Indian Bank Personal Loan EMI Calculator
Car Loan EMI Calculator
Personal loans are a quick and convenient way to access funds for various financial needs. Since these loans are unsecured, approval is often fast and hassle-free. However, it is crucial to calculate your monthly instalments and plan your repayments effectively before borrowing. The Indian Bank Personal Loan EMI Calculator is a valuable tool that helps you accurately determine your EMIs. This blog will explore how this calculator works, its benefits, the EMI calculation formula, interest rate charts, and more.
What Is The Indian Bank Personal Loan EMI Calculator?
The Indian Bank Personal Loan EMI Calculator is an online financial tool that helps you determine your loan's monthly instalment without the hassle of manual calculations. It also allows you to assess your personal loan's affordability in advance.
Besides, it can assist you in making a reasonable repayment plan, thereby managing your finances effectively. Furthermore, it enables you to test different combinations by varying the tenure and loan amount and selecting the most appropriate one.
How Can Indian Bank Personal Loan EMI Calculator Help You?
The Indian Bank Personal Loan EMI calculator is one of the most convenient and helpful tools. It can help you check whether your loan is within your budget. Moreover, knowing the monthly instalments beforehand will help you create a solid repayment plan and plan out your finances effectively.
Indian Bank Personal Loan EMI Calculator Formula
Let us understand the calculation of Indian Bank personal loan EMI and its mathematical formula. Here is the formula to calculate the EMI manually:
EMI = P x R x [(1+R)^N] / [(1+R)^N - 1]
Where,
EMI is the monthly instalment that you will have to pay.
E = P x r x (1+r)^n/((1+r)^n-1)
Where,
- P stands for the principal loan amount granted by the bank
- N indicates the tenure of the loan
- R is the applicable rate of interest
Indian Bank Personal Loan EMI Calculator Example
Let us understand this with an example. For instance, Ms Adrija plans to take out a personal loan of Rs. 10 lakhs with an interest rate of 11% per annum for a year.
Therefore,
Principal (P) = Rs. 10 lakhs
Rate (R) = 11% i.e. 11/12/100 = 0.00916 (approx)
Loan tenure (N) = 48
As per formula:
EMI= [10,00,000 x 0.00916 x (1+0.00916)^48] / [ (1+0.00916) ^48 - 1]
Your loan EMI would be Rs. 25,846 approximately.
Indian Bank Personal Loan Amortisation
The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.
Here is a detailed overview of the Personal Loan amortisation schedule of Indian Bank:
Year | Opening Balance | EMI*12 | Interest paid yearly | Principal paid yearly | Closing Balance |
1 | 10,00,000 | 3,10,146 | 99,595 | 2,10,552 | 7,89,448 |
2 | 7,89,448 | 3,10,146 | 75,230 | 2,34,917 | 5,54,532 |
3 | 5,54,532 | 3,10,146 | 48,045 | 2,62,101 | 2,92,431 |
4 | 2,92,431 | 3,10,146 | 17,715 | 2,92,431 | 0 |
How to Use Indian Bank Personal Loan EMI Calculator?
You can use the Indian Bank Personal EMI calculator by following the steps given below:
- To start with, navigate to the Indian Bank Personal EMI calculator page.
- Then, enter the principal amount in the respective field, or you can also use the slider to input your loan amount.
- Enter the loan duration for which you are willing to borrow.
- Enter the interest rate in the calculator or use the slider to choose the interest rate.
Indian Bank Personal Loan EMI Calculator Advantages
Go through the following points to learn about some of the significant advantages of using the Indian Bank personal loan interest rate calculator:
User-friendly:
- The Indian Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface.
- You can use the calculator even without technological expertise or background.
- You will only require a stable internet connection and the input variables, and you will be ready to go.
Instant and Right Solutions:
- The calculator saves you from manual computation, which consumes time and leads to wrong results.
- Using the Indian Bank personal loan calculator, you can obtain correct results based on the variables you provide within minutes, thus saving time and effort.
Helps in Managing Finances:
- Before making any financial commitments, it is essential to learn about your loan repayment ability.
- This calculator enables you to do that by providing accurate answers every time you use it.
- It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
Enables Constructive Comparison:
- The Indian Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan and compare several loan amounts.
- This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
Offers Flexibility and Convenience:
- These online calculators can be accessed from anywhere, anytime, with a stable internet connection.
- You are not required to pay additional charges for using them, adding to your convenience.
Indian Bank Personal Loan EMI Charges
Listed below are the fees associated with personal loans offered by Indian Bank:
Types | Fee and Charges |
Indian Bank Pension Loan Scheme | Up to Rs. 25,000 to NIL |
Above Rs. 25,000 to Rs 250 | |
Indian Bank Clean Loan (for salaried) | 1.00% on the loan amount |
IND Covid Emergency Pension Loan | NIL |
IND Covid Emergency Salary Loan | NIL |
Indian Bank Personal Loan EMI Eligibility
Listed below are some of the key eligibility criteria for availing a personal loan with Indian Bank:
Applicant age:
- The minimum age of the applicant must be 21 years
- The maximum age of the applicant should not be more than 65 years
Employment Type: Self-employed or salaried individuals
Employment Status:
- Self-employed applicants must be in this business/profession for at least 2 years.
- Salaried applicants must have at least 1 year of experience with the current employer.
Minimum Income: Varies from Rs. 4000 to Rs. 20,000 per month (depends on area to area)
Maximum Loan Amount: Rs. 70 lakhs
Loan Tenure:
- Minimum tenure 6 months
- Maximum tenure 60 months
Preferred Credit Score: 750 or above
Indian Bank Personal Loan Interest Rate
Here is the applicable interest rate for Indian Bank personal loans based on two interest rate types: floating and fixed rates.
Floating Rates: Below are the applicable floating rates for Clean Loan, Salary Loan & IBCLS Plus, Indian Bank Pension Loan, and Pre-approved Personal Loan based on various classifications.
Clean Loan
Classification | Interest rate (p.a.) |
Non-Priority Term Loan for GMRA Premium | 10.00% to 10.15% |
Indian Bank Saral | 10.60% |
Indian Bank Professional | 10.25% to 10.50% |
Indian Bank Insta Cash | 10.25% |
Salary Loan & IBCLS Plus
Classification | Interest rate (p.a.) |
Clean Loan (Term Loan) (For Salaried Class) | 10.90% to 11.40% |
Clean Loan Overdraft (For Salaried Class) | 11.90% to 12.40% |
Indian Bank Pension Loan
Product | Interest rate (p.a.) |
Pension Loan | 11.15% to 11.40% |
Pre-approved Personal Loan
Applicant Type | Interest rate (p.a.) |
Pensioners, Regular Income Applicants and Salaried | 12.40% |
Self-employed individuals | 13.00% to 15.00% |
Home loan borrowers | 11.00% |
Fixed Rates: Here is the applicable fixed rate of interest for Clean Loan, Salary Loan & IBCLS Plus, Indian Bank Pension Loan and Pre-approved Personal Loan based on various classifications.
Clean Loan
Classification | Interest rate (p.a.) |
Non-Priority Term Loan for GMRA Premium | 10.25% to 10.40% |
Indian Bank Saral | 10.85% |
Indian Bank Professional | 10.50% to 10.75% |
Indian Bank Insta Cash | 10.50% |
Salary Loan & IBCLS Plus
Classification | Interest rate (p.a.) |
Clean Loan to Salaried Class (Term Loan) | 11.15% to 11.65% |
Clean Loan to Salaried Class (Overdraft) | 12.15% to 12.65% |
Pension Loan
Product | Interest rate (p.a.) |
Pension Loan | 11.40% to 11.65% |
Pre-approved Personal Loan
Applicant Type | Interest rate (p.a.) |
Salaried, Regular Income Applicants and Pensioners | 12.65% |
Self-employed Individuals | 13.25% to 15.25% |
Home Loan borrowers | 11.25% |
To sum up, the Indian Bank Personal Loan EMI Calculator is an important financial tool. It allows you to determine your monthly instalments without the hassle of manual calculations. Moreover, it also comprises an amortisation schedule that represents the entire repayment journey throughout the loan tenure. This enables us to save time and effort, helping us make informed financial decisions.
Other Banks Personal Loan EMI Calculator:
1. IDBI Personal Loan EMI Calculator
2. Bank of India Personal Loan EMI Calculator
3. Indusind Personal Loan EMI Calculator
4. Union Bank Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. Axis Bank Personal Loan EMI Calculator
7. IDFC Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator
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