- How to use Indian Bank Personal Loan EMI Calculator efficiently?
- Know about all the important details that you will need to have to calculate the monthly installments!
Indian Bank provides one of the best personal loans to the customers who are in need of instant funds. You can easily get the loan amount from Indian Bank and repay it within the chosen tenure via EMIs.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Are you worried about what will be the Equated Monthly Installment (EMI) that you have to pay every month to pay off the Indian Bank Personal Loan? Well, you must not worry about this problem as you can estimate this repayment amount with the help of the Indian Bank Personal Loan EMI Calculator. This is an amazing tool that helps you know the EMI amount in advance so that you can manage your finances better. If you want to know more about this efficient tool, don’t stop reading!
Table of Contents
Indian Bank Personal Loan Interest Rates
Indian Bank provides affordable interest rates because of which this loan option is so much popular among individuals. Indian Bank Interest rates range from 9.05% - 13.65% per annum. You can know all other details related to the Indian bank Personal Loan Interest rate. Have a glance!
|Interest Rates||9.05% - 13.65%|
|Loan Amount||20 Times Monthly Income|
|Tenure||Upto 84 months|
|Processing Fees||0.51% of the loan amount, subject to a minimum of INR 512|
How to Use the Indian Bank Personal Loan EMI Calculator?
You must be wondering about the details that you will need to use to have an estimate of the EMI amount on your personal loan? Well, the most amazing thing about the Indian Bank EMI Calculator is the ease and accessibility with which any individual can know the EMI amount he/she will need to pay every month. And not only this, but you can also know about the Interest Outgo and Total Amount payable on your loan.
There are three basic things that you will need to feed in the calculator — Required Loan Amount, Rate of Interest and Tenure. We are providing details about all of them below. Take a look!
Required Loan Amount
Indian Bank Personal Loan can be offered to the maximum extent of 20 times your monthly income. So, the higher your monthly income will be, the higher could be the loan amount. This is the first thing that you need to fill in the Indian Bank Personal Loan EMI Calculator.
Rate of Interest
This is the second and most important thing that you will need to put in the calculator. Your EMI amount directly depends on the rate of interest charged by the lender on your personal loan. That’s why individuals like to prefer a personal loan with low interest rates. Indian Bank Personal Loan Interest rates range from 9.05% - 13.65% per annum. The eventual rate will depend on several factors such as age, employment type, job history, monthly income, CIBIL Score, etc.
Tenure is the third and last thing that you will need to fill in the EMI calculator. Indian Bank provides a flexible and long tenure of 84 months within which you can repay the loan amount in easy installments. You can choose according to your repayment capacity and income that you earn monthly. Choose the tenure within which you will be able to pay off the loan amount.
As soon as you will feed all these details in the Indian Bank Personal Loan EMI Calculator, the tool will give you the approximate EMI amount that you will need to pay every month. You will also get to see the total interest outgo and total amount payable during this period. You can use the calculator for as many times as you want with different values.
Indian Bank Personal Loan EMI Calculator Details
In the below tables, you can have a look at the EMI amount for different loan amounts at the end of different periods at an Indian Bank personal loan interest rate of 9.05% - 13.65% per annum.
Indian Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 9.60% per annum
You can look at the EMI amounts for a period of 2, 3, 4, and 5 years respectively for a loan amount ranging from INR 1 lakh to INR 15 lakh at an interest rate of 9.60% per annum.
|Amount||2 Years||3 Years||4 Years||5 Years|
|INR 1,00,000||INR 4,596||INR 3,208||INR 2,517||INR 2,105|
|INR 3,00,000||INR 13,788||INR 9,624||INR 7,551||INR 6,315|
|INR 5,00,000||INR 22,980||INR 16,040||INR 12,585||INR 10,525|
|INR 7,00,000||INR 32,172||INR 22,456||INR 17,620||INR 14,736|
|INR 10,00,000||INR 45,961||INR 32,080||INR 25,171||INR 21,051|
|INR 15,00,000||INR 68,941||INR 48,120||INR 37,756||INR 31,576|
Indian Bank Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 14.05% per annum
Look at the EMI amounts for a period of 2, 3, 4, and 5 years respectively for a loan amount ranging from INR 1 lakh to INR 15 lakh at an interest rate of 14.05% per annum.
|Amount||2 Years||3 Years||4 Years||5 Years|
|INR 1,00,000||INR 4,804||INR 3,420||INR 2,735||INR 2,329|
|INR 3,00,000||INR 14,411||INR 10,261||INR 8,205||INR 6,988|
|INR 5,00,000||INR 24,018||INR 17,101||INR 13,6760||INR 11,647|
|INR 7,00,000||INR 33,626||INR 23,941||INR 19,146||INR 16,306|
|INR 10,00,000||INR 48,037||INR 34,202||INR 27,352||INR 23,294|
|INR 15,00,000||INR 72,055||INR 51,303||INR 41,027||INR 34,941|
Indian Bank Personal Loan EMI Calculation Formulae
If you want to know about the formula on which the EMI Calculator functions then you can look below to do so.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments