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Central Bank of India Personal Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

The Central Bank of India gives its customers loans that range up to a value of 10 lakh rupees and at a tenure of up to 5 years. These personal loans from the bank can be for pensioners, family pensioners, and more. They can be used for personal requirements. These personal loans are also easy to be paid off through equated monthly installments.

You can also know how much these EMIs of personal loans would be through the Central Bank of India Personal Loan Calculator.

Everything that You Need to Know From the Central Bank of India Personal Loan EMI Calculator

Here is all that you will need to know about the Central Bank personal loan EMI calculator before you can start using it:

How Does It Work?

The Central Bank of India Personal Loan Interest Rate Calculator is an online tool that was algorithmically to produce the EMI amount and interest amount of a personal loan from the Central Bank of India based on some minute details of the loan that you can provide.

Uses

This calculator can be used to know what the EMI is before even applying for a personal bank from the Central Bank of India. You can use the calculator to instantly find answers. 

Functions

The calculator works with a standard formula. The formula can instantly produce the EMI amount that you will be paying towards the personal loan from the Central Bank of India. The results will be shown to you based on the details that you provide, and there will be no need for manual calculations of the EMI amount.

Steps to Use the Central Bank of India Personal Loan Calculator

The calculator is simple to use, and all that you have to do is follow the steps that are mentioned below:

Step 1: You will have to adjust the amount of principal you want from the Central Bank of India as a personal loan.

Step 2: Secondly, you will have to provide the tenure of the loan.

Step 3: Lastly, you will have to provide the interest rate that the Central Bank of India is giving you over the personal loan.

Step 4: You will finally be displayed with the EMI amount that you will have to pay towards the personal loan.

Formula Used

As already mentioned, this calculator uses a standard formula, and that is -

E = P x r x (1+r)^n/((1+r)^n-1)

An Example

The formula that is used in this calculator can also be shown easily through an example. For instance, Mrs Geetha wants to take a personal loan from the Central Bank of India of Rs. 4.4 lakhs. The tenure of the loan she chose is 3.3 years, and for an interest rate of 10%. This will be the EMI of her loan.

EMI = Rs. 13,261

Amortization Table

Based on the example that has been mentioned above, we can display the repayment schedule of that personal loan below:

Year

Interest Paid

Principal Paid

Total Payment

Outstanding Loan

2022

20,788

58,778

79,566

3,81,221

2023

32,420

1,26,712

1,59,132

2,54,507

2024

19,150

1,39,982

1,59,132

1,14,525

2025

4,824

1,14,525

1,19,349

0

Advantages of Using the Central Bank of India Personal Loan Calculator

There are various perks to using the Central Bank of India personal loan calculator, and that is:

  • It is a calculator that can be used free of cost.
  • The user of the calculator does not have to register or even log in in order to start using the Central Bank of India personal loan calculator.
  • Anyone can use the calculator as long as they have access to the internet.
  • This tool can be used in order to compare different values and tenures of a personal loan that can be borrowed from the Central Bank of India.
  • You can use this calculator as many times as you want, and there will be no restrictions. 
  • You will not have any more calculation errors that would usually occur with manual calculations.
  • The calculator can be easy to use with any expert technical skills needed. 
  • The calculator is for customers and non-customers of the Central Bank of India.

Central Bank of India Personal Loan EMI Calculator - FAQs

Q1. How will I be charged to use the Central Bank of India personal loan calculator?

You will not be charged to use the Central Bank of India personal loan calculator; it is free.

Q2. Can I use the Central Bank of India personal loan EMI calculator more than thrice?

Yes, it can be used as many times as you want to.

Q3. Do I need to recheck the results of the calculator?

No. The calculator works on a programmed algorithm that will not require any rechecking to be done.

Q4. Can I borrow a personal loan from the Central Bank of India even when I am not a customer of this bank?

Yes. You can apply for a loan from the Central Bank of India even when you are not a customer of this bank.

Q5. What is the formula that the Central Bank of India personal loan interest rate calculator uses?

The formula that is used by the Central Bank of India personal loan calculator is: E = P x r x (1+r)^n/((1+r)^n-1).

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