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According to recent data by Business Today, household borrowings in India surged to 42% of GDP in Q1 FY25, the highest level on record, with non-housing loans now accounting for about a third of this lending. As borrowing becomes more common, accurately gauging your repayment obligation is important. That is where an EMI calculator comes in handy, as it offers quick and precise calculations of your EMIs for better loan management.
The IDFC FIRST Bank EMI calculator helps you make accurate estimations of your monthly EMI within seconds. By entering basic details such as the loan amount, tenure, and interest rate, this intuitive EMI calculator online provides a clear repayment summary, helping you plan your finances better and choose the right loan product confidently.
Equated Monthly Installments(EMI) :
Equated Monthly Installments(EMI) :
Equated Monthly Installments(EMI) :
Equated Monthly Installments(EMI) :
Equated Monthly Installments(EMI) :
Equated Monthly Installments(EMI) :
An EMI, or Equated Monthly Instalment, is a fixed amount you pay every month towards repaying your loan. Each instalment includes two components – the principal amount and the interest charged on the outstanding balance. As you continue paying, the interest portion gradually decreases while the principal repayment increases.
Using a reliable loan EMI calculator like the one offered by IDFC FIRST Bank ensures proper financial planning. You can easily know how much you will pay monthly and how much total interest will accrue over the tenure. This is particularly useful as the cost of credit has evolved significantly in India, with lending rates becoming more competitive. Whether you’re opting for a personal loan, car loan, or home loan, understanding your EMI beforehand helps maintain better control over your budget and repayment discipline.
The standard EMI formula is as follows:
For example, if you borrow a personal loan of ₹10 lakhs at 10% interest for 5 years, the EMI would approximately be ₹21,247 per month. You can verify this instantly using the IDFC FIRST Bank personal loan EMI calculator, ensuring precision without manual computation.
The online EMI calculator tool from IDFC FIRST Bank is simple and quick to use. All you need is to do is:
The loan calculator instantly displays your monthly EMI, total interest payable, and overall repayment value, allowing you to assess affordability before finalising any loan.
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An EMI calculator empowers you to make informed borrowing decisions. It offers instant insights into your repayment structure, so you can plan your finances efficiently. Here’s how it helps:
The IDFC FIRST Bank EMI calculator estimates the principal and interest components only. Since processing fees and other charges vary across loan types and depend on the lending banks, they are communicated separately at the time of during loan approval or disbursal. So theyHence, these charges are not included in the calculation process.
The IDFC FIRST Bank EMI calculator uses a fixed interest rate for estimation. However, for floating-rate loans, your EMI may change periodically depending on market conditions or RBI repo rate adjustments.
Prepayment or part-payment reduces the outstanding principal, helping you save on the overall interest cost. Depending on your preference, the EMI may remain constant while the tenure reduces, or vice versa. Do check if the particular loan product you are choosing allows for a part-payment or prepayment.
Yes. You can use different versions of the IDFC FIRST Bank EMI calculator for home, car, personal, and business loans to compare repayment schedules and affordability.
For loans with floating interest rates, EMIs may rise or fall with market rate movements. Fixed-rate loans remain unaffected by such fluctuations throughout the tenure.
Most calculators compute monthly EMIs. However, based on loan terms, some calculators may allow quarterly or annual repayment frequencies. The IDFC FIRST Bank monthly EMI calculator focuses on standard monthly repayments.
No. Inflation is not considered in EMI calculations. The calculator provides repayment estimates based solely on the principal amount, rate, and tenure, unaffected by future changes in purchasing power.
Missing EMI payments can attract penalty charges, affect your credit score, and lead to legal recovery actions if the issue is prolonged. Timely payments help maintain good creditworthiness and financial discipline. Read more: Missed an EMI Payment? Here’s What You Need to Know
If your loan is under a floating rate, a reduction in the interest rate will decrease your EMI or shorten your tenure, depending on the loan structure and lender’s policy.
Yes. The IDFC FIRST Bank EMI calculator is based on fixed interest rates by default, ensuring consistent monthly repayments without any change throughout your loan tenure.
Yes. A high debt-to-income ratio indicates limited repayment capacity and may reduce your eligible loan amount or increase your EMI burden. Maintaining a balanced ratio can enhance yours loan approval chances.