| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
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.
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.
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
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 |
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 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.