Personal Loan Interest Rates 2024

Indian Bank Personal Loan Interest Rates

Indian Bank Personal Loan Interest Rates

Last Updated : July 22, 2020, 11:22 p.m.

Still confused where to apply for a personal loan ? Then compare the bank interest rates. You can find that Indian Bank provides you the lowest rate of interest for the loan. Yes, you can have the interest rate of 10.00% - 15.00% per annum when there is a check-off facility and the undertaking of the employer is present. A low interest rate translates into a lower EMI, so if you are worried about the management of the loan, it can be eased out with the Indian Bank personal loan interest rates. Go through the page and know how

Apply Personal Loan @ 10.75%* Rate

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Indian Bank Personal Loan Interest Rates April 2024

To get to know more about personal loan interest rates just see the table below.

Interest Rates10.00% - 15.00%
Loan Amount20 Times Monthly Income
TenureUpto 84 months
Processing Fees0.51% of the loan amount, subject to a minimum of INR 512
Prepayment ChargesNil

Indian Bank Personal Loan Balance Transfer

If you are paying the personal loan EMI somewhere but at a higher interest rate, think of switching the loan portfolio to Indian Bank and enjoy the benefits of lower EMI and reduced interest outgo.

Example: If you have a loan of INR 6,00,000 at an interest rate of 13.70% for 60 months. It’s been 2 years since you have been paying the loan EMI. In case you get the balance transfer facility at 10%, how much can you save on this deal? Let’s find out.

Loan in BeginningINR 6,00,000
Interest Rate13.70%
Tenure5 Years
EMI @13.70%INR 13,868
Estimated Interest Outgo @13.70%INR 2,32,068
Interest Paid Till 2-yearsINR 1,40,320
Outstanding Balance at the End of 2nd YearINR 4,07,491
EMI @10.00% for the Remaining 3 YearsINR 13,149
Interest @10.00% Over 3 YearsINR 65,858
Interest Paid Till Now + Interest Payable Over the Next 3 yearsINR 2,06,178
Estimated Savings in Terms of EMIINR 719
Estimated Savings in Terms of Interest PaymentINR 25,890 (2,32,068 - 2,06,178)

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