Indian Bank Personal Loan Emi Calculator
Planning to take a personal loan from Indian Bank? It is important to stay on top of your repayments so that you can maintain a healthy credit score and avoid any penalties. Now get rid of the tiresome work of estimating EMIs manually and time to get your hands on the Indian Bank personal loan EMI calculator!
Indian Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
What is the Indian Bank Personal Loan EMI Calculator?
The Indian Bank Personal Loan EMI Calculator is a tool carefully designed to cater your financial planning needs by providing a detailed report of your monthly EMIs. This calculator functions majorly on three factors: interest rate, loan amount, and loan tenure. It provides you with a complete overview of your potential EMI before you apply, empowering you to choose the right amount for your personal loan.
For a more precise and personalised understanding, you can also use https://www.livemint.com/loans/personal-loan-emi-calculator to find the right loan tenure and monthly EMIs for your Indian Bank Personal Loan which fits best to your financial capability.
Factors Affecting the Indian Bank Personal Loan EMI Calculator
When using the Indian Bank Personal Loan EMI Calculator, three key factors come into play:
Formula of Indian Bank Personal Loan EMI Calculation
The EMI calculator works on a simple formula that provides you with a detailed overview of your monthly expenses and your repayment liabilities for your EMI. With a single click, you can manage your repayments and manage your liabilities hassle free.
The formula to calculate EMI on a personal loan is as follows –
The HDFC Bank personal loan EMI calculator operates using the following formula:
E=(1+R)N−1P×R×(1+R)N
Where:
- E = EMI (Equated Monthly Instalment)
- P = Principal amount
- R = Rate of interest
- N = Loan repayment tenure
However, you must understand the fact that the amount or interest rate you'll receive from the bank depends on several factors which revolve around your monthly income, age, credit score, repayment ability, and occupation. Only if you are able to fulfil these criteria will the bank consider granting you with your desired personal loan.
Amortisation Schedule of Indian Bank Personal Loan EMI Calculator
Amortisation Schedule
| 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 |
(Source: groww.in/calculators/indian-bank-personal-loan-emi-calculator)
Indian Bank Personal Loan Interest Rates for 2024
It is important to note the interest rates of personal loans before you apply for one. Although you need to understand that the interest rate which the bank imposes on the loan depends on certain factors. Hence, it is not necessary that you will always get what you ask for. Let’s have a look at the interest rates and processing charges:
Floating Rates
Clean Loan
| Classification | Rate of Interest (p.a.) |
| Non-Priority Term Loan for GMRA Premium | 10.00% to 10.15% |
| IB Saral | 10.60% |
| IB Professional | 10.25%-10.50% |
| IB Insta Cash | 10.25% |
Salary Loan & IBCLS Plus
| Classification | Rate of Interest (p.a.) |
| Clean Loan to Salaried Class – Term Loan | 10.90% to 11.40% |
| Clean Loan to Salaried Class – Overdraft | 11.90% to 12.40% |
Pension Loan
| Product | Rate of Interest (p.a.) |
| Pension Loan | 11.15% to 11.40% |
Pre-approved Personal Loan
| Applicant Type | Rate of Interest (p.a.) |
| Pensioners, Salaried & Regular Income Applicants | 12.40% |
| Self-employed Applicants | 13.00% to 15.00% |
| Home Loan customers | 11.00% |
Fixed Rates
Clean Loan
| Classification | Rate of Interest (p.a.) |
| Non-Priority Term Loan for GMRA Premium | 10.20%-10.35% |
| IB Saral | 10.80% |
| IB Professional | 10.45%-10.70% |
| IB Insta Cash | 10.45% |
Salary Loan & IBCLS Plus
| Classification | Rate of Interest (p.a.) |
| Clean Loan to Salaried Class – Term Loan | 11.10%-11.60% |
| Clean Loan to Salaried Class – Overdraft | 12.10%-12.60% |
Pension Loan
| Product | Rate of Interest (p.a.) |
| Pension Loan | 11.35%-11.60% |
Pre-approved Personal Loan
| Applicant Type | Rate of Interest (p.a.) |
| Pensioners, Salaried & Regular Income Applicants | 12.60% |
| Self-employed Applicants | 13.20%-15.20% |
| Home Loan customers | 11.20% |
Indian Bank Personal Loan Fees and Charges
| Types | Processing Charges |
| IB Pension Loan Scheme | Up to ₹25,000- NIL |
| Above ₹25,000- ₹250 | |
| IB Clean Loan to Salaried | 1.00% on the loan amount |
| IND Covid Emergency Pension Loan | NIL |
| IND Covid Emergency Salary Loan | NIL |
Indian Bank Personal Loan Eligibility
1. IB Pension Loan Scheme
Eligibility:
- Eligible Individuals:
- State and Central government pensioners
- Family pensioners
- Re-employed pensioners
- Indian Bank retirees (both under superannuation and VRS)
- Ineligible Individuals:
- EPF pensioners
- CRS retirees
- Age Limits:
- Regular Pensioners:
- Entry Age: Up to 75 years
- Exit Age: Up to 78 years
- Entry Age: Up to 70 years
- Exit Age: Up to 73 years
- Minimum Entry Age:No specific minimum entry age requirement.
- Pension Payment Order (PPO) copy
- Intimation to Pension Payment Agency (PPA)
- Authorization for EMI recovery from the pension-credited savings account
- Suitable guarantor as per the bank’s acceptance criteria
2. IB Clean Loan for Salaried Individuals
- Employment Criteria:
- Permanent employees of government, quasi-government, reputed companies, endowments, or large corporate industrial establishments with at least 2 years of experience.
- Employees of reputed private sector organisations (e.g., large MNCs or corporates with a turnover exceeding ₹100 crores) where the employer is rated “A” or higher (rating not older than 12 months).
- Minimum Entry Age: 21 years
- Credit Score:Minimum CIBIL score of 700 required
Advantages of using Indian Bank Personal Loan EMI Calculator
The Indian Bank personal loan EMI calculator provides you numerous benefits! Let’s have a look:
Quick Results:
You can effortlessly estimate EMIs using the Indian Bank Personal Loan EMI Calculator and get rid of the hassle of complex calculations and the risk of errors.
Budget Management:
The EMI for a fixed-rate personal loan remains the same throughout the repayment period. This allows you to utilise the Indian Bank Personal Loan EMI Calculator to determine your estimated EMI, so that you can easily adjust your monthly expenses to accommodate this amount.
Healthy Credit Scores:
With the Indian Bank personal loan EMI calculator, you can explore various loan amounts, tenures, and interest rates. This helps you optimise your application to improve your eligibility, ensuring you select a loan that fits your financial circumstances.
Personal Loan EMI Calculator from Other Banks
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How to Use LiveMint EMI Calculator
Calculating your https://www.livemint.com/money/loan/personal-loan interest rate is easy with the LiveMint EMI calculator. Just follow these simple steps:
1. Input loan amount: Enter the total amount you wish to borrow.
2. Select rate of interest Choose the applicable interest rate for your loan.
3. Choose loan duration: Select a repayment period that suits your financial needs.
Once you enter the necessary details, the calculator will generate a complete study for your EMIs based on the loan amount, giving you a clear idea of your repayment obligations.
For instance, if you seek a loan for ₹13 lakh for four years at an interest rate of 12 percent, the Livemint personal loan EMI calculator will show that your monthly instalment will be approximately ₹34,128.
https://www.livemint.com/loans/hdfc-bank-personal-loan-emi-calculator
Advantages of Using LiveMint EMI Calculator
The LiveMint personal loan EMI calculator is a reliable tool to use before you start your personal loan application. It offers several advantages: First, it allows for easy comparisons of different principal amounts and tenures, helping you find an EMI that suits your budget. Plus, it’s completely free and available for unlimited use, so you can refine your estimates until you discover the perfect fit.
You can enjoy the convenience of calculating your EMI and interest from the comfort of your home, eliminating the need for tedious visits to banks or financial institutions. The calculator not only provides the EMI amount but also breaks down the total interest on your personal loan, giving you a clear picture of your financial situation.
Above all, it almost eliminates the risk of errors that can occur with manual calculations, making sure you have accurate estimates at your fingertips.
Indian Bank Personal Loan EMI Calculator FAQs
What are the advantages of using the LiveMint EMI calculator?
It offers convenient comparisons, free and unlimited use, eliminates the need for bank visits, clarifies interest payments, and reduces calculation errors.
Is there a charge for using the Indian Bank personal loan calculator?
No, the calculator is completely free to use at any time.
Can I use the calculator if I haven’t applied for a personal loan with Indian Bank?
Absolutely! You can use the calculator by entering the interest rate from any personal loan scheme you’re considering.
Do I need to visit the Indian bank to use the calculator?
No, you can use the calculator online from the comfort of your home without visiting a bank.