Personal Loan Rates 20181411 views
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About Indian Bank Personal Loan
Indian Bank is a state-owned financial services company established in the year 1907. Headquartered in Chennai, this top performing public sector bank with over 2,565 braches in India is no doubt a trustworthy name to reckon with. With its best suite of products and services such as Personal Loan, this bank is all set to fulfill every personal need of yours. By offering you instant funds at lowest interest rates and charges, the bank ensures to give wings to your dreams. If you want to know more about Indian Bank Personal Loan, this article is for you.
Indian Bank Personal Loan Interest Rates
|Interest Rates||14.80%-15.30% p.a.|
|Loan Amount||Upto ₹1 Lakh|
|Processing Fees||0.51% of the loan amount|
- The minimum age of the applicant should be 21 years, while the maximum being 58 years
- The applicant should be a permanent employee with a minimum work experience of 3 years in organizations such as Govt./Quasi -Govt./ Boards/ reputed companies/Endowments/Corporate Industrial Establishments and others
Know Your Eligibility for Indian Bank Personal Loan
The candidate can know the loan amount he/she is eligible to receive by using an eligibility calculator, which takes into account the savings of the applicant, tenure and the rate of interest.
For Example- Mr. Ravi Malhotra is working in a manufacturing firm at an emolument of ₹80,000. Of which, he manages to save, say ₹40,000. How much personal loan is he eligible to get from Indian Bank to fulfill his travel expedition?
The savings can be used to repay the loan, this is what the bank’s reasoning would be while assessing Ravi’s eligibility. The loan disbursal will depend upon the savings and repayment tenure. You can see below the calculation of per lakh EMI.
Loan Amount- ₹ 1 Lakh
Loan Tenure-3 years
Rate of Interest-14.80%-15.30% p.a.
Per Lakh EMI-₹3,457-3,481
Personal Loan Eligibility Calculation
₹1 Lakh x 40,000/3457=₹11.57 Lakhs and ₹1 Lakhx40,000/3481=₹11.49 Lakhs
The candidate is eligible to receive the loan of amount ranging from ₹11.49 Lakhs-11.57 Lakhs.
Indian Bank Personal Loan EMI Calculator
EMI refers to the amount that a borrower pays to the lender each month with respect to the loan repayment. This amount constitutes a part of principal and the interest charged on the loan amount over the tenure. The calculation of this amount is done using an EMI calculator which specifies both the EMIs and the interest portion on a loan. To calculate the EMI amount the user has to enter the loan amount, tenure and the rate of interest in the calculator. The EMI calculator, while computing the monthly installments, first calculates the interest portion, followed by the principal amount.
For Example: Sukesh is planning to avail a ₹3 lakh loan for a period of 3 years at the prevailing interest rates of 14.80%-15.30% per annum. In that case, the EMI, total interest outgo and the overall amount payable will be upto ₹3,457-3,481, ₹24,443-25,325 and ₹1,24,443-1,25,325 over the course of your loan period.
To check the EMI, interest amount and total amount payable on the same amount of loan for different tenures refer the table below :
Table showing EMI, interest outgo and total amount payable on your personal loan
|Loan Amount (in ₹)||Loan Tenure (in years)||Interest Rate (in p.a.)||EMI (in ₹)||Total Interest Outgo (in ₹)||Total Amount (EMI+Interest) (in ₹)|
|3,00,000||1||14.80%-15.30%||9,016 - 9,040||8,197 - 8,480||1,08,197 - 1,08,480|
|3,00,000||2||14.80%-15.30%||4,839 - 4,863||16,140 - 16,710||1,16,140 - 1,16,710|
|3,00,000||3||14.80%-15.30%||3,457 - 3,481||24,443 - 25,325||1,24,443 - 1,25,325|
|Year (in years)||Principal Payment (in ₹)||Interest Outgo (in ₹)||Balance Amount (in ₹)|
|1||28,571 - Rs. 28,409||12,913 - Rs. 13,363||71,429- Rs. 71,591|
|2||33,100 - Rs. 33,073||8,384 - Rs. 8,699||38,329 - Rs. 38,518|
|3||38,371 - Rs. 38,562||3,142 - Rs. 3,267||0|
|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 & Benefits
- Maximum Loan Amount
- Convenient Loan Repayment Options
- Fast approval
- Quick disbursal
- Compatible rate of interest