Personal Loan Interest Rates 2020193 views
- Indian Bank Personal Loan Rates stand at 9.60% - 10.20% per annum
- Read this post to know the benefits of having such low rates
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 9.60% - 10.20% 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
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Table of Contents
Indian Bank Personal Loan Interest Rates July 2020
To get to know more about personal loan interest rates just see the table below.
|Interest Rates||9.60% - 10.20%|
|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|
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 Beginning||INR 6,00,000|
|EMI @13.70%||INR 13,868|
|Estimated Interest Outgo @13.70%||INR 2,32,068|
|Interest Paid Till 2-years||INR 1,40,320|
|Outstanding Balance at the End of 2nd Year||INR 4,07,491|
|EMI @10.00% for the Remaining 3 Years||INR 13,149|
|Interest @10.00% Over 3 Years||INR 65,858|
|Interest Paid Till Now + Interest Payable Over the Next 3 years||INR 2,06,178|
|Estimated Savings in Terms of EMI||INR 719|
|Estimated Savings in Terms of Interest Payment||INR 25,890 (2,32,068 - 2,06,178)|