- DCB Bank Personal Loan Interest Rates Ranging from 13.00% - 25.00%
- Read this page to know how you can make the most of DCB Bank personal loan rates
To borrow funds you don’t need to ask for money from lender to lender. Just visit the DCB bank and they will give an instant solution to your problems. Whether you are unable to collect funds for the marriage or if there is a medical emergency. Apply for a DCB Bank personal loan that comes with NIL security and a higher loan amount. To know what could be the interest rate over the loan, read this page further.
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Table of Contents
DCB Bank Personal Loan Interest Rates October 2021
|Interest Rates||13.00% - 25.00%|
|Loan Amount||INR 1 Lakh - INR 5 Lakh|
|Processing Fee||2% of the loan amount|
With the above-mentioned details of DCB Bank personal loan, you can get an idea of the loan payment and the amount you require. The loan helps the individual to get the desired amount and pay it with interest in equated monthly installments (EMI). And to have a lower interest rate, you need to meet the following requirements.
- Income: The applicant should have a regular income to apply for the loan. And to prove his/her income to the bank, an individual needs to provide salary slips, form 16 and bank statements.
- Job stability: Minimum 3 year of experience is mandatory to borrow funds from the bank
- Credit score: If your credit score is good, you get chances to negotiate for a lower interest rate. But the visa would be the case for a poor credit score. So make sure you check the score before applying for the loan.
To know what could be the result of the DCB bank personal loan interest rate on your borrowed amount, you must use the EMI calculator. The tool helps you know the approximate EMI of the loan. The EMI calculator works using the following details of your personal loan.
Principal Amount (P): It is actually the loan amount on which the interest rate applies. The loan amount can be from INR 1,00,000 to 5,00,000. The principal amount reduces after every EMI payment.
Interest Rate (R): The rate of interest determines the pace of repayment. Thus, using the DCB Bank Personal Loan Interest Rate range can help you compute the EMIs and let you understand how much change you need to bring to your routine for a smooth repayment.
Tenure (N): Your repayment period is in your hands whether you can increase your tenure or choose a short term for the payment. It has a direct effect on your interest payment too. So wisely choose the tenure of your loan.
For example, Suman applies for a loan of INR 4,00,000 and thinks that she will get an interest rate of 14.05% per annum. And based on that she used the EMI calculator which gives her an EMI of INR 10,941 for 4 years. Whereas, if she increases the tenure to 60 months, her EMI would be INR 9,318.
The above example will guide you to choose an appropriate personal loan tenure that will keep EMI affordable and a lid on the interest outgo.
DCB Bank Personal Loan Balance Transfer
In case you are paying the personal loan EMI somewhere, albeit, at a higher rate of interest than what is offered by DCB Bank, you can switch the outstanding balance to the latter and save on your interest outgo. But make sure you do calculations and go ahead only if the saving is substantial for you. Because the bank charges a nominal fee for the transfer and it may affect your savings later. See the example to know how the transfer works and what benefits it provides to you.
Example: If your existing personal loan of INR 6 lakh comes at an interest rate of 17.00% and DCB Bank offers you 13.25%. Then it is an opportunity for you to grab the savings on interest payment. The table below will give you an idea of the savings you could make with a balance transfer.
|Original Loan Amount||INR 6,00,000|
|Interest Rate||17.00% per annum|
|EMI @17.00%||INR 14,912|
|Estimated Interest Outgo @17.00%||INR 2,94,693|
|Interest Paid Till 2 Years||INR 1,76,121|
|Outstanding Balance at the End of 2nd Year||INR 4,18,244|
|EMI @13.25% for the Remaining 3 Years||INR 14,143|
|Interest @13.25% Over 3 Years||INR 90,894|
|Interest Paid Till Now + Interest Payable Over the Next 3 years||INR 2,67,015|
|Estimated Savings in Terms of EMI||INR 769|
|Estimated Savings in Terms of Interest Payment||INR 27,678 (2,94,693 - 2,67,015)|
Note: The savings amount is evaluated after the deduction of the transfer fee from the savings amount. So do not forget the balance transfer fee while calculating the transfer benefits on your loan.