Personal Loan Interest Rates 20201261 views
Availing a personal loan is easy and simple with none other than Central Bank of India. The lender is best known for offering this unsecured credit facility to one and all at an attractive interest rate. Yes, the bank offers the personal loan to all the borrowers at competitive rates. In case, you want to know more about the same, simply read the page below.
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Table of Contents
Central Bank of India Personal Loan Interest Rates January 2021
|Interest Rate||9.85% - 10.20%|
|Loan Amount||Up to INR 500 Lakh|
|Processing Fee||INR 500 of the Loan Amount|
Central Bank of India Personal Loan Balance Transfer Interest Rates
Go for personal loan balance transfer and enjoy the lower interest rates offered by Central Bank of India. Yes, on transferring your existing loan to Central Bank of India Personal Loan, you would be able to reduce your EMI and Interest Outgo burden in a hassle-free manner.
Central Bank of India Personal Loan Balance Transfer
If you are paying your existing personal loan somewhere else at a higher rate, think of switching to the Central Bank of India and save on your interest payments. Want to see the benefits of a balance transfer? Well, you can see the same through an example.
Example – If you have a personal loan of INR 10 lakh for 5 years at an interest rate of 14.99% per annum. After 3 years, you feel the need to reduce your obligations and want to switch your outstanding balance to Central Bank of India at 10.60%, you can do so and save interest of around INR 22,000. Check the table to know how you will have such savings.
|Loan Amount||INR 10,00,000|
|EMI for 14.99%||INR 23,785|
|Total Interest Payment for 14.99%||INR 4,27,081|
|Paid Interest||INR 3,46,838|
|Outstanding Balance||INR 4,90,588|
|EMI @10.60% for the Remaining 2 Years||INR 22,774|
|Interest @10.60% Over 2 Years||INR 55,994|
|Paid Interest + Interest Payment @10.60%||INR 4,02,832|
|Savings on EMI||INR 1,011|
|Total Interest saved||INR 24,249 (4,27,081-4,02,832)|