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Indian Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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What is Personal Loan EMI?
Personal Loan EMI is the amount payable every month until the end of the loan repayment tenure, which includes both the principal and interest component of the personal loan. Borrowers have to pay this amount every month until the entire loan amount is repaid in full. Note that the EMI will remain the same throughout the loan tenure in case of fixed rate personal loans. However, in cases of floating rate personal loans like Indian Bank Personal Loan, the EMI may vary.
What is Indian Bank Personal Loan EMI Calculator?
Indian Bank offers an online tool called Indian Bank Personal Loan EMI Calculator so that its prospective personal loan borrowers can easily calculate the loan installment amount they will have to pay every month. It is important to note that the EMI amount of personal loan can vary based on Indian Bank Personal Loan Interest Rate, loan amount and repayment tenure, as selected by the borrower. Alternatively, borrowers can also use Paisabazaar’s EMI Calculator for Personal Loan to find an optimal tenure and EMIs for their Indian Bank Personal Loan, based on their repayment capacity.
Personal Loan Interest Rate Comparison of different Banks
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Note: Interest rates as on 20th June 2024
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How to Choose ROI for Indian Bank Personal Loan EMI Calculator?
Indian Bank Personal Loan EMI Calculator has the option where the prospective borrowers only have to enter their preferred amount, rate of interest and the loan tenure and they can easily check their estimated monthly EMI amount. Consumers should note that the final personal loan interest rate offered will depend on Indian Bank Personal Loan Eligibility, which will be based on various factors as stated by the bank.
Factors influencing Indian Bank Personal Loan EMI
Loan amount
Higher the loan amount, higher will be your EMI and total cost of interest. Know that your eligibility for personal loan would primarily depend on your repayment capacity and loan repayment tenure.
Loan tenure
Personal loans availed on longer repayment tenures result in lower EMIs and vice versa. However, the total cost of interest in this cause would also increase.
Interest rate
Personal loans at low interest rates result in low EMIs and interest cost and vice versa. For that reason, make sure to compare the different personal loan interest rates offered by top lenders before applying for Indian Bank Personal Loan.
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What are the Benefits of using Indian Bank Personal Loan EMI Calculator?
Some common benefits of using Indian Bank Personal Loan EMI Calculator are mentioned below:
Quick Results
The prospective personal loan applicants can easily find their estimated EMIs using the Indian Bank Personal Loan EMI Calculator, without any hassle of performing complex calculations using complex formulas and risk of making calculation mistakes.
Budget Management
The EMI amounts for availing fixed rate personal loan remains constant during the entire loan repayment tenure. As a result, the prospective borrowers can use Indian Bank Personal Loan EMI Calculator to find the estimated EMI amount. This way, they will also be able to adjust their monthly expenses accordingly to fit into the EMI amount.
Improved Personal Loan Eligibility
Lenders usually approve the personal loan applications of applicants whose total EMI obligations (including the proposed personal loan EMI) does not exceed 50-60% of their total monthly income. Using Indian Bank Personal Loan EMI Calculator gives prospective loan applicants a good idea of their EMIs and so, applicants who are exceeding the mentioned limit would be able to reduce their EMI when applying for personal loan. Doing this will also help the prospective applicants improve their chances of getting their applications approved.
Healthy Credit Scores
Personal loan applicants who use Indian Bank Personal Loan EMI Calculator to find their estimated monthly installments would be better prepared to manage their finances for personal loan repayments within the given tenure. Such applicants will also have lower chances of defaulting on their EMIs, which will further help them improve or maintain their credit scores.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
Bottom line
Considering the above-mentioned factors, prospective borrowers can use both the Indian Bank Personal Loan EMI Calculator as well as the Paisabazaar’s EMI Calculator for Personal Loan and determine their EMI for different types of personal loans.
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