Are you planning to take a loan from Federal Bank? Do you want to know how much you need to pay each month as Equated Monthly Installment (EMI)? Look no further! Federal Bank's online EMI calculator is a handy tool that helps you calculate your monthly EMI payments. Here's a step-by-step guide on how to use it:
Step 1: Choose the Principal Loan Amount
You can either adjust the slider or enter the amount directly in the text box provided against the field "Principal Loan Amount".
Step 2: Enter the interest rate
Enter the interest rate offered by Federal Bank for your loan type. You can check the current interest rates on the Federal Bank website by clicking here.
Step 3: Select the loan tenure
Select the loan term in years or months.
Step 4: Enter Additional Payment
This is an optional field. In case you want to repay additional amount other than EMI every month, you may please enter the amount in Rupees.
Step 5: Calculate EMI
Click on the "Calculate" button. The EMI calculator will display your monthly EMI amount, total interest payable, and the total amount payable.
Equated Monthly Installment (EMI) calculators have become an essential tool for individuals planning to take a loan. With the rise of online banking and digital lending, various types of EMI calculators have emerged to cater to different loan needs.
1. Home Loan EMI Calculator
A Home Loan EMI calculator is designed to help individuals calculate their monthly EMI payments for a home loan. This calculator takes into account the loan amount, interest rate, loan tenure, and other factors to provide an accurate estimate of the monthly EMI. It calculates EMI based on loan amount, interest rate, and loan tenure and provides a detailed amortization schedule.
2. Car Loan EMI Calculator
A Car Loan EMI calculator is used to calculate the monthly EMI payments for a car loan. This calculator considers the loan amount, interest rate, loan tenure, and other factors to provide an accurate estimate of the monthly EMI. It calculates EMI based on loan amount, interest rate, and loan tenure, provides a detailed amortization schedule and allows users to adjust loan tenure and interest rate to see the impact on EMI.
3. Personal Loan EMI Calculator
A Personal Loan EMI calculator is designed to help individuals calculate their monthly EMI payments for a personal loan. This calculator takes into account the loan amount, interest rate, loan tenure, and other factors to provide an accurate estimate of the monthly EMI.
4. Education Loan EMI Calculator
An Education Loan EMI calculator is used to calculate the monthly EMI payments for an education loan. This calculator considers the loan amount, interest rate, loan tenure, and other factors to provide an accurate estimate of the monthly EMI.
5. Business Loan EMI Calculator
A Business Loan EMI calculator is designed to help entrepreneurs and small business owners calculate their monthly EMI payments for a business loan. This calculator takes into account the loan amount, interest rate, loan tenure, and other factors to provide an accurate estimate of the monthly EMI.
