EMI stands for Equated Monthly Instalments. It is a fixed amount you must pay every month to repay your loan obligations.

An EMI calculator is an online tool that helps you calculate your EMI based on your principal amount, rate of interest, and tenure.

At digibank, we want to make your life easier. To that end, you need not worry about complex calculations. You can use the digibank online Personal Loan EMI calculator.

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.

digibank offers Personal Loan amounts of up to INR 15 lakhs, based on the eligibility criteria of the borrower.

You have the flexibility to take personal loans from digibank by DBS for tenures ranging from 12 months to 60 months or 1-5 years.

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.

Once the loan is sanctioned and disbursed, you can access your repayment schedule from the 'Statements' section under 'Personal Loans' in your digibank by DBS menu.

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.

It is always a good idea to calculate your EMI before applying for a loan. It can help you know the exact EMI amount that you will pay over the desired loan amount.

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).