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Indian Bank 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

Indian Bank gives personal loans for tenures that go up to 7 years. It will also give personal loans to pensioners at lower interest rates and for tenures that can go up ten years. These personal loans from Indian banks can be easily repaid through EMIs or better known as equated monthly installments.

Individuals who want to know what their EMI would be if they take a personal loan from the Indian Bank can use the Indian Bank Personal Loan Calculator. This calculator is an automated tool that not only shows EMI but also shows the interest amount on a personal loan.

What is the Indian Bank Personal Loan EMI Calculator?

The Indian Bank Personal Loan Interest Rate Calculator is an online tool for anyone to use. You do not have to be a customer of the Indian Bank; you can use the calculator even before you can apply for a personal loan.

This calculator works with a standard formula that can give you instant and the most accurate results with just a few data sets. 

How Does the Indian Bank Personal Loan EMI Calculator Work?

The Indian Bank Personal Loan Interest Rate Calculator works through a standard formula as already mentioned:

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

In this formula -

P stands for the principal amount

R stands for the rate of interest

N stands for the tenure of the Indian Bank personal loan

We can look at it with an example:

Ms Asha wants to take a personal loan from the Indian Bank, and the principal she requires is 6.2 lakh rupees for a tenure of 4 years. The Bank is offering her an interest rate of 9.2% over the particular personal loan. Therefore the details of the loan are as follows:

P = 6.2 lakhs

R = 9.2%

N = 4 years

Therefore, 

EMI = Rs. 15,488

Amortization of Asha's Personal Loan from Indian Bank

Based on the loan that Asha's personal loan was taken from the Indian Bank, this would be her repayment schedule to the Bank:

Year

Interest Paid

Principal Paid

Total Payment

Outstanding Loan

2022

27,272

65,653

92,925

5,54,347

2023

45,166

1,40,688

1,85,854

4,13,661

2024

31,662

1,54,191

1,85,853

2,59,471

2025

16,864

1,68,988

1,85,852

90,483

2026

2,444

90,483

92,927

0

How can the Indian Bank Personal Loan EMI Calculator Help You?

The Indian Bank personal loan calculator, unlike other charged services, is free for you to use. You could use this calculator as many times as you want without having to register to use it.

This calculator can be used to compare different amounts and tenures for a personal loan to know the EMI amount that you will be able to afford over the specific personal loan. You can also get rid of doing manual calculations because the calculator is an instant solution for you. 

We can conclude that the calculator carries the below-mentioned advantages when used:

  • You will get instant solutions by using this calculator.
  • The calculator has a standard formula programmed into it, which makes it highly accurate.
  • You could use the calculator even before you apply for the loan, which will ensure that you are making the right solution.

How to Use the Indian Bank's Personal Loan Calculator?

You can use this calculator easily with three simple steps and they are

Step 1: You will first have to enter the principal amount.

Step 2: You will have to enter the tenure of the personal loan that you want to borrow.

Step 3: You need to lastly enter the interest rate that the Indian Bank is giving you over the personal loan.

After these details have been successfully entered - you will be shown the interest amount and the EMI amount over the personal loan.

Indian Bank Personal Loan EMI Calculator - FAQs

Q1. How will I know what the interest rate that the Indian Bank is giving me over the personal loan is?

You can know what the interest rate of the personal loan you are borrowing from the Indian Bank is through the particular scheme of personal loans that you choose.

You also need to remember that the interest rate is time effective, and they need to be checked for today's date as the Bank changes them over time.

Q2. Do I need to be a customer of the Indian Bank in order to get a personal loan from them?

No. You will not have to be a customer. You can apply for the Indian Bank personal loan even when you are not a customer of that Bank.

Q3. How long will the personal loan EMI calculator of Indian Bank take to show me the EMI amount?

You will find the results instantly after you have entered the data that the calculator asks of you.

Q4. What are the details that I need to enter on the Indian Bank personal loan calculator?

You will have to enter the principal amount, the tenure of the loan you are borrowing (or your preferred tenure), and finally, the rate of interest that the Bank is giving you for that personal loan.

Q5. Can the Indian Bank personal loan calculator show me the interest rate of the loan?

The calculator would show you the interest amount, but not the interest rate since you will be choosing particular personal loans from the Bank.

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