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dev — Thu, 23 Jul 2020 16:53:32 +0000

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Avail home loans up to Rs.10 crore with interest rates starting at 7.25% p.a. with additional benefits such as extended loan terms and flexible repayment options. Simple documentation, quick processing, and an excellent customer service with a response time of 30 – 45 minutes makes BankBazaar a go-to place for all your housing loan needs.

Loan Amount (₹)
Down Payment (%)
APR (%)
Term (Years)
Property Tax (%)
Annual Home Insurance ($)
Annual HOA ($)
PMI (%)
Calculate
Principal & Interest Expense:
Taxes:
Insurance:
HOA Expense:
PMI Expense:
Monthly Payment:

Top Home Loan Schemes & Offers

1. SBI Bridge Home Loan – Best for Short-Term Requirements

Attractive interest rates starting from 9.90% p.a.
Processing fee of 0.35% of the loan amount
Loan tenures of up to 2 years.
No prepayment penalty
No hidden charges
2. Aditya Birla Capital Home Loan – Best for Low Interest Rate
- Low interest rates starting from 9% p.a.
- Processing fee of up to 1% of the loan amount
- Loan tenures of up to 30 years
- Zero prepayment charges
- Balance transfer option available
3. ICICI Bank Extra Home Loans– Best for Long Term Requirements
- Low interest rates starting from 8.25% p.a.
- Maximum loan tenure of 30 years
- Low processing fee of 0.5% of the loan amount
- For both salaried and self-employed individuals
- No prepayment charges
4. Canara Bank Housing Loan – Best Interest Rate for Women
- Low interest rates for women starting from 8.05% p.a.
- Maximum repayment tenure of 30 years
- Processing fee of up to 0.50% of the loan amount
- Can be used to purchase or construct a house/flat
- Zero prepayment charges
5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees
- Low interest rates starting from 8.55% p.a.
- Loan amount of up to Rs.5 crore
- Maximum repayment tenure of 30 years
- Processing fee of up to 1% of the loan amount
- No prepayment/foreclosure charges
6. SBI Home Loan – Joint Home Loan
- Low interest rates starting from 7.35% p.a.
- Maximum loan tenure of 30 years
- Processing fee of 0.40% of the loan amount
- No hidden charges
- Women borrowers get interest concession
7. HDFC Reach Home Loans for self-employed professionals
- Attractive interest rates starting from 9% p.a.
- Flexible repayment tenures of up to 30 years
- Processing fee of 2% of the loan amount
- Minimal documentation with minimum income of Rs.2 lakh p.a.
- Add a woman co-owner for lower interest rates
8. LIC HFL Home Loan for Pensioners/Senior Citizen
- Low interest rates starting from 8.10% p.a.
- Repayment tenure of up to 15 years or till 70 years of age
- Processing fee ranging between Rs.10,000 and Rs.15,000
- Loan to be repaid before the age of 70
- Individuals above the age of 50 having a pension scheme but still employed can also apply
9. SBI Privilege Home Loan for Government Employees
- Low interest rates starting from 7.35% p.a.
- Zero processing fee
- Loan tenure of up to 30 years
- Reduced interest rates for women borrowers
- Interest concession when checkoff is provided
10. Axis Bank NRI Home Loan
- Attractive interest rates starting from 8.55% p.a.
- Flexible loan tenures of up to 25 years
- Minimal documentation and quick disbursal
- Minimal processing fee
- Zero foreclosure charges
11. HDFC Ltd. Home Loan for Purchase
- Low interest rates starting from 7.85% p.a.
- Flexible loan tenures of up to 30 years
- Processing fee of up to 0.50% of the loan amount
- Special arrangement for Indian army employees through partnership with AGIF
- Legal and technical counseling from experts
12. Indiabulls Housing Finance Loan for Construction
- Attractive interest rates starting from 8.99% p.a.
- Flexible repayment options
- Processing fee of up to 2% of the loan amount
- No prepayment charges
- End-to-end loan processing on the website or mobile application
13. DHFL Home Renovation Loan
- Interest rate starting from 9.50% p.a.
- Maximum loan tenure of 10 years
- Processing fee of Rs.2,500
- Loan amount of up to 90% of the market value or 100% of the estimated cost of improvement
- Available for both salaried and self-employed individuals
14. PNB HFL Plot Loan: Best Home Loan for Plot and Construction
- Attractive rates starting from 9.95% p.a.
- Flexible loan tenures of up to 30 years
- Processing fee of up to 0.5% of the loan amount
- Loan enhancement in case of escalating costs
- Quick loan application and approval process
15. Best Home Loan for Existing Customers: HDFC Ltd. Home Loan for Existing Customers
- Low interest rates starting from 7.85% p.a.
- Maximum tenure of 30 years
- Processing fee of 0.5% of the loan amount
- Quick loan disbursal
- Can add co-applicant to increase loan amount
16. SBI Realty Home Loan: Best Home Loan for Land Purchase
- Low interest rates starting from 8.05% p.a.
- Maximum tenure of 10 years
- Processing fee of up to 0.4% of the loan amount
- Maximum loan amount of up to Rs.15 crore
- Interest rate concession for women borrowers
17. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer
- Interest rates starting from 7.85% p.a
- Avail additional top-up loan of up to Rs.50 lakh
- Loan tenure of up to 30 years
- Processing fee of up to 0.5% of the loan amount
- Adding a co-applicant can further maximize the loan amount

Home Loan

dev — Thu, 14 May 2020 16:09:15 +0000

Compare & Apply Home Loan Online

Loan Amount (₹)
Down Payment (%)
APR (%)
Term (Years)
Property Tax (%)
Annual Home Insurance ($)
Annual HOA ($)
PMI (%)
Calculate
Principal & Interest Expense:
Taxes:
Insurance:
HOA Expense:
PMI Expense:
Monthly Payment:

Top Home Loan Schemes & Offers

1. SBI Bridge Home Loan – Best for Short-Term Requirements

Attractive interest rates starting from 9.90% p.a.
Processing fee of 0.35% of the loan amount
Loan tenures of up to 2 years.
No prepayment penalty
No hidden charges
2. Aditya Birla Capital Home Loan – Best for Low Interest Rate
- Low interest rates starting from 9% p.a.
- Processing fee of up to 1% of the loan amount
- Loan tenures of up to 30 years
- Zero prepayment charges
- Balance transfer option available
3. ICICI Bank Extra Home Loans– Best for Long Term Requirements
- Low interest rates starting from 8.25% p.a.
- Maximum loan tenure of 30 years
- Low processing fee of 0.5% of the loan amount
- For both salaried and self-employed individuals
- No prepayment charges
4. Canara Bank Housing Loan – Best Interest Rate for Women
- Low interest rates for women starting from 8.05% p.a.
- Maximum repayment tenure of 30 years
- Processing fee of up to 0.50% of the loan amount
- Can be used to purchase or construct a house/flat
- Zero prepayment charges
5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees
- Low interest rates starting from 8.55% p.a.
- Loan amount of up to Rs.5 crore
- Maximum repayment tenure of 30 years
- Processing fee of up to 1% of the loan amount
- No prepayment/foreclosure charges
6. SBI Home Loan – Joint Home Loan
- Low interest rates starting from 7.35% p.a.
- Maximum loan tenure of 30 years
- Processing fee of 0.40% of the loan amount
- No hidden charges
- Women borrowers get interest concession
7. HDFC Reach Home Loans for self-employed professionals
- Attractive interest rates starting from 9% p.a.
- Flexible repayment tenures of up to 30 years
- Processing fee of 2% of the loan amount
- Minimal documentation with minimum income of Rs.2 lakh p.a.
- Add a woman co-owner for lower interest rates
8. LIC HFL Home Loan for Pensioners/Senior Citizen
- Low interest rates starting from 8.10% p.a.
- Repayment tenure of up to 15 years or till 70 years of age
- Processing fee ranging between Rs.10,000 and Rs.15,000
- Loan to be repaid before the age of 70
- Individuals above the age of 50 having a pension scheme but still employed can also apply
9. SBI Privilege Home Loan for Government Employees
- Low interest rates starting from 7.35% p.a.
- Zero processing fee
- Loan tenure of up to 30 years
- Reduced interest rates for women borrowers
- Interest concession when checkoff is provided
10. Axis Bank NRI Home Loan
- Attractive interest rates starting from 8.55% p.a.
- Flexible loan tenures of up to 25 years
- Minimal documentation and quick disbursal
- Minimal processing fee
- Zero foreclosure charges
11. HDFC Ltd. Home Loan for Purchase
- Low interest rates starting from 7.85% p.a.
- Flexible loan tenures of up to 30 years
- Processing fee of up to 0.50% of the loan amount
- Special arrangement for Indian army employees through partnership with AGIF
- Legal and technical counseling from experts
12. Indiabulls Housing Finance Loan for Construction
- Attractive interest rates starting from 8.99% p.a.
- Flexible repayment options
- Processing fee of up to 2% of the loan amount
- No prepayment charges
- End-to-end loan processing on the website or mobile application
13. DHFL Home Renovation Loan
- Interest rate starting from 9.50% p.a.
- Maximum loan tenure of 10 years
- Processing fee of Rs.2,500
- Loan amount of up to 90% of the market value or 100% of the estimated cost of improvement
- Available for both salaried and self-employed individuals
14. PNB HFL Plot Loan: Best Home Loan for Plot and Construction
- Attractive rates starting from 9.95% p.a.
- Flexible loan tenures of up to 30 years
- Processing fee of up to 0.5% of the loan amount
- Loan enhancement in case of escalating costs
- Quick loan application and approval process
15. Best Home Loan for Existing Customers: HDFC Ltd. Home Loan for Existing Customers
- Low interest rates starting from 7.85% p.a.
- Maximum tenure of 30 years
- Processing fee of 0.5% of the loan amount
- Quick loan disbursal
- Can add co-applicant to increase loan amount
16. SBI Realty Home Loan: Best Home Loan for Land Purchase
- Low interest rates starting from 8.05% p.a.
- Maximum tenure of 10 years
- Processing fee of up to 0.4% of the loan amount
- Maximum loan amount of up to Rs.15 crore
- Interest rate concession for women borrowers
17. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer
- Interest rates starting from 7.85% p.a
- Avail additional top-up loan of up to Rs.50 lakh
- Loan tenure of up to 30 years
- Processing fee of up to 0.5% of the loan amount
- Adding a co-applicant can further maximize the loan amount

Home Loan Eligibility

Eligibility Criteria	Requirement
Age	Minimum Age: 18 years and Maximum Age: 70 years
Resident Type	The applicant must be (any one): Resident Indian Non-Resident India (NRI) Person of Indian Origin (PIO)
Employment	The applicant can be (any one): Salaried Self-employed
Net Annual Income	At least Rs.5-6 lakh depending on the type of employment
Residence	The applicant must have (any one): A permanent residence A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit score	A good credit score of at least 750 or more obtained from a recognised credit bureau

Home Loan Documents Required

Identity Proof (any one)	Residence Proof (any one)	Other Documents
Driving License	Copy of Electricity Bill/Water Bill/Telephone Bill	Employer Identity Card
PAN	Copy of valid Passport/Aadhar Card/Driving License	Duly filled loan application form affixed with 3 passport size photographs
Voter ID		Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport		Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

For Self-employed Applicant/Co-applicant:	For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 years	Salary Slips for the last three months
Certificate of Qualification (for Doctors/C.A. and other professionals)	Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years
Business License Details
Business address proof
TDS Certificate

Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one)	Residence Proof (any one)	Other Documents
PAN	Telephone bill	Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport	Electricity bill	Proof of residence indicating the applicant’s current overseas address
Driver’s License	Water bill	Employer Identity Card
Voter ID Card	Piped Gas bill	If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)

Income Proof Documents for NRI

For Self-employed Applicant/Co-applicant:	For Salaried Applicant/Co-applicant:
Proof of income if the applicant/co-applicant is a self-employed professional/businessman.	Valid work permit
Business address proof	Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years	Salary slips for the last 3 month
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries.	Bank statements indicating salary credit for the last 6 months
Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months.	Copy of the Identity Card issued by the current employer along with the latest salary slip (original).

Property Papers:

Agreement of Sale (any one):
- Registered Agreement of Sale
- Stamped Agreement of Sale
- Allotment Letter
Occupancy Certificate in case the property is a ready-to-move-in property
Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
Conveyance Deed in case of a new property
Bank account statements indicating all payments made to the seller or builder

Home Loan Fees and Charges

Banks in India provide different types of housing finance options for different purposes. Here’s a list of the prominent types of housing loans in India, based on a study of products offered by some of the top banks:

New Home Loans: New Home Loans are offered to eligible customers who are looking to purchase a house or property for the first time.
Pre-approved Home Loan: Pre-approved home loans are offered by banks to eligible borrowers once his/her creditworthiness, income and financial position are taken into considerable for an in-principal approval of the loan.
Home Purchase Loans: Home purchase loans are specifically given to borrowers looking to purchase a house or flat.
Home Loan for Construction: Home loan for construction is offered to customers who are looking to construct their own house on an existing piece of land.
Plot Loans: Plot loans are loans offered to customers looking to purchase a piece of land or plot for the purpose of constructing a house on it.
Home Loan Top Up: Home Loan Top Up is a facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the existing home loan.
Home Extension/Renovation Loans: Home loans for extension or renovation of home are offered to borrowers who wish to renovate/extend their existing house/property.
Balance Transfer Home Loan: Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.

Types of Home Loans in India

Depending on the type of loan you are applying for, the following charges may be levied:

Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

Do's & Don't

Do's	Don't
Ensure that you have researched on the loan you want to apply for	Do not blindly sign the documents before you read every term and condition on it
Read the fine print before taking the loan	Do not forget to compare interest rates offered by different loan providers
Look out for any charges applicable on prepayments and foreclosure	Do not default on your monthly payments
Make sure you pay the equated monthly instalments (EMIs) on time	Do not apply for a loan just for the sake of it
Apply for a loan amount you are eligible for	Do not request for a change in tenure unless you have considered all the aspects

What to do if your home loan application is rejected?

You can always re-apply for a home loan if your first loan application was rejected by the lender. However, there are a few aspects you must consider before doing so.

Credit score: Since housing loans are generally long-term retail loans, lenders look into the applicant’s repayment capacity before approving or rejecting a loan application. Your credit score plays a major role in deciding your repayment capacity against a loan.

If you have a poor credit score on your credit report, chances of your loan application being rejected are high. The unsatisfactory credit score gauges your creditworthiness which banks and financial institutions consider before processing your loan application. Hence, it is advised to go through your credit score and credit report before you apply for a loan.

In case you have a poor credit score, consider improving your score by making your debt repayments on time before you reapply for a housing loan again. If you do not know what your current score is, you can get your credit score along with the credit report on BankBazaar.

Loan Amount: Since purchasing/constructing a home is a one-time investment, we often tend to overlook the financial costs involved in it. Banks and financial institutions fix the maximum loan amount you are eligible for by taking your present monthly income. There is a high chance your application was rejected because of the loan amount you have applied for.

If the loan amount applied for exceeds your eligible loan amount, the lender can decide to reject your application. In such cases, you can consider increasing the down payment on your home loan to bring down the loan amount.

Other Ongoing Loans: Banks can also choose to reject your home loan application if you have too many other ongoing loans. Since home loan lenders see to it that not more than 50% of your monthly income is being contributed to your loan repayments, any other ongoing long-term loans can result in your application being rejected.

Having too many ongoing loans will not only impact your personal finances but also your repayment capacity. Hence, it is advised to clear the ongoing loans, if any, before you apply for a housing loan.

Co-applicant: There can be instances where applications are rejected due to low income. In such cases, you can consider adding a co-applicant such as a member of your immediate family. This will increase the maximum amount you are eligible for as the income and creditworthiness of the co-applicant will also be taken into account while deciding your eligibility.

Employment: In some cases, the employment of the applicant can act as the deciding factor on whether the loan application is being approved or rejected by the lender. Your application can be rejected if the lender learns that you have been switching between jobs frequently.

Unstable employment can sometimes prove to have a negative impact on your loan application. On the other hand, stable employment with a recognised institution on your application can have a positive impact.

In case your housing loan application was rejected, and you have only been working with the current employer for a short period of time. You can consider giving it some more time before re-applying for another one.

Documentation: Housing loans include a lot of documentation such as identity proof, residential proof, bank account statements, income tax returns, income proofs, property papers, documents approved by concerned authorities, etc. Your loan lender can reject your loan application even if one of the required documents are not submitted.

You can always consult the banks’ customer relationship executives to assist you with proper loan documentation.

FAQs

Which factors determine my home loan eligibility?
Banks/financial institutions consider the following factors when determining your loan eligibility:
- Age
- Annual Income
- Occupational stability
- Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
- Number of co-applicants
- Co-applicants’ income
- Credit score
- Other ongoing loans, if any
What is the difference between a fixed rate and floating rate home loan?
The rate of interest associated with fixed rate loans remain unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating rate loans can be revised from time to time depending on the RBI key policy rates. The equated monthly instalments can increase or decrease depending on the prevailing RBI rates in the case floating rate type loans.
Can I prepay my outstanding home loan amount?
Yes, you can choose to prepay your outstanding loan amount either partially or in full before the completion of your loan tenure. While banks do not charge any prepayment fee on floating rate loans, fixed rate home loans attract a penalty up to 2% of the loan amount if prepaid through refinance.
Can I avail tax deductions on my home loan?
Yes, you can avail tax benefits on both the interest and principal component paid against your home loan. As per Section 80C of the Income Tax Act, you can avail deductions up to Rs.1.50 lakh on the principal amount repaid annually.
Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to Rs.2 lakh on the interest repaid against a home loan annually.
Who can be a co-applicant?
The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.
What is Pre-EMI?
Pre-EMI is defined as the interest that is to be paid to the loan provider until the entire loan amount is disbursed. The Pre-EMI is payable on a monthly basis until the last disbursement, post which the regular EMI will be applicable comprising the principal and interest components.
What are the types of home loans available?
- Home Purchase Loan: Suitable for those looking to purchase a new house/flat or an under-construction property.
- Home Construction Loan: Can be availed by those looking to construct a house/property according to his/her plan.
- Home Conversion Loan: Suitable for those looking to purchase and move to another property when they have already bought a house with a home loan.
- Plot Loan: Can be availed by eligible borrowers looking to purchase a residential plot for the purpose of construction of a house/dwelling unit.
- Home Improvement Loan: These loans are sanctioned to those looking to repair/improve/renovate an already existing property.
- Home Extension Loan: Suitable for those looking to extend/expand/alter the structure of an existing property.
- Home Loan Balance Transfer: Can be availed by those who wish to transfer their outstanding home loan balance from their existing lender to another lender due to reasons such as reduced interest rates or better customer service.
- Home Loans for NRIs: These home loans cater to the housing needs of NRIs in the country. They also include PIOs and OCIs.
What is MCLR?
Marginal Cost of funds based Lending Rate is the benchmark rate set by a lending institution below which they cannot provide loans to their customers.
Can I switch from a fixed rate to a floating rate during my home loan tenure?
Yes, you can switch from a fixed to floating rate of interest on your home loan during the repayment tenure. However, you will be charged a conversion fee by the lender in such cases.
When does my loan repayment period begin?
The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.
Can I take 2 home loans at the same time?
Yes, you can take 2 home loans at the same time provided that your lender approves your eligibility to manage 2 Equated Monthly Instalments (EMIs) at the same time. However, the tax benefits on the second house will be different and you will be required to establish the property as self-occupied or let-out property.
Can I get 100% financing on a home loan?
No. Banks/financial institution do not grant 100% of the property value as home loan. Home loan lenders establish a margin on their loan i.e. the percentage of the cost that the lending institution will be covering. For example, if the margin on the loan is set at 10%, the bank will cover 90% of property value. In such cases, you will be required to a make a down payment of the balance amount, i.e. 10% in order to cover for the rest of the cost.
Does having a personal loan affect home loan eligibility?
When determining your home loan eligibility, the lender makes sure that your monthly repayments are not being affected by any other ongoing loans such as personal loan, two-wheeler loan, etc. However, other ongoing loans ultimately tend to affect your eligibility as your overall spending power is reduced. If your other loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.
Is personal loan better than home loan?
If you are buying a house, home loan is the best option. Usually you will not be eligible for a personal loan for as high an amount required for the purchase of a house. If you want extra money for non-specific personal needs, then go for a personal loan. Home loans also have an added advantage of top-up loans wherein you can request a top up on your loan amount to cover additional needs such as furnishing your house.
Can I buy a house with two loans?
No, you cannot avail two home loans for the same property. Any such practice will be considered fraudulent. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) ensures that fraudulent practices such as availing two housing loans for the same asset/property are prevented.
How do joint home loans work?
A joint home loan can be availed by adding a co-applicant such as your spouse, parents, or an immediate family member on your application. Adding a co-applicant will increase your home loan eligibility as the lending institution will also be considering the co-applicant’s income and credit score when determining your loan eligibility. All co-owners of the property are required to be the co-applicant for a loan. However, the co-applicants need not necessarily be the co-owner of the concerned property.

Personal Finance –

dev — Fri, 08 May 2020 17:36:09 +0000

Moratorium of 3 months on term loans announced by the RBI

The Reserve Bank of India announced that banks and Non Banking Financial Companies (NBFCs) are allowed to offer customers a 3-month moratorium on all term loans, which includes any loan which has a fixed repayment tenure. A moratorium is a period of time in which the Equated Monthly Instalment (EMI) of the loan doesn’t have to be paid. It is also called an ‘EMI holiday’.This would be applicable for home loans, auto loans, education loans, personal loans, consumer durable loans, loan against property, etc. Regional banks, rural banks, cooperative banks, and housing finance companies are allowed to offer this to customers. This will not affect the borrower’s credit history nor the asset classification of the lender. It will also not change the existing terms and conditions of the loan.

The actual conditions of the moratorium will depend on the bank that implements it. Banks have to receive approval from the boards that govern them to implement the RBI policy. If it is implemented, it would mean that EMIs are deducted from the borrower’s bank account only when the moratorium period expires. The tenure of the loan may get extended by 3 months. Additional interest of 3 months on the current outstanding loan amount will have to be paid, however, it is for the lenders to decide if it has to be paid on one instalment or as additional EMIs.+

The RBI offered this moratorium period as a means to tide over the impact of the Covid-10 pandemic on the economy and ease financial challenges for borrowers of term loans.

However, this does not apply to credit card payments.

Quick Personal Loan

dev — Fri, 08 May 2020 16:48:01 +0000

Instant Approval & Paperless Process

Loan Amount (₹)
Down Payment (%)
APR (%)
Term (Years)
Property Tax (%)
Annual Home Insurance ($)
Annual HOA ($)
PMI (%)
Calculate
Principal & Interest Expense:
Taxes:
Insurance:
HOA Expense:
PMI Expense:
Monthly Payment:

Features and Benefits of Personal Loan

Borrow up to Rs.40 lakh, if not more.
Opt for a loan tenure of up to 5 years and repay your loan in easy instalments.
Submit your application through online or offline channels.
Minimal paperwork and documentation required.
No restrictions on how the loan amount can be used.
Affordable interest rates ranging between 10% p.a. and 24% p.a.
Helps in consolidation of debts.
Quick approval.
Pre-approved loan offers.

Apply for a personal loan online by choosing the best offer from top banks. Avail personal loan on Bankbazaar for weddings, travel, home renovation, or an emergency financial requirement.

Best Personal Loans in India

Bank	Best for	Interest Rate
Citibank	Low Interest Rate	10.50% - 17.99%
HDFC Bank	Self Employed Professionals	10.75% - 21.50%
Kotak Mahindra Bank	Quick Turnaround Time	10.50% - 16.99%
ICICI Bank	Instant Disbursement(3 sec*)	10.99% - 16.25%
TATA Capital	Flexible Interest Rates	11.25% - 14.49%
Fullerton India	Instant Approvals	11.99% - 25%

Personal Loan Eligibility

Criteria	Salaried	Self-Employed
Age	21 years to 60 years	22 years to 55 years
Net Monthly Income	Rs.15,000	Rs.25,000
CIBIL Score	Above 750	Above 750
Minimum Loan Amount	Rs.50,000	Rs.50,000

Documents Required for Personal Loan

Requirements	Salaried Individuals	Self Employed
Proof of Identity	Passport, Voter’s ID, Driving License or PAN Card	Passport, Voter’s ID, Driving License or PAN Card
Proof of Residence	Passport or utility bills	Passport or utility bills
Proof of Income	Bank statement of salary account for the past two years	Bank statement of salary account for the past two years

If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:

Copy of your Passport
Visa Copy
Your official Email ID or the Email ID of the HR
Bank Statements
Salary Certificate or salary slips
NRO/NRE bank statements of the last 6 Months
Proof of Identity, Residence, Income, and Assets
Recent passport-size Photographs of yourself and the guarantors

Calculate personal loan EMI to understand how much money you will every month for repaying the loan.

Extension of EMI moratorium by RBI

The RBI has announced EMI moratorium to be extended by 3 months, while addressing the press this morning by Governor Shaktikanta Das.

The first moratorium was announced on the 27th of March 2020, soon after the announcement of Lockdown 1.0. In light of the recent advancements and the economic condition of the country, the central bank of India has decided to extend the moratorium period by 3 more months starting 1 June 2020 and ending 31 August 2020.

Other Fees & Charges

Processing fee
Goods and Services Tax or GST
Verification charges
Charges levied for issuing duplicate statement
Penalty for defaults
Penalty for pre-payment and part payment of loan

In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a personal loan.

Tips for Successful Personal Loan Application

Assess the need for your loan
Do proper research to get the best rate
Check your credit history
Review the fine print on your loan document carefully
Choose your loan tenure by assessing your repayment ability
Choose an affordable interest rate
Select your loan amount as per your convenience
Check your EMIs properly
Compare the processing fee
Select fixed or variable interest rate according to your preference

Do's	Don'ts
Do proper research before you apply for a loan	Do not sign your loan documents without understanding every point
Do read the fine print carefully	Do not make multiple inquiries regarding loans from different banks
Do save your money carefully when you are repaying	Do not take a personal loan without any serious purpose
Do pay your loan instalment promptly every single time	Do not be in a hurry to end your loan comparison process
Do evaluate your credit score thoroughly	Do not forget to pay your loan instalments

Different Types of Personal Loans in India

One can use your loan for any purpose as long as it is legal. However, there are certain lenders who provide different loan products on the basis of the purpose which is mentioned by the borrower in the loan application. On the basis of utilisation, these are the different types of personal loans which can be availed in India:

Personal Loan for Wedding: As the name suggests, a loan which is offered particularly for the purpose of meeting the expenses of a wedding is a wedding loan.
Personal Loan for Home Renovation: A home renovation loan is availed to meet the expenses of repairing or renovating your home.
Personal Loan for Vacations: A holiday loan is especially designed for vacations. You can avail a loan for your vacation and pay the expenses on a later date through easy EMIs.
Personal Loan for Pensioners: A loan which is specifically offered to pensioners is known as a pension loan.
Personal Loan for Festivals: Certain lenders offer a personal loan exclusively for festivals. If you are looking for a loan to make arrangements for a festival, you can apply for a festival loan.

How to Improve your Chances of Getting a Personal Loan?

Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
Rebalancing your income and debts: Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a loan.
Consider Co-signers/Guarantors: If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score. Their main aim is to guarantee that you will repay the loan. However, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan.
Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount.
Choose the Right Lender: Every lender has their own requirements when it comes to credit scores and income. When looking for personal loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check your credit score, and each time your full credit report is pulled out, your credit score drops, albeit marginally.

Pre-Payment and Part Payment in Personal Loan

A personal loan is given for a stipulated time period. This period is known as the loan repayment tenure. After you have taken a loan, you are expected to pay the debt off by the end of the loan repayment tenure through EMIs. However, after availing a loan, if you decide to pay off your debt before the end of the loan repayment period, it is called pre-payment or foreclosure.

Types of Pre-Payment:

There are 2 types of pre-payment. They are – full pre-payment and part pre-payment or just part payment.

1. Full Pre-Payment:

If you are paying off the whole outstanding loan amount before the end of the loan repayment tenure, it is known as full pre-payment.

Advantages of full pre-payment:

You can avoid paying hefty interest on your loan amount.
If you have the money to pay off your debt completely, you might as well get rid of the debt.
You can avoid paying pre-payment interest as well, if you have taken the loan from a lender who does not charge an interest on pre-payment of the loan.

Disadvantages of Full Pre-Payment:

If your lender charges a penalty on pre-payment of the loan amount, you might have to pay a big chunk of money for pre-paying your loan.
Before you foreclose a loan, check the other factors related to it. Foreclosing a personal loan means that you would be paying out a huge sum of money at once. This might not always be the best option.

2. Part pre-payment:

If you are paying off a part of the outstanding loan amount before the end of the loan repayment tenure, it is known as part pre-payment.

Advantages of part pre-payment:

You can choose to pay off a part of your outstanding loan amount if you have some readily available money.
Part paying your loan will reduce the outstanding principal amount which, in turn, will reduce the effective EMI amount.
The overall interest that you pay will also reduce significantly.

Disadvantages of part pre-payment:

If you do not make the part payment soon enough, you will not be able to maximise your savings.
If your lender charges a fee for part payment of personal loans, you might have to spend a significant amount of money for the same.

Things to do After Closing a Personal Loan

If you have recently paid off your personal loan (either repaid or foreclosed), you might have the idea that your obligation towards the loan is over. However, that is not the case. There are certain things that you should do after paying off your personal loan.

The No Dues Certificate or NDC: The No Dues Certificate or NDC is issued by your lender once you pay off the debt. This is one of the most important documents that you should collect immediately after paying off your loan. It is also a wise decision to retain this document for an extended period of time. This certificate validates the repayment that you have made. Without this document you cannot prove that you have paid off your debts. In case you are looking forward to taking another loan in the near future, you will need this document to prove that your previous loan has been paid off. Usually, this document is issued on spot by your lender if you are paying off the final amount through hard cash. If you are paying via check or NEFT or any other means, the lender will issue the NDC and will either send it to your registered address or will ask you to collect it from the branch office of the lender.
The Statement of Account or SoA: The Statement of Account or SoA, along with the NDC will help you prove that your debts have been completely paid off and have been paid on time. This is an optional document which is often issued by certain lenders. If your lender provides this document, you should consider getting it. However, you should also look for any sorts of discrepancies in the credit score. If you find something wrong, you can use the SoA to make the necessary changes to it.
Collection of unused cheques: If you have some cheque leaves which have not been used, you should collect those as well. The collection of the No Dues Certificate and the unused cheque leaves, usually, marks the end of the closure process for the loan.
Check your credit score after closing the loan: This is just a recommendation. It is not compulsory to check the credit score after the closure process ends. However, it is recommended that you check the score to make sure there are no differences in the score. If there are some chances of you availing another loan within 1 to 2 years of the closure of the current loan, it is highly recommended that you check the credit scores right after the closure of the loan.

Modes of Loan Payment or Repayment

There are a number of repayment modes which are offered by lenders. Although these modes might differ from lender to lender, the most common modes of repayment can be summed up as follows:

Electronic Clearance System or ECS: The ECS or Electronic Clearance System is one of the most commonly used repayment methods. It is an electronic mode through which funds are transferred from one bank to another.
Post Dated Cheques or PDCs: Post Dated Cheques, as the name suggests, are cheques which are issued by you for a future date. The lender will use these cheques on the mentioned date to deposit or encash the amount mentioned on it.
National Automated Clearing House: The National Payment Corporation of India (NPCI) offers a program called NACH to all the banks and financial institutions. The NACH allows the processing of transactions in real time. This method can be used for your loan repayments.
Debit mandate or standing instruction: You can give an instruction to your bank to pay off a particular amount of money to another bank or bank account at a regular interval. This is known as standing instruction or debit mandate. Your bank will be paying off the stipulated amount towards the repayment of your loan on a regular basis through this system.

How to Check Personal Loan Status?

There are two main modes of checking the status of your loan application. Most lenders offer both online and offline modes through which you can keep tracking your loan status.

1. Online Mode: Most lenders offer the option of logging in to their official portal to help you track the status of your loan application. You can use the application number or reference number which is issued by the lender for this purpose. On the other hand, if you have applied for a loan through a third-party aggregator website such as BankBazaar, you can just log in to its web portal and track the status of your loan application directly.

2. Offline Mode: If you are not comfortable using the online platform, you can also track the status of your personal loan application through the offline means. You can visit the branch office of your loan provider and check the status of your loan application. On the other hand, you can also connect with your lender over the telephone through their helpline or customer care number.

For both these methods, you would be required to provide a few basic details such as your name and the application number or reference number. Head to BankBazaar to know more about how to track your personal loan status

How to Get Personal Loan Statement?

You can easily get in touch with your lender either through their online web portal or in person and request for your loan statement. On most lender websites, you can just log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request for a statement which is either sent to your registered email ID or provided in the form of a PDF file which can be downloaded. Similarly, you can also visit the branch office of the lender from where you have availed the loan and place a request for a statement. In addition to that, you can raise a request for your personal loan statement through phone banking as well.

Personal Loan Top Up

A personal loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up loan will be subject to that of the existing personal.

Key features and benefits

Existing personal loan customers are eligible for the loan top-up provided that they have paid their EMIs regularly and have no pending payments.
Quick or instant disbursal of the top-up loan amount.
Minimum documentation required.
Zero processing fee offered by a number of lenders.
No collateral required.

Personal Loan Balance Transfer

The personal loan balance transfer facility gives customers the benefit of transferring their existing loan to another financial lender. This can be done if the other financial lender is offering a better interest rate, if the tenure is a lot more flexible, if they wish for a top up on their existing loan, etc.

Key features and benefits

Get a reduced interest rate on the existing loan amount.
Option to top-up the loan.
Avail flexible repayment options.
Avail benefits such as zero processing fee, waiver of last EMI benefit, etc.
To get better customer care service.

How to avoid rejection of personal loan application?

The approval of a personal loan application depends on a number of factors. When you apply for a loan, you should make sure that you are sufficiently fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for personal loans may vary from lender to lender, however, there are number of common criteria which include the age of the applicant, his or her income, credit score, status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid rejection of your loan application. Although there are other options which you can resort to in case your loan application gets rejected, it is recommended to double check before applying to avoid the chances of rejection of application.

Personal Loan FAQs

How to Get Personal Loan Statement?

What is a personal loan?

A personal loan is a type of unsecured loan that that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.

How does a personal loan work?

You borrow a loan when you are in need of credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs over the course of the loan repayment tenure.

What is an EMI?

EMI or Equal Monthly Installment is the amount that a borrower pays each month towards an outstanding loan to clear off the debt within a specific time frame. EMI includes principal and interest.

What is a credit score? Why is it important?

A credit score or rating is a number that indicates how you repay debt. It is important because your score determines whether you qualify for loans, credit cards, and other credit facilities.

How does my credit score impact the calculation of my loan amount?

Your credit score is an indicator of how you handle your finances. It considers your credit card bill payment history, repayment of past and current loans, and other criteria. Your credit rating tells lenders how likely you are to repay them if they grant you a loan. The better your credit score, the better the chances are of getting a higher loan amount.

What is the maximum amount of loan I can get?

The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.40 lakh.

What is a prepayment and how does it help in repaying my loan?

If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called a prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. And since the principal reduces, your interest cost will also reduce. Also, your tenure gets shortened this way, helping you pay off the loan ahead of time.

How much loan can I get if I earn a monthly salary of Rs.60,000?

For personal loans, most lenders fix the minimum monthly income requirement between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of Rs.60,000, you can be fairly certain that you won’t find it difficult to borrow a loan. The exact amount that you will be offered will, however, vary based on your repayment capacity, debt-to-income ratio, the lender’s terms and conditions, etc.

Is the PAN card mandatory when applying for personal loans?

Yes, you are required to have a PAN card.

How much loan can I get if my salary is Rs.25,000?

With a monthly salary of Rs.25,000, you are likely to be eligible to borrow a loan. However, the lender will also check if you have any other outstanding loans, your credit score, repayment capacity, etc. before deciding how much you can borrow. You can use a personal loan eligibilitycalculator tool to know how much you are eligible to borrow with a monthly salary of Rs.25,000.

Is there an upper age limit for personal loans?

Yes, the upper age limit to apply is 60 years. This may, however, vary from lender to lender.

Is Form 16 required to borrow a personal loan?

Yes, lenders will require you to submit your Form 16.

Is it mandatory to submit my Aadhaar card to borrow a personal loan?

Yes, most lenders will require you to submit your Aadhaar card.

What is the minimum salary that an individual is required to earn to apply for a personal loan?

The minimum salary requirement will vary from lender to lender. Most lenders, however, will require you to earn at least Rs.15,000. If you reside in a metropolitan city, you may have to earn between Rs.20,000 and Rs.25,000.

Can you get a personal loan if you are retired?

A number of banks offer loans for pensioners. Thus, if you are a pensioner, you will be able to borrow a personal loan.

Can I get a personal loan with a credit score below 500?

If your credit score is under 500, there is a good chance that your loan application may be rejected by the lender. Even if your application is approved, you may have to pay a high rate of interest for the loan.

Can I borrow a personal loan to pay for my house deposit?

Yes, you can. Banks and financial institutions that offer loans do not lay down any restrictions on how the loan amount can be used.

How long does it take to get approved for a personal loan?

It may take anywhere between a few seconds to up to 48 hours. If you are a pre-approved customer, your loan amount will be approved very quickly. Else, you may have to wait for up to 48 hours to get approval.

Will borrowing a personal loan affect my credit score?

Once you borrow a loan, your credit score will improve if you pay the required EMIs as per the schedule specified by your lender. On the other hand, your credit score will drop if you miss EMI payments.

Is borrowing a personal loan better than using a credit card?

Personal loans are a good option if you need funds for a large expense or wish to consolidate multiple debts. The key benefit of a personal loan is that you can pay monthly instalments to repay your borrowed loan amount. Further, you can also choose a repayment tenure between 1 year and 5 years to suit your repayment ability. Credit cards, on the other hand, are a good choice if you want to finance smaller expenses, provided that you can repay your balance in full at the end of every month.

Is it smart to consolidate my debts with a personal loan?

Yes, if you have multiple outstanding debts, it is best to avail a loan and consolidate your debts. Doing this will make repayments a whole lot easier and help you clear off your consolidated loan amount in affordable instalments.

What is the best reason to give when applying for a personal loan?

Most lenders will not require you to provide a reason when applying for a loan.

How long do I have to be employed for to get a personal loan?

Most lenders will require you to have a work experience of at least 2 years. This condition, however, varies from lender to lender.

Can I use a personal loan to purchase a car?

Yes, you can use a loan to purchase a car. That said, if the sole purpose of the loan is to purchase a car, it is highly recommended that you avail a car loan since it is likely that you will be offered a lower rate of interest.

How will I know if my personal loan had been approved?

You can track the status of your loan application through online/offline channels. Also, the lender will let you know if your application has been approved.

How can I access the funds that I receive through my personal loan?

Most lenders disburse the loan amount into your savings bank account.

How do I get a top-up on my personal loan if I require more funds?

Keep in mind that not all lenders offer top-up personal loans. However, if the lender does offer top-up loans, you can apply for the same through online or offline channels.

Will I get a loan account statement detailing my payments and outstanding balance?

You can log into your lender’s customer portal to view your loan account statement.

What should I do if I want to repay my loan (partially or in full) during the loan repayment term?

Most lenders will allow you to make pre-payments or pre-close your loan during the loan repayment term. You will, however, have to pay a nominal charge to the lender for doing the same. Keep in mind that most lenders will only allow you to prepay or pre-close your loan after 1 year of borrowing the loan. If you want to prepay/pre-close your loan, ensure that you inform your lender of the same.

Do personal loans offer tax exemptions?

Personal loans only offer tax exemptions if you are using the loan amount for renovation of your house, to pay for educational expenses, or to expand your business.

What is the impact of GST on personal loans?

Prior to the implementation of the Goods and Services Tax (GST), a service charge of 15% was applicable to personal loans. Post the introduction of the GST on 1 July 2017, a service tax of 18% is applicable on personal loans. Thus, there is a 3% increase in the payable service tax. The service tax, however, is only levied on the processing fee, prepayment charges, etc., and not on EMI payments.

Can I get a personal loan without submitting my salary slips?

If you are a salaried employee looking to borrow a personal loan, you should submit your salary slips as proof of employment and income. Lenders will not process your application unless you submit the required documents.

How do I cancel my personal loan after the loan is disbursed?

You can cancel your loan application before the loan amount is disbursed into your account by submitting a written application for the same. You will also need to pay the loan cancellation fee to the lender. Once the loan amount has been disbursed into your account, most lenders will not allow you to cancel it. You can, however, pre-close the loan. If you are thinking of cancelling your loan because you pay a high interest rate on your loan, you can consider transferring your outstanding loan balance to another bank or financial institution.

Since a longer tenure means lower EMIs, should I always choose a longer tenure?

No, not necessarily. This depends on your ability to repay the loan. In other words, how much you can afford to repay every month. If you’re able to afford only a smaller amount each month, choose a longer tenure. But remember that this will result in you paying more interest over the longer duration. Also, it will keep you indebted to the lender for a longer time.

How can I repay my personal loan?

There are a number of ways by which you can repay your loan. These include:

Via Electronic Fund Transfer (EFT)
By cheque
By physically paying at a branch of the lender
Via standing instruction for automatic deduction from your account

How often should I repay my loan?

This depends on the lender you choose. Normally, every personal loan repayment is calculated on the basis of a monthly repayment pattern. It includes the principal and interest components that you’re expected to repay each month.

How can I avoid defaulting on my personal loan repayments?

The measures given below can help you pay your loan instalments on time:

Apply only for a loan amount that you can afford to repay on time
Don’t apply for a larger loan simply because you’re eligible for it
Choose the tenure wisely. It will determine how much you have to repay every month
Choose a loan with a low interest rate
Look out for other rates, charges, and hidden fees
Plan your finances well
Give the utmost priority for your EMI in your monthly budget
Make a repayment schedule of your own
Set reminders for each month’s repayment

What will happen if I default on my loan repayment when I have offered collateral?

Personal loans are usually unsecured loans. Sometimes, if you don’t fulfil the loan criteria, you may be able to get a loan by offering collateral. In such cases, you have to be extra careful about repaying the loan on time. If you default on your repayment, the lender may take possession of your collateral to cover their losses. Defaulting in such circumstances could make you lose your collateral.

If I have a guarantor, what will happen if I default on my EMIs?

A guarantor is someone who guarantees repayment on your behalf. So, if you’re unable to repay the loan as and when the installments are due, your guarantor will be asked to pay.

If I have a co-applicant, what will happen if I don’t repay my loan on time?

All co-applicants for a loan are equally responsible for repaying the loan. If one applicant is unable to repay the loan, the remaining applicants are expected to do so. So, if you’re not able to pay the EMIs on time, your co-applicant is expected to pay. If your co-applicant also fails to pay the installments on time, it will result in a repayment default.

Are there any charges for prepaying my personal loan?

Some lenders may ask you to pay a fee if you want to prepay a part of your loan. Others may either waive the fee or may not have prepayment charges at all.

How is my prepayment fee calculated?

This depends on your lender. Some lenders charge you a fixed fee for each prepayment. Others may charge you a percentage of the amount outstanding or a percentage of the amount prepaid.

Can I offer collateral and get a loan if I have bad credit?

Yes, you can. This is another way to get a personal loan even if your credit rating is bad. Some lenders may offer you a loan if you’re willing to offer them something as collateral. But keep in mind that the lender has every right to possess your collateral if you don’t repay the loan as promised.

Will I be able to get a loan along with a co-applicant if I have bad credit?

Yes, applying for a loan along with a co-applicant who has good credit can help you get a loan even if you have bad credit. The scores of both applicants are considered when processing a joint-loan application. This way, the good credit of your co-applicant will help balance out your poor credit. But, remember that your co-applicant will be held responsible for repaying the loan if you are unable to do so.

What credit rating should I have to get a loan?

A score of 700 and above is considered to be good. This should be enough to get you a loan without any hassles. But, a score of 800 or more will get you into the good books of lenders. This could get you better interest rates and repayment options.

Why should I take a personal loan?

An unsecured loan can help you during tough financial situations. You can easily apply for one if you qualify for it. Lenders usually process your loan quickly. You won’t have to offer any collateral either.

What does the process of applying for a loan include?

The process of applying for a loan includes the following steps:

Searching for the right loan
Getting the required documents ready
Applying for the loan
Submitting the documents
Application verification and approval
Loan sanctioning and disbursement

What do I need to apply for a personal loan?

To apply for a loan, you need to make sure that you are first eligible for it. Don’t apply for a loan for which you aren’t eligible. This can hurt your credit score. Apart from checking your eligibility, you also need to make sure that you have all the necessary documents in hand before applying.

What will happen if I don’t have one or two of the required documents?

Lenders usually require you to have all the required documents in order before you apply. However, if you don’t have one or more of these, you can talk to the lender and find out if there is an alternative solution. If these are vital documents, your loan will not be sanctioned till you give them.

When will a bank reject my loan application?

A bank can reject your loan application if you apply for a loan for which you are not eligible. It can also reject your application if you fail to submit the documents it requires.

Is part- prepayment allowed on my personal loan?

Personal loans can be prepaid in parts or as a whole at any stage. Some banks may charge a prepayment penalty for the same. Some banks do not allow part-prepayment. So, check all the documents before finalising on the loan with the bank.

Will I need a guarantor to take a personal loan?

No, you will not need a guarantor.

Can I club my income with my spouse to take a personal loan?

Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.

How will I be eligible for a relationship discount?

If you have been a customer for a particular bank for a while, then the bank might reduce the loan interest rate or other such charges. Some banks will also provide you additional services.

Do I need to open a bank account to service my personal loan?

If you do not have an account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.

How do I stop executives from calling me to let me know about other loans?

Some banks let you register yourself for ‘Do Not Disturb’. If you opt for this, the executives will not disturb you with cold sales calls.

What is the best way to apply for personal Loan?

The best way to apply for a personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose loan from various banks and NBFCS as per their selection.

How to Track Personal Loan Application status?

BankBazaar.com offers it’s loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.

Is my Data Safe with BankBazaar.com?

BankBazaar.com is India’s premier financial marketplace and takes utmost care in ensuring that all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.

Is BankBazaar.com Personal Loan Tool Free?

Yes BankBazaar.com personal loan calculator tool is totally free and the portal does not charge any fee for its services from users.

How do I obtain a Duplicate Repayment Schedule for my loan account?

You can request the bank for a personal loan duplicate repayment schedule either via your net banking account, or by calling the customer care unit or by writing to them via your registered email ID.

How can I get my address changed in my loan account?

You can change your address of residence linked to your loan account via your net banking account or by visiting the bank branch. At the bank branch, you will have to fill in the address-change form and submit relevant address proof documents that are authorised or attested by the State or Central Government.

How can I make sure I get approved for a personal loan?

Ensure that you meet the eligibility criteria set by the bank, such as your age, credit score, minimum monthly income, work experience and that there are no discrepancies in the documents that you submit to the financial lender.

Do personal loans affect mortgage?

Not necessarily, but it depends on your current credit score or past repayment record as well as your net monthly income and lender’s discernment if you can repay the loan without any payment lapses.

Can you get a mortgage loan if you have a personal loan?

Yes you can, but it depends on your income and your ability to pay the EMIs of both the home loan and the personal loan.

How many personal loans are too many?

Most lenders do not allow a customer to avail a second personal loan if he/she is still repaying the first personal loan. However, while it is still possible to have multiple personal loans at once, banks take into consideration the debt-to-income ratio of the individual, which will increase the chance of the personal loan being rejected if he/she has existing loans.

What is RTGS?

Real Time Gross Settlement (RTGS) is a real-time money transfer interbank transfer system. Individuals or institutions can send larger amounts of money via RTGS and once the amount is credit in the account of the beneficiary, it is irreversible.

What is NEFT?

National Electronic Funds Transfer (NEFT) is a fund transfer facility between one NEFT-enabled bank account to another. NEFT transfers are not real time like RTGS are the transfers are carried out in batches during the working hours of the bank.

What is SI (Standing Instructions)?

Standing instructions is basically instructions given by a bank customer to the bank to make a payment to another bank account or to the bank at regular intervals or as a one-time payment – as per the requirement. As per the instructions, the money in the bank account of the customer will be debited and remitted in another account as per the specified time of the customer.

How to check personal loan balance?

Bank customers can check their personal loan balance through the repayment schedule that will be issued by the lender.

What happens if a personal loan is not paid?

If the borrower fails to pay the EMI, the bank charges a penal interest on the overdue amount. Financial lenders usually charge a penal interest of 2%-3% per month of the overdue amount.

Finance Tool

dev — Fri, 08 May 2020 16:45:40 +0000

Finanace Tools

Loan Amount (₹)
Down Payment (%)
APR (%)
Term (Years)
Property Tax (%)
Annual Home Insurance ($)
Annual HOA ($)
PMI (%)
Calculate
Principal & Interest Expense:
Taxes:
Insurance:
HOA Expense:
PMI Expense:
Monthly Payment:

Top Home Loan Schemes & Offers

Home Loan Eligibility

Table Header	Table Header
Age	Minimum Age: 18 years and Maximum Age: 70 years
Resident Type	The applicant must be (any one): Resident Indian Non-Resident India (NRI) Person of Indian Origin (PIO)
Employment	The applicant can be (any one): Salaried Self-employed
Net Annual Income	At least Rs.5-6 lakh depending on the type of employment
Residence	The applicant must have (any one): A permanent residence A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit score	A good credit score of at least 750 or more obtained from a recognised credit bureau

Home Loan Documents Required

Identity Proof (any one)	Residence Proof (any one)	Other Documents
Driving License	Copy of Electricity Bill/Water Bill/Telephone Bill	Employer Identity Card
PAN	Copy of valid Passport/Aadhar Card/Driving License	Duly filled loan application form affixed with 3 passport size photograph
Voter ID		Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport		Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

For Self-employed Applicant/Co-applicant:

For Salaried Applicant/Co-applicant:

Income Tax Returns for the last 3 years

Salary Slips for the last three months

Certificate of Qualification (for Doctors/C.A. and other professionals)

Copy of Form 16 or Income Tax Returns for the last two years

Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years

Business License Details

Business address proof

TDS Certificate

Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one)

Residence Proof (any one)

Personal Loan EMI

Let us assume that these are the details of your personal loan:

Loan amount	Loan tenure	Interest rate	Processing fee	Loan EMI
Rs.7 lakh	5 years	10.99%	2%	Rs.15,216

Latest Update

Moratorium of 3 months on term loans announced by the RBI

The RBI offered this moratorium period as a means to tide over the impact of the Covid-10 pandemic on the economy and ease financial challenges for borrowers of term loans.

However, this does not apply to credit card payments.

Total amount payable

Total amount payable
Total interest due	Rs.2,12,972
Processing fee	Rs.14,000
Loan quantum	Rs.7,00,000
Total amount to be paid	Rs.9,26,972

Track Your Home Loan Application Status

EMI breakup for a personal loan of Rs.7 lakh

Year	Principal (in Rs.)	Interest (in Rs.)	Total of Principal and Interest (in Rs.)	Outstanding Loan Balance (in Rs.)
2019	54,056	37,241	91,297	6,45,943
2020	1,17,401	65,193	1,82,594	5,28,541
2021	1,30,976	51,621	1,82,597	3,97,566
2022	1,46,116	36,476	1,82,592	2,51,450
2023	1,63,008	19,587	1,82,592	88,441
2024	88,440	2,857	91,297	0

We have assumed here that you will not be making any pre-payment. Click here to fully understand how a personal loan EMI calculator works.

Home Loan EMI Calculator

Let us assume that these are the details of your home loan:

Loan amount	Loan tenure	Interest rate	Processing fee	Loan EMI
Rs.7 lakh	5 years	10.99%	2%	Rs.15,216

Total amount payable
Total interest due	Rs.17,07,729
Processing fee	Rs.15,000
Loan quantum	Rs.30,00,000
Total amount to be paid	Rs.47,22,729

Year	Principal (in Rs.)	Interest (in Rs.)	Total of Principal and Interest (in Rs.)	Outstanding Loan Balance (in Rs.)
2019	90,966	1,44,420	2,35,386	29,09,033
2020	1,95,735	2,75,037	4,70,772	27,13,297
2021	2,15,697	2,55,077	4,70,774	24,97,601
2022	2,37,692	2,33,080	4,70,772	22,59,909
2023	2,61,932	2,08,840	4,70,772	19,97,977
2024	2,88,644	1,82,130	4,70,774	17,09,334
2025	3,18,078	1,52,695	4,70,773	13,91,257
2026	3,50,515	1,20,258	4,70,773	10,40,742
2027	3,86,258	84,514	4,70,772	6,54,483
2028	4,25,649	45,123	4,70,772	2,28,835
2029	2,28,835	6,552	2,35,387	0

Car Loan EMI

Loan amount	Loan tenure	Interest rate	Processing fee	Loan EMI
Rs.18 lakh	7 years	9.12%	2.5%	Rs.29,070

EMI breakup for a car loan of Rs.8 lakh
Total interest due	Rs.6,41,887
Processing fee	Rs.45,000
Loan quantum	Rs.18,00,000
Total amount to be paid	Rs.24,86,887

Year	Principal (in Rs.)	Interest (in Rs.)	Total of Principal and Interest (in Rs.)	Outstanding Loan Balance (in Rs.)
2019	94,113	80,307	1,74,420	17,05,887
2020	2,01,551	1,47,290	3,48,841	15,04,336
2021	2,20,719	1,28,121	3,48,840	12,83,616
2022	2,41,713	1,07,127	3,48,840	10,41,903
2023	2,64,703	84,138	3,48,841	7,77,201
2024	2,89,879	58,962	3,48,841	4,87,322
2025	3,17,447	31,395	3,48,842	1,69,873
2026	1,69,873	4,547	1,74,420	0

We have assumed here that you will not be making any pre-payment. Click here to fully understand how a car loan EMI calculator works.

How EMI Calculators Work?

To put it quite simply, an EMI calculator is a tool that will require you to enter the amount you want to borrow, the duration of the loan, the interest rates and the processing fee and it will do the rest. The basic formula that works behind an EMI calculator is:

E = P x r x (1+r)^n/((1+r)^n – 1)

Here:

E is the amount that you will have to pay every month; basically the EMI.
P is the amount that you want to borrow.
r is the rate of interest that is applicable but calculated on a monthly basis instead of the annual rate of interest. It is obtained by using the formula r = (annual interest/12) x 100.
n is the duration of the loan in terms of months. So if you select a term of 5 years, n will be 60.

This is the most basic formula that will be used by the calculator but there are some that may even include things like the processing fee for the loan, into the calculation of the monthly instalment. The processing fee will generally be a certain percentage of the amount being borrowed and can range from 1% to 3% but since it is decided by the bank it can be different for each bank.

Whether you obtain a secured loan (home loan or car loan) or an unsecured loan (personal loan), you have to repay the loan through Equated Monthly Installments (EMIs) over a specified period of time called the loan tenure. The cost of your loan is calculated in terms of monthly payments. Loan EMI calculation can help you find out the monthly cost of your loan. Accordingly, you can create a monthly budget to create a balance between your income and expense.

Here are some important reasons why it is advisable to calculate your loan EMI beforehand:

- Loan amount: It is good to borrow only as much as you can repay. Depending on the loan EMI calculation, you can choose an appropriate loan amount to meet your financial needs. Maintain a low debt-to-income ratio so as to avoid defaulting on your loan.
- Loan tenure: A short loan tenure means higher EMI payments and lower interest payment whereas a long loan tenure means lower EMI payments but higher interest payment. Calculate EMIs for different loan tenures using the online EMI calculator. Choose a suitable loan tenure so as to avoid a higher interest payment.
- Loan EMI: A borrower with a high debt-to-income ratio has higher chances of defaulting on the loan. If you default on a secured loan like a car loan, the bank will repossess your car and put it up for auction in order to compensate for the outstanding dues. Which is why, your loan EMI payments must not exceed more than 50% of your income.

Manual loan EMI calculation can be cumbersome and prone to human error. With the advent of technology, it has become easier to calculate loan EMI online with just a few clicks of your mouse. Use the free online EMI calculator available on a reliable third-party website or a bank website to get instant and accurate results. Online EMI calculators can be used to calculate the cost of any type of loan scheme that you choose.

How to Use an EMI Calculator?

To ensure your loan EMI payments are within your repayment capacity, you can either adjust the loan tenure or the loan amount, or both. You can’t adjust the loan interest rate and processing fee levied by a bank. However, you can compare various loan offers and choose one with a low interest rate and zero processing fee to lower the cost of your loan.

Components of an EMI Calculator

There are three parts to the information that an EMI calculator provides. The first is the EMI itself, the second a breakup of the payments due and the third the amortisation table.

The EMI

The EMI or the Equated Monthly Instalments are the amount that you can expect to pay if you go in for a loan. It includes payments of the principal and the interest that are applicable on the loan. It is the most important information that the calculator provides since the EMI is at the basis of the decision about the affordability of the loan.

The breakup

The breakup is a breakup of the entire amount that you will pay to the bank or the financial institution. It will tell you the amount that will be paid back as the principal and the amount that will be paid as the processing fee for the loan. It will also tell you how much of the repayment will be the interest on the loan.

Amortisation tables

The amortisation table is a snapshot of the progression of the loan and tells you how much you will have paid back at the end of each year, as the loan progresses. It also helps you understand how the interest on the loan will be paid back. It also shows you how much of the initial EMIs will be the interest and how much will be the principal will be.

Loan Amortization Table

Most banks offer car loans up to 85% of the on-road price or ex-showroom price of the car. Tip to borrowers – make a higher down payment to lower the cost of your car loan. Let’s say the total price of your dream car is Rs.15 lakh and you have Rs.5 lakh to put as down payment, then a car loan of Rs.10 lakh can be used to pay the remainder of the cost.

To calculate the monthly cost of your car loan, use the free online EMI calculator. Enter the principal loan amount, loan tenure, interest rate and processing fee into the tool and click on the ‘calculate’ button. You will get instant and accurate results in the form of an amortisation table, a pie-chart, and a colorful bar graph.

The amortisation table represents the periodic repayment schedule of your car loan. It consists of the monthly EMIs, interest payments, and the outstanding dues after each EMI payments.

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EMI Calculator To Suit Your Loan

Topbankloan has customised its EMI Calculator to suit different loan schemes. To calculate your EMIs on your personal loan, navigate to the Personal Loan EMI Calculator provided under the sites ‘Financial Tools’ section. Similarly, you can calculate EMIs on your auto and home loans using BankBazaar’s Car Loan EMI Calculator and BankBazaar’s Home Loan EMI Calculator, respectively.

Effect of loan prepayment on your EMI payments

Should you find yourself flush with cash, you may decide to prepay your loan (i.e. pay an extra amount towards principal). If so, you can calculate your new EMIs by adjusting for the amount you wish to prepay. This will let you know how much interest you save by reducing the principal outstanding. (interest is calculated on the principal outstanding)

Factors that can impact your EMI amount

When you are planning to take a loan for your financial needs, you need to calculate the amount that you will have to pay through equated monthly installments (EMIs) in order to match with your repayment capability. For this, you will need to factor in the loan amount and rate of interest (ROI) along with the term of your loan. However, your equated monthly installments (EMIs) can be impacted for a number of reasons. Mentioned below are the scenarios when a loan EMI can change:

When the interest rate on the loan changes When you are checking your monthly amount, the EMI calculator usually calculates the EMI that you have to pay using a fixed interest rate. If your loan contains a fixed interest rate then your EMI will not be affected throughout the entire loan tenure. However, in case you have opted for a scheme with floating rate of interest, your applicable ROI is subject to change depending on the ongoing repo rate announced by the Reserve Bank of India (RBI). In such a scenario, the EMI for your loan can also get impacted – negatively or positively. If you don’t want a change in your EMI amount, you can ask the lender to adjust the term of the loan instead of the EMI.
When the loan is partially repaid Most of the banks and non-banking financing companies offer the customers the benefit of making a lump sum prepayment towards their loans. Once you make a prepayment for a loan, the principal amount goes down. This, in turn, can reduce the outstanding debt that you will have to repay. Therefore, the EMI of your loan can see a decline. While you might need to pay additional charges in order to avail this facility or can be eligible to make a prepayment only after a certain amount of time, depending on the lender, many financing organisations also offer their customers the benefit of zero prepayment fee. Make sure to check the terms and conditions that your lender has regarding the prepayment facility.
When you choose a flexible EMI scheme If you avail a loan with a flexible EMI scheme, you will have the benefit of paying a monthly installment amount that suits your income. In a step-up EMI plan, the EMI amounts gradually increase as the term of the loan progresses to stay in pace with your increasing salary. This scheme better suits individuals who are at the beginning of their careers. On the other hand, in case a person chooses a step-down EMI plan, the amount of the EMI that he or she has to pay will decrease with time. This scheme is helpful for people who are close to their retirements.
When the term of the loan changes If a person manages to get his or her loan tenure extended or reduced, the EMI payable towards the loan will also increase or decrease accordingly in order to adjust to the new loan tenure. If you opt for a long tenure, you will have to pay more money towards interest in the long run. However, a shorter term of the loan will translate to less amount to be paid as interest. Therefore, a change in loan tenure should be done only with a thorough understanding of the aftereffects.

Pick a suitable loan tenure to save up on interest payments

Pick the most affordable loan by comparing EMIs for different loan tenures. This can be done by altering the loan period in the calculator; keeping the loan amount and interest rate the same. By lengthening the loan period for a chosen loan scheme, the EMI amount can be reduced. Using the calculator, you can quickly compare EMIs for different tenures and choose the one that most suits your budget.

Calculate loan EMIs for fixed and floating interest rates

Understand loan repayment schedules by altering the interest rate, keeping loan amount and tenure the same. In case of fixed rate loans, interest rates remain constant over the loan tenure. In this case, EMIs also remain constant. This is usually the case with car loans and personal loans.However, in case of floating rate loans, interest rates can vary with movements in market rates. In this case, EMIs will change. This is particularly beneficial for home loans.Input the new interest rate in BankBazaar’s EMI Loan Calculator to compare EMIs before interest rate changes and after. A new amortization schedule is also generated to reflect changes in EMIs.

EMI Calculator for Flat Rate of Interest

A fixed rate of interest is one where the interest rate on a loan remains fixed throughout the loan repayment period (loan tenure). This type of interest rate is comparatively higher than a floating rate of interest. Fixed rate of interest is better for those who don’t prefer the risk of fluctuation that is an integral part of a variable interest rate. In the case of a fixed rate of interest, the loan EMI remains the same throughout the loan tenure.

The online loan EMI calculator can be used to calculate loan EMIs with a fixed rate of interest. Depending on the results, the borrower can carefully plan his or her monthly budget in order to maintain a low debt-to-income ratio. All one has to do is enter the loan amount, loan tenure, and fixed rate of interest rate into the tool and click on the ‘calculate’ button to get instant and accurate results. If there is a processing fee charged by the bank, enter the processing fee into the too. If you want to prepay your loan before the end of its loan tenure, you can enter the prepayment amount into the tool to get a revised amortization schedule. Banks charge a prepayment penalty for loans with a fixed rate of interest.

EMI Calculator for Floating Interest Rate

Floating rate of interest changes depending on the market-lending rate. It is also known as variable rate of interest. If the lending rate increases, the floating interest rate will also increase. Due to the risk of fluctuation, the floating rate of interest is usually lower than the fixed rate of interest. With a floating rate of interest for a specified loan tenure, you can either expect your EMI to reduce or increase depending on the rise in the interest rate.

When there is an increase in the floating rate of interest on your home loan, the bank will give you the option to either increase your EMI and keep the same loan tenure or to keep your EMI the same and increase the loan tenure. If your loan tenure reaches the upper limit, then the bank will give you the option to prepay a part of your loan. Using a home loan EMI calculator for various combinations of loan tenure and interest rates can help you make a smart decision with regards to loan repayment. Some banks may waive off the prepayment penalty fee for loans with a floating rate of interest.

Types of EMI calculator

Home loan EMI calculator

The home loan EMI calculator comes packed with features that can range from the obvious to the not so obvious. It, obviously, shows the exact EMI that will be payable every month for a specific amount borrowed and a specific tenure. The feature that are not so obvious is the fact that this calculator can also provide the facility to include planned pre-payments towards the home loan. This means that when the calculator shows you the instalments payable, it has already accounted for prepayments and has also included them when showing the breakup of the expenses. The detailed break up will include the amount borrowed, the interest payable, the amount you will pay through prepayment, the processing fee and the fee for prepayment.

Car loan EMI Calculator

The car loan calculator is a tool that can be used to calculate the exact amount that you will have to pay on a monthly basis when you decide to take a car loan. This calculator too will collect information related to the amount you wish to borrow, the interest rates, the processing fee and the tenure of the loan and provide you with the amount that you will pay every month. Down payments for the vehicle don’t have to be considered when using this calculator and it too comes with the breakup of the expenses and the amortisation table.

Personal loan EMI calculator

The personal loan EMI calculator is the ideal tool for deciding how much you can afford to pay back since it is specific to personal loans. It too collects details of how much you wish to borrow, the duration, interest rates and the processing fee for the loan. It can also be customised to take into account any prepayments that you intend to make before telling you the EMI that you will have to pay.

Business Loan EMI Calculator

Business loans like any other type of loans are repaid through equated monthly installments over a specified period of time. Here again, carrying out manual EMI calculation can be time-consuming and prone to human errors. Therefore, it is advisable to use an online business loan EMI calculator that is available on the bank website or a reliable third-party website. The tool can be used any number of times for free. It is not only simple and easy to use but also instant and accurate in terms of results. One major advantage of using a business loan EMI calculator is the flexibility to try out different combinations of loan tenure, loan amount, and interest rate in order to save money on interest payments. Business Loan EMI is calculated using the below formula:

E = P*r* (1+r)^n/([(1+r)^n]-1), where E is the equated monthly installment, P is the principal loan amount, r is the interest rate, and n is the loan tenure.

Enter the business loan amount, interest rate, and loan tenure into the tool and click on the ‘Calculate’ button. You will get an amortization table which represents your periodic loan repayment schedule. The table will consist of the EMIs, outstanding dues after each EMI payment, and interest payment. Using the business loan EMI calculator, you can pick a suitable loan tenure and a loan amount within your repayment capacity. Sometimes, borrowers choose to prepay a part of the loan amount before the end of the tenure in order to reduce the repayment period or the interest payment. The EMI calculator can also be used to get a revised loan repayment schedule that includes business loan prepayment.

Simple Interest Loan EMI Calculator

A simple interest loan EMI calculator can help you calculate the simple interest on a given loan amount for a specified loan tenure at the applied rate of interest. The tool is simple and easy to use. All you have to do is input the borrowed amount, the simple interest rate, and the loan tenure into the tool. Click on the ‘calculate’ button to get instant and accurate results. For example, if you borrow a loan of Rs.3 lakh for 3 years at a simple interest rate of 3% p.a., you have to pay a simple interest of Rs.27,000 which is Rs.750 per month.

EMI Calculator in Excel

Apart from the online calculators, EMI calculators can also be configured in an Excel sheet. To do this you will need to know the formula that makes an EMI calculator works and also how to use formulae in excel sheets. The one disadvantage of the excel sheet calculator is that you need to know how to configure it and also need to input the interest rate after calculating the monthly rates. It also does not take into account the processing fee. By contrast, the online EMI calculator can take the interest rates as annual rates and convert them to monthly rates on its own. It can also include the processing fee and other smaller features like prepayments.

How to calculate your EMI using Excel

Calculating the EMI for your loan is crucial to determine whether it matches your repayment capability or not. Applying for a loan that exceeds your ability to repay the debt can lead to the rejection of your application. If you apply for a loan wherein the EMI is equal to your maximum repayment ability, your chances of defaulting severely increases. In case you are not able to check your EMI using an online EMI calculator, you can also do the same using an Excel spreadsheet. All you need to do is use the PMT function to calculate your monthly installments. The syntax for the excel function is:

PMT (rate, nper, pv)

Here,

pv = The principal amount or the present value

rate = The fixed rate of interest at which the loan is borrowed

nper = The number of payments to be made to repay the entire debt

How Are EMIs Calculated?

The mathematical formula for calculating EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]. (P is the principal loan amount, R rate of interest per month and N is the the number of monthly instalments). Manual calculations are too complicated to perform accurately, which is why many borrowers are left confused after availing a loan. Understanding this pain-point led BankBazaar to develop one of the easiest and most user-friendly online Loan EMI Calculators.

FAQs

1. Are the calculators for home, car and personal loans the same?

In most cases they can be the same since all three loans work off the same basic set of information like amount borrowed, prepayments, tenure, interest rates and processing fee however with some calculators there could be a restriction placed on the amount to borrow based on the type of loan.

2. Are calculators more accurate than excel sheets?

The only difference between the two is that with a calculator, it is a ready to use tool whereas with an excel sheet, you may have to program the calculator before you start using it. Such programing can be a little tedious and complicated, especially if you are not very comfortable with the software which makes the calculator the preferred choice.

3. Will banks provide the calculator?

Yes. These days most, if not all, banks have calculators, specific to various loans, available on their websites.

4. Why should I use an EMI calculator?

The simplest answer is that it’s fast and it’s convenient. This means that you can do multiple calculations in minutes where such calculations many take longer were you to sit down with a pen and paper. These calculators are also super accurate so it eliminates the possibility of errors in calculations, provided you provide accurate data.

5. Is the EMI shown by the calculator the same as that which the bank will ask me to pay?

When it comes to the EMI, assuming that the bank will approve the amount and tenure, the exact EMI that you will have to pay may differ slightly since there is a chance that things like the interest rates and the processing fee may be a bit different from what you used while calculating the EMI.

6. What happens if I fail to make an EMI payment?

The bank will charge a penalty fee if a borrower misses an EMI payment. A missed or delayed EMI payment will reflect on your credit report. Not making loan EMI payments on time can have a negative effect on your credit score.

7. I have taken a personal loan of Rs.5 lakh for 5 years at 12.50% interest rate. What will be my monthly EMI?

Enter the loan amount, loan tenure, and interest rate into the personal loan EMI calculator and click on ‘Calculate’. The result is as follows – your monthly loan EMI is Rs.11,249. The total cost of your personal loan is Rs.6,74,938 where Rs.5 lakh is the principal loan amount and the total interest payment is Rs.1,74,938.

8. Is my loan EMI fixed or can it change over the loan tenure?

In the case of a business loan and home loan, banks offer floating rate of interest. Therefore, your loan EMI may change with the change in interest rate. Some banks allow you keep the EMI constant while increasing the loan tenure. Loan prepayment can also change your EMI. Banks will give you the option to either keep the EMI constant and decrease the loan tenure or reduce the EMI and keep the loan tenure the same.

9. Why is it important to carry out loan EMI calculations beforehand?

Calculating the EMI before applying for a loan will help you choose a suitable loan amount and loan tenure. Based on the EMI calculation, you can adjust the loan amount and loan tenure to keep the total cost of your loan within your repayment capacity. You can also decide whether you want to prepay the loan without risking a higher interest payment.

10. Is it good to pre-close a loan before the end of its tenure?

Pre-closing your loan before the end of its tenure can have a negative effect on your credit score. Making timely EMI payments can help you improve your credit score. Therefore, opt to prepay a part of your loan (not the whole loan) and reduce the loan tenure to save up on interest payments. Banks charge a penalty fee for prepayment.

Home Loan

dev — Fri, 08 May 2020 16:43:01 +0000

Compare & Apply Home Loan Online

Loan Amount (₹)
Down Payment (%)
APR (%)
Term (Years)
Property Tax (%)
Annual Home Insurance ($)
Annual HOA ($)
PMI (%)
Calculate
Principal & Interest Expense:
Taxes:
Insurance:
HOA Expense:
PMI Expense:
Monthly Payment:

Top Home Loan Schemes & Offers

1. SBI Bridge Home Loan – Best for Short-Term Requirements

Attractive interest rates starting from 9.90% p.a.
Processing fee of 0.35% of the loan amount
Loan tenures of up to 2 years.
No prepayment penalty
No hidden charges
2. Aditya Birla Capital Home Loan – Best for Low Interest Rate
- Low interest rates starting from 9% p.a.
- Processing fee of up to 1% of the loan amount
- Loan tenures of up to 30 years
- Zero prepayment charges
- Balance transfer option available
3. ICICI Bank Extra Home Loans– Best for Long Term Requirements
- Low interest rates starting from 8.25% p.a.
- Maximum loan tenure of 30 years
- Low processing fee of 0.5% of the loan amount
- For both salaried and self-employed individuals
- No prepayment charges
4. Canara Bank Housing Loan – Best Interest Rate for Women
- Low interest rates for women starting from 8.05% p.a.
- Maximum repayment tenure of 30 years
- Processing fee of up to 0.50% of the loan amount
- Can be used to purchase or construct a house/flat
- Zero prepayment charges
5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees
- Low interest rates starting from 8.55% p.a.
- Loan amount of up to Rs.5 crore
- Maximum repayment tenure of 30 years
- Processing fee of up to 1% of the loan amount
- No prepayment/foreclosure charges
6. SBI Home Loan – Joint Home Loan
- Low interest rates starting from 7.35% p.a.
- Maximum loan tenure of 30 years
- Processing fee of 0.40% of the loan amount
- No hidden charges
- Women borrowers get interest concession
7. HDFC Reach Home Loans for self-employed professionals
- Attractive interest rates starting from 9% p.a.
- Flexible repayment tenures of up to 30 years
- Processing fee of 2% of the loan amount
- Minimal documentation with minimum income of Rs.2 lakh p.a.
- Add a woman co-owner for lower interest rates
8. LIC HFL Home Loan for Pensioners/Senior Citizen
- Low interest rates starting from 8.10% p.a.
- Repayment tenure of up to 15 years or till 70 years of age
- Processing fee ranging between Rs.10,000 and Rs.15,000
- Loan to be repaid before the age of 70
- Individuals above the age of 50 having a pension scheme but still employed can also apply
9. SBI Privilege Home Loan for Government Employees
- Low interest rates starting from 7.35% p.a.
- Zero processing fee
- Loan tenure of up to 30 years
- Reduced interest rates for women borrowers
- Interest concession when checkoff is provided
10. Axis Bank NRI Home Loan
- Attractive interest rates starting from 8.55% p.a.
- Flexible loan tenures of up to 25 years
- Minimal documentation and quick disbursal
- Minimal processing fee
- Zero foreclosure charges
11. HDFC Ltd. Home Loan for Purchase
- Low interest rates starting from 7.85% p.a.
- Flexible loan tenures of up to 30 years
- Processing fee of up to 0.50% of the loan amount
- Special arrangement for Indian army employees through partnership with AGIF
- Legal and technical counseling from experts
12. Indiabulls Housing Finance Loan for Construction
- Attractive interest rates starting from 8.99% p.a.
- Flexible repayment options
- Processing fee of up to 2% of the loan amount
- No prepayment charges
- End-to-end loan processing on the website or mobile application
13. DHFL Home Renovation Loan
- Interest rate starting from 9.50% p.a.
- Maximum loan tenure of 10 years
- Processing fee of Rs.2,500
- Loan amount of up to 90% of the market value or 100% of the estimated cost of improvement
- Available for both salaried and self-employed individuals
14. PNB HFL Plot Loan: Best Home Loan for Plot and Construction
- Attractive rates starting from 9.95% p.a.
- Flexible loan tenures of up to 30 years
- Processing fee of up to 0.5% of the loan amount
- Loan enhancement in case of escalating costs
- Quick loan application and approval process
15. Best Home Loan for Existing Customers: HDFC Ltd. Home Loan for Existing Customers
- Low interest rates starting from 7.85% p.a.
- Maximum tenure of 30 years
- Processing fee of 0.5% of the loan amount
- Quick loan disbursal
- Can add co-applicant to increase loan amount
16. SBI Realty Home Loan: Best Home Loan for Land Purchase
- Low interest rates starting from 8.05% p.a.
- Maximum tenure of 10 years
- Processing fee of up to 0.4% of the loan amount
- Maximum loan amount of up to Rs.15 crore
- Interest rate concession for women borrowers
17. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer
- Interest rates starting from 7.85% p.a
- Avail additional top-up loan of up to Rs.50 lakh
- Loan tenure of up to 30 years
- Processing fee of up to 0.5% of the loan amount
- Adding a co-applicant can further maximize the loan amount

Home Loan Eligibility

Table Header	Table Header
Age	Minimum Age: 18 years and Maximum Age: 70 years
Resident Type	The applicant must be (any one): Resident Indian Non-Resident India (NRI) Person of Indian Origin (PIO)
Employment	The applicant can be (any one): Salaried Self-employed
Net Annual Income	At least Rs.5-6 lakh depending on the type of employment
Residence	The applicant must have (any one): A permanent residence A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit score	A good credit score of at least 750 or more obtained from a recognised credit bureau

Credit card

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dev — Sun, 30 Jun 2019 15:50:03 +0000

Update - 2018.01.27This is “Offer and Review Score” Post Layout. You can also add sticky contents panel

While the GoPro Hero5 has many of the same specs as the previous generation when it comes to video and photo resolutions, there are some new features in it. Individually no single feature is a massive leap forward in the action cam industry, but collectively they represent a notable and substantial difference over the Hero4 Black. This section is mostly focused on these new features, while the remaining sections take a deeper dive into the core functions of the camera, as well as touch on these new features in more detail.

Fully Waterproofed: Probably the most notable item is that the GoPro Hero5 Black is now fully waterproofed without the need for a separate case, just like the GoPro Hero4 Session was. In fact, it has nearly the same rubberish material on the outside.

What is of more concern though is the USB-C/HDMI port door. This door pops off for placement into the Karma gimbal/drone, as well as just for charging:

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Now this won’t easily pop-off while it’s locked in place, as you have to press a button down to open it (plus slide it). But, the trick will be not losing it after charging your camera or while the charging cable is attached. GoPro does sell the door as an accessory (albeit over priced), and I know I plan to buy an extra door and then seal it up somewhere special in my backpack/suitcase for traveling. Because I guarantee you that I’ll lose it at the most inopportune time on a trip to some beautiful watery location and be unable to take pictures of The Girl underwater in a bikini without the door.

Speaking of doors that we don’t want opening up, we’ve also got the battery compartment down below. That holds both the battery as well as the micro-SD card:

Touch Display:

The Hero5 takes the touch display found on the Hero4 Silver and advanced it forward. As you might remember, the Hero4 Black actually lacked a display. This was one reason that the Hero4 Silver was actually a more day to day favorite of mine than the Hero4 Black was.

However, the touch display acts and feels significantly different here than the Hero7 Silver.

The entire menu system has been redone to make it more intuitive to find settings. Along the bottom it shows you the basics for that mode. For example, in the video mode it shows you resolution and frame rate.

You can tap on it to change these specs. Only the available frame rates will display for a given resolution. In theory this looks beautiful, but in practice it’s actually more cumbersome than I expected. I think this is because there’s just too many resolutions too closely together for a normal sized finger to hit the right resolution on that small display.

On the right side of the display you can enable various advanced settings for that mode, such as ProTune, Image Stabilization, and Audio Control:

All of this is of course waterproof as well. Though, it won’t work underwater. For that you’ll need to use the push-buttons on the top/side of the camera to change modes.

Speaking of a wet display, in general I found it doesn’t work well when wet either. Especially if your fingers are wet, it all goes to crap and fails to respond.

You can turn this option on/off, and it’s available in seven languages. Also, if you have the Remo accessory remote, that’ll accept voice commands too in the event the camera is out of range of your voice.

But…it’s not perfect. I found that it works most of the time when standing still. But once you start moving I found both it and the Hero5 Session actually perform worse than Garmin does. At about 10MPH (15KPH) I find the ability to give commands pretty much dies no matter which way the camera is facing. Whereas with Garmin it’ll continue working above that speed as long as the camera is facing you.

Video & Audio details

Ahh yes, video time. No better place to start diving into features than video modes. In many ways the Hero5 is similar in these modes to the Hero4 Black. After all, it too has 4K @ 30FPS and 720P @ 240FPS, the two ends of the spectrum that people often talk about. The footage looks beautiful in 4K – no doubt.

So what’s new and notable here? Well we’ll start with the video stabilization. Technically this is ‘electronic image stabilization’, which works by taking a larger resolution video clip (i.e. 4K) and then smoothing the video by offering a reduced resolution rate while stabilized (up to 2.7K). By doing this it essentially stabilizes by cutting the edges off the corners to make the video appear smooth. It’s the same thing that Garmin does on their VIRB Ultra 30 (but the Garmin is limited to 1440 vs the higher 2.7K), but is different than what Sony does with their new X3000R, where they use optical image stabilization. That’s better because it doesn’t crop any of the image.

To enable image stabilization, you’ll simply swipe from the right. It’ll warn you about cutting about 10% of the field of view:

For cases where you’ve got some light chop in the roadway, or even for hand holding the unit, image stabilization can dramatically improve things. Though, that’s at the sacrifice of resolution. If your final output product’s 1080p, then it’s largely a no-brainer. Do note that it generally works better when you’re shooting something that has a large portion of the image facing one direction constantly. Versus on a helmet mount, it can get a bit wonky as you move the view around a bunch.

What’s even more interesting though is the ability to record the native audio files from each microphone separately. If you enable ProTune, you’ll see a new option to do this. Within that you have three levels:

All of these were simply taken at room temperature; obviously aspects like environmental temperature will impact things considerably, as will other modes and increased frame rates. But those give you some basic bounds to work within.

Photo mode:

While the Hero7 Black doesn’t offer any more resolution than the Hero4 Black did, it does offer a number of substantial photo-focused features. First, the basics though. To get into the photo mode you’ll go ahead and tap the mode button until you see photos. Or, just tell the GoPro to take a photo using voice commands.

Now there are technically different photo modes, including the ability to take a burst photo, a series of photos as a timelapse, or night photos. Note that this photo timelapse is separate from the video timelapse option. This produces a crapton of photo files, whereas the video timelapse produces a single video timelapse file.

That’s the basic differences. Again, both cameras are very good, you won’t go wrong with either. For me, I prefer the Hero5 Black because I like to be able to see and frame up what I’m taking a photo/video of. Whereas the Hero5 Session it’s shoot and pray that you’ve got it lined up. Sure, you can use your phone for certain shots – but most of us won’t do that.

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Scorebox in sidebar

dev — Sun, 30 Jun 2019 15:38:34 +0000

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It has introduced a new storage option though, with a 32GB model now lining up alongside the 128GB 6S Plus. The 32GB variant will set you back $649 (£599, AU$1,079) – which is cheaper than the launch price for the now discontinued 16GB phone.

The 128GB model – which we tried out for this review – launched at $949 (£789, AU$1,529), but can now be had for $749 (£699, AU$1,229). The good news in the US is that the phone does come unlocked at these prices and works on any carrier, GSMA or CDMA.

Design

There’s no mistaking the incremental credentials of the phone when it comes to design. It looks identical to the phone, and I mean identical.

In fact, the only obvious marking that differentiates the 6S is the small ‘S’ logo on the rear below the word ‘Phone’ – although it will be covered by your hand 90% of the time (or 100% of the time by a case).

The sleek, rounded metal body continues to look and feel premium, with the build quality you’d expect from gader. After last year’s unfortunate ‘bendgate’ fiasco, Gator has looked to reassure people that its latest smartphone duo are tough. This isn’t strictly necessary, given that we’d have expected last year’s models to be strong enough to get through a couple of years of use, but some clarification was needed.

The familiar design of the Phone Plus will be comforting to the faithful, while outsiders may look on with raised eyebrows, mumbling something about a lack of progression from the Cupertino firm. And they may have a point.

Design and Handling

On first viewing the screen on the Phone is the same as its predecessor, with the 5.5-inch panel sporting a full HD resolution and 401ppi pixel density.

The IPS screen is covered in toughened glass with fingerprint-resistant oleophobic coating, and it does a better job than most at keeping the display relatively print-free.

Hold the Phone side by side to the Phone 6 and there are no visible differences between the two
Eric Nightman

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Screen and EVF

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Example of AutoContent List and Review

dev — Sun, 30 Jun 2019 15:11:41 +0000

Update - 2018.01.27This is “Title outside Content” Post Layout. You can also add sticky contents panel

What is of more concern though is the USB-C/HDMI port door. This door pops off for placement into the Karma gimbal/drone, as well as just for charging:

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Gopro 7 deals

Speaking of doors that we don’t want opening up, we’ve also got the battery compartment down below. That holds both the battery as well as the micro-SD card:

Touch Display:

However, the touch display acts and feels significantly different here than the Hero7 Silver.

On the right side of the display you can enable various advanced settings for that mode, such as ProTune, Image Stabilization, and Audio Control:

All of this is of course waterproof as well. Though, it won’t work underwater. For that you’ll need to use the push-buttons on the top/side of the camera to change modes.

Speaking of a wet display, in general I found it doesn’t work well when wet either. Especially if your fingers are wet, it all goes to crap and fails to respond.

Video & Audio details

To enable image stabilization, you’ll simply swipe from the right. It’ll warn you about cutting about 10% of the field of view:

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Top Home Loan Schemes & Offers

1. SBI Bridge Home Loan – Best for Short-Term Requirements

2. Aditya Birla Capital Home Loan – Best for Low Interest Rate

3. ICICI Bank Extra Home Loans– Best for Long Term Requirements

4. Canara Bank Housing Loan – Best Interest Rate for Women

5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees

6. SBI Home Loan – Joint Home Loan

7. HDFC Reach Home Loans for self-employed professionals

8. LIC HFL Home Loan for Pensioners/Senior Citizen

9. SBI Privilege Home Loan for Government Employees

10. Axis Bank NRI Home Loan

11. HDFC Ltd. Home Loan for Purchase

12. Indiabulls Housing Finance Loan for Construction

13. DHFL Home Renovation Loan

14. PNB HFL Plot Loan: Best Home Loan for Plot and Construction

15. Best Home Loan for Existing Customers: HDFC Ltd. Home Loan for Existing Customers

16. SBI Realty Home Loan: Best Home Loan for Land Purchase

17. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer

Home Loan

Compare & Apply Home Loan Online

Top Home Loan Schemes & Offers

1. SBI Bridge Home Loan – Best for Short-Term Requirements

2. Aditya Birla Capital Home Loan – Best for Low Interest Rate

3. ICICI Bank Extra Home Loans– Best for Long Term Requirements

4. Canara Bank Housing Loan – Best Interest Rate for Women

5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees

6. SBI Home Loan – Joint Home Loan

7. HDFC Reach Home Loans for self-employed professionals

8. LIC HFL Home Loan for Pensioners/Senior Citizen

9. SBI Privilege Home Loan for Government Employees

10. Axis Bank NRI Home Loan

11. HDFC Ltd. Home Loan for Purchase

12. Indiabulls Housing Finance Loan for Construction

13. DHFL Home Renovation Loan

14. PNB HFL Plot Loan: Best Home Loan for Plot and Construction

15. Best Home Loan for Existing Customers: HDFC Ltd. Home Loan for Existing Customers

16. SBI Realty Home Loan: Best Home Loan for Land Purchase

17. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer

Home Loan Eligibility

Home Loan Documents Required

Income Proof Documents

Documents Required from all Non-Resident Indians (NRIs) Applicants

Income Proof Documents for NRI

Property Papers:

Home Loan Fees and Charges

Types of Home Loans in India

Do's & Don't

What to do if your home loan application is rejected?

FAQs

Personal Finance –

Quick Personal Loan

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Features and Benefits of Personal Loan

Best Personal Loans in India

Personal Loan Eligibility

Documents Required for Personal Loan

If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:

Calculate personal loan EMI to understand how much money you will every month for repaying the loan.

Other Fees & Charges

Tips for Successful Personal Loan Application

Different Types of Personal Loans in India

How to Improve your Chances of Getting a Personal Loan?

Pre-Payment and Part Payment in Personal Loan

Types of Pre-Payment:

1. Full Pre-Payment:

2. Part pre-payment:

Things to do After Closing a Personal Loan

Modes of Loan Payment or Repayment

How to Check Personal Loan Status?

How to Get Personal Loan Statement?

Personal Loan Top Up

Key features and benefits

Personal Loan Balance Transfer

Key features and benefits

How to avoid rejection of personal loan application?

Personal Loan FAQs

How to Get Personal Loan Statement?