What you do when you are suddenly in need of funds to fulfill your financial needs? These financial needs can be anything. Be it for funding your child’s education or marriage or it can be for your desire of buying the latest iPhone. Would you ask for these funds from your family, relatives or your close friends? Or would you opt for the personal loan facility at an affordable rate of interest provided by all the banks and financial companies? A personal loan facility would be a better choice for sure because of the convenience it holds. IDFC First Bank is one of the leading private banks in India that also provide personal loans to customers.
But have you ever wished for a tool by which you can get an early estimate about the EMI amount that you will be paying for your personal loan? Well, you can do this thing with the help of Personal Loan EMI Calculator IDFC. If you’re someone who is looking for a personal loan facility and want to have an estimate about the EMI amount, then this article would be perfect for you. Keep reading!
What is the process to use the IDFC First Personal Loan EMI Calculator?
Well, the most amazing thing about the personal loan calculator IDFC is its simplicity. It’s so simple that it can be used by even a layman. There are a few simple details that you will be needing which you can check below in a detailed way.
Loan Quantum: With the help of IDFC First personal loan facility, you can easily opt for the loan amount ranging from INR 1 lakh to a maximum of INR 25 lakhs. You must think about your needs and repayment capability before choosing the loan amount. As it would not be wise to choose an amount that you don’t need otherwise it may hurt your repayment schedule. Fill the required amount into the required space or you can move the scroller to your desired value.
Rate of Interest: This is the most important thing that you will need to fill in the personal loan calculator IDFC because this will have the most impact on your EMI amount. There are also a lot of factors running in the background which determines your interest rate. Some of them are your age, nature of your job, job history, monthly income. But there is one factor that hugely contributes to your Interest rate. It is your CIBIL score. The higher your CIBIL score would be, there are more chances of you getting the loan at a less rate of interest.
Number of Years Required: With the personal loan facility from the IDFC First bank, you can get a loan amount for a maximum period of 5 years. Also known as tenure, this is the period within which you will have to repay the loan amount. Fill whatever period you find suitable for you.
After filling all these details, the personal loan EMI calculator IDFC will give you the exact EMI amount within a second. If you are not satisfied with it, you can always check the EMI amount with different sets of values.