Personal Loans from digibank by DBS help make your dreams come true. The ideal vacation, the perfect wedding, or the latest gadget you have set your eyes on – you can get it through personal loans. Plan for your monthly outflows with our easy-to-use Personal Loan EMI Calculator.
Now you can fulfil every dream with digibank's Personal Loans. Apply for the loan online and compute your monthly EMI in seconds with our Personal Loan EMI Calculator.
Our customisable EMI calculator for Personal Loans helps you identify and plan your monthly outflow quickly. It lets you adjust the loan amount and tenure in a way that does not affect your current financial commitments and lifestyle. The freely available online tool empowers you to determine an affordable EMI amount so that you do not have to compromise on other expenses to maintain a comfortable lifestyle.
Get instant & paperless Personal Loans up to Rs. 15 lakhs
How To Use Our Online Personal Loan EMI Calculator
We have designed our Personal Loan Calculator to simplify EMI calculation for you. To use, input the loan amount, interest rate and loan tenure. The calculator automatically computes the monthly instalments in seconds.
If the EMI is too high or low, you can reset the sliders and modify the variables. If you want a reduced EMI, you have will to adjust either the principal loan amount or the loan repayment tenure. If you can pay higher EMIs, you can raise the principal amount you want to borrow or reduce the tenure to repay faster.
Your Personal Loan EMI depends on three factors or variables used to compute the fixed monthly payment you need to make to repay your loan obligation. They are:
The principal loan amount you need
The rate of interest offered by your lender
The loan repayment tenure you select
The lender considers your personal factors such as your age, income, credit or CIBIL scores, past credit behaviour, loan repayment capacity, and creditworthiness to determine the maximum principal loan amount and the interest rates you can get. Better CIBIL scores lead to lower interest rates and a higher principal loan amount.
Personal loan EMI is the monthly pay-out you need to consider to be financially comfortable during the tenure of the loan. You make personal loan repayments through equated monthly instalments, or EMIs split evenly across the loan tenure. You can repay the EMIs by setting up standing instructions or Electronic Service Clearing (ECS) instructions with digibank to debit the EMI amount on a fixed date each month.
We have designed the Online Personal Loan EMI calculator to make it easy to calculate your monthly instalments. Input the three variables – the proposed loan amount, interest rate, and a suitable loan repayment tenure. You can move the easy-to-use sliders to input the correct numbers for each of the variables. It will automatically calculate your monthly repayments for different combinations of principal, interest, and tenure. Given your financial commitments, you can use the sliders to change variables until you reach the ideal monthly outflow.
Yes, you can check personal loan eligibility by using another online calculator – the Personal Loan Eligibility Calculator, which computes the maximum loan amount you can get based on your age, net monthly income, and monthly expenses.
No, Personal Loans offered through digibank by DBS have a fixed interest rate for the entire loan tenure. So, both your EMI and interest rate will remain constant throughout the loan tenure, irrespective of fluctuation in market interest rates.
Paying your EMI is accessible with the digiSavings Account. Ensure that you have sufficient balance two days before the date on which the EMI is due. On the due date, the EMI is automatically debited from your account. You can pay your loan only through the digiSavings Account; there is no option for repayment from other bank accounts. Customers can subscribe to receive notifications in the digibank by DBS app for reminders on EMI due dates and the due amounts.
You can apply for a loan online on the digibank website by filling an online form and submitting scanned copies of the documents required. If you fit the bank’s eligibility criteria, the bank will disburse the loan amount directly into your account.
In simple terms, the principal amount is the total desired loan amount. It excludes interest rate figures, so this calculator is also known as a Personal Loan interest calculator. Here is an example to help you understand it better.
If you take a Personal Loan of INR 10 lakh for a tenure of 36 months at an interest rate of 13.25%, the principal amount will be INR 10 lakh. But you will need to pay an EMI, which will also consist of the payable rate of interest.
Hence, the loan EMI will be INR 33,814 per month. The total amount payable over the tenure will be INR 12,17,327.
Thus, even though you availed of a loan amount of INR 10 lakh, you will need to repay INR 12,17,327 (Principal + interest).