Federal Bank Personal Loan EMI Calculator

The Federal Bank EMI calculator for personal loans is a simple and easy to use tool. Here’s how you can use it:

1. Enter the required details, such as, required loan amount, interest rate, and tenure

2. As you enter the information, you get the personal loan EMI

The personal loan EMI calculator of the Federal Bank works on the formula:

EMI =P×r×(1+r)n(1+r)n−1

Where:

• P: Principal loan amount

• r: Monthly interest rate (annual rate divided by 12)

• n: Loan tenure in months

Here is the detailed calculation of EMI amounts as per tenure up to 5 years for a loan amount of ₹5 Lakhs and interest rate 11.49%:

Note: The EMI and interest values are generated by the calculator. The actual amount can depend on factors such as your credit history, net income, and existing debts.

Several factors influence the Equated Monthly Instalments (EMIs) for Federal Bank personal loans:

• Loan Amount

A higher borrowed principal amount leads to a higher EMI

• Interest Rate

Federal Bank offers rates starting from 11% per annum for personal loans. A higher rate increases the EMI.

• Loan Tenure

Longer repayment tenures reduce the EMI but may increase the total interest paid

• Credit Score

A higher credit score can help secure a lower interest rate, thereby reducing the EMI. Conversely, a lower credit score might result in a higher interest rate and, consequently, a higher EMI.

• Income

Your income level is assessed to determine the loan amount and repayment capacity. Higher income levels may qualify for larger loan amounts, but the EMIs will be adjusted to fit within your repayment capacity.

• Type of Interest Rate

The Federal Bank Personal Loan interest rates can be fixed or floating. Fixed rates remain constant, leading to stable EMIs. Floating rates can change based on market conditions, causing EMIs to fluctuate.

You can pay your Federal Bank personal loan EMIs through its Quick EMI Payment Portal. 

You can also repay your loans online via Debit Card, Net Banking, or UPI. 

Here are the steps you can follow:

1. Visit the portal page https://epay.federalbank.co.in/quick-emi/

2. Enter your loan account number or savings account number

3. Verify with the OTP sent to your registered mobile number

4. Proceed with the payment as prompted

You can also make the payments through options like NEFT, RTGS, demand draft, and cheque.  These days you can even set-up automatic payments so that you don't have to worry about the monthly due dates.