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Are you planning to go abroad for traveling with your family? Or, going to California for further studies? Well, if limited money in your pocket is becoming the hurdle in your plans, you can take a personal loan from CSB Bank and get started. Personal loans are solely devoted to the fulfillment of the customers’ needs who want to go the extra mile but their pocket is not allowing them. So, now that CSB Bank is here with its personal loan scheme, no one can stop you.
CSB Bank, formerly known as Catholic Syrian Bank, has a wide network of over 414 branches and more than 277 ATMs across 16 states and 4 Union Territories in India. When it comes to offering the best products and services, this bank with its personal loan offers you rates that you can afford and the money that you need.
To know more about CSB Bank Personal Loan, read this article that gives you detailed information about this product.
CSB Bank Personal Loan Interest Rates
|Interest Rates||12% to 19% per annum|
|Loan Amount||10 Times of Gross Monthly Salary|
|Tenure||Up to 60 Months|
|Processing Fees||1% of the loan amount|
|Guarantee||Personal guarantee of one confirmed employee|
- The minimum age of the applicant should be 21 years.
- The maximum age of the applicant should be 58 years.
- An applicant should be a salaried/self-employed with a regular source of income.
- For Salaried Applicants – An employee of a reputed organization with a minimum of years of confirmed service.
Know Your Eligibility for CSB Bank Personal Loan
Other than the general eligibility criteria, banks and NBFCs have certain conditions on the basis of which they offer personal loans. Generally, applicants who are working in a reputed firm and getting a good monthly salary, banks offer them lower interest rates and higher loan amounts. Let us understand the loan amount eligibility with the help of an example below.
Suppose, you are working in a renowned company and getting an in-hand salary of ₹ 80,000 per month. After deducting all your necessary monthly expenses, you are saving 50% of your income each month that is ₹ 40,000. Now, before applying for a personal loan you would obviously look for your personal loan eligibility.
Since you are able to save around ₹ 40,000 per month, your savings can be used to repay the EMIs of your personal loan. So, if you can calculate the loan amount, tenure, and rate of interest, of your loan, you can get a clear picture of the EMIs that you will have to pay every month. For Example,
Amount- ₹ 1 Lakh
Loan Tenure- 5 years
Rate of Interest- 18.25% per annum
Your monthly EMI will be ₹ 2,553
So your calculation for a personal loan would be
₹1 Lakh x 40000/2553= ₹ 15.66
So, your personal loan amount eligibility would be ₹ 15.66 Lakhs
CSB Bank Personal Loan EMI Calculator
Before going any further, let’s just understand the concept of EMI i.e. what it stands for and how it is calculated by your lender. Stands for Equated Monthly Installments (EMI) is a total sum of principal and interest that you need to pay each month to a lender so that your loan can be repaid. However, what’s more, interesting here is to know how the EMI Calculator actually comes into the picture, allowing you to know your EMIs. Actually, this smart and user-friendly tool is the perfect medium to know the exact amount of your EMIs in a hassle-free manner.
It just works on a simple phenomenon and i.e. you give loan amount, interest rate and tenure to it, and in return, it will tell you the EMIs of your sanctioned loan amount. By calculating EMI very quickly, it lets you manage your finances according to it. It computes the principal component of your loan amount and then moves to the interest component, thus making it easier for you to pay your monthly installments in a hassle-free manner.
If you are finding it difficult to understand the above information, let’s take the help of an example below.
For Example: If you are availing a loan of ₹ 3,00,000 from CSB Bank for 5 years, and the bank is offering you an interest rate of 18.25% per annum, the EMI, total interest outgo and total amount payable will be ₹ 7,659, ₹ 1,59,533, and ₹ 4,59,533 respectively at the end of your loan tenure.
There is a table below, where you can also know your EMI, interest and total amount payable on the same amount of loan for different tenures.
Table showing EMI, interest outgo and the total amount payable on your personal loan
|Loan Amount ( in ₹)||Loan Tenure (in Years)||Interest Rate (Per Annum)||EMI ( in ₹)||Total Interest Outgo ( in ₹)||Total Amount (EMI+Interest) ( in ₹)|
|Year (in Years)||Principal Payment ( in ₹)||Interest Outgo ( in ₹)||Balance Amount ( in ₹)|
|Salaried Individuals||Self-Employed Individuals|
|Signed Application form with photograph||Signed Application form with photograph|
|Copy of Passport/Voter ID Card/Driving License||Copy of Passport/Voter ID Card/Driving License|
|Processing fee cheque||Processing Fee Cheque|
|Last 3 months bank statement/6 months bank passbook||Last 3 months Bank statement/6 months Bank passbook|
|Latest salary slip||Latest Bank statement|
|Current dated salary certificate with the latest Form 16||Latest ITR or Form 16|
Features and Benefits
- Higher Loan Amount
- Flexible Loan Repayment Options
- Easy Documentation
- Speedy Approvals
- Attractive Interest Rates