substantially.

Example of EMI Details of Different Amounts

Now that you’ve enough information about the EMI and eligibility calculator, it’s time to get some knowledge about the exact EMI that you’ll have to pay for a particular amount of personal loan and home loan. 

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Let’s Glance at Personal Loan EMI Details of Different Amounts 

First, we will give you examples of personal loan EMI for the loan amounts of 2 lakhs, 5 lakhs, 10 lakhs, and 15 lakhs. Through this, you can know about the monthly installment amount, interest outgo, and total repayment amount across different periods. Considering the present market scenario, we have taken interest rates in the range of10.75%-15% per annum. 

Personal Loan EMI Details for various Loan Amounts for a tenure of 5 years

Loan Amount (in ₹) Interest Rate (in % per annum)Monthly Installments (in ₹)Total Interest Outgo (in ₹)
2,00,00010.75 - 154,324 - 4,75859,415 - 85,479
5,00,00010.75 - 1510,809 - 11,8951,48,539 - 2,13,698
10,00,00010.75 - 1521,618 - 23,7902,97,077 - 4,27,396
15,00,00010.75 - 1532,427 - 36,6854,45,616 - 6,41,094

Now Let’s Have a Look at Home Loan EMI Details of Different Amounts

Here, we are giving you an example of what will be the monthly amount you would have to pay for different home loan amounts – ₹ 20 lakhs, ₹ 50 lakhs, ₹ 75 lakhs, and ₹1 crore. The interest rate in the example will vary according to the loan amount.

Home Loan EMI Details for the various Loan Amounts for a 20-year Tenure

Loan Amount (in ₹) Interest Rate (in % per annum)Monthly Installments (EMI In ₹)Total Interest Outgo (In ₹)
20,00,0008 - 8.5016,729 -17,35620,19,412 - 21,65,552
50,00,0008.25 - 8.9042,603 - 44,66552,24,788 - 57,19,656
75,00008.25 - 8.9063,905 - 66,99878,37,182 - 85,79,484
1,00,00,0008.45 - 9.1089,466 - 90,6171,07,51,870 - 1,17,48,016

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
HDFC7.55% - 8.45%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI7.35% - 8.00%
Tata Capital9.20% - 9.35%