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Indian Bank Personal Loan Calculator

Indian Bank Personal Loan EMI Calculator, Jul 2021

Last Updated 15th Jul 2021

  • Personal loan EMI in Indian Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Indian Bank Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 3,182 per lakh on Indian Bank Bank personal loan as calculated using the lowest interest rate of 9.05% for the longest tenure of 36 months.
  • For example, the table below gives the EMIs on Indian Bank Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan3 Year loan
₹ 1 Lakh₹ 8,747₹ 3,182₹ 3,182
₹ 5 Lakh₹ 43,737₹ 15,912₹ 15,912
₹ 10 Lakh₹ 87,475₹ 31,823₹ 31,823

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Personal Loan EMI Calculator Indian Bank

Indian Bank Personal Loan EMI is a fixed amount of money paid by you to Indian Bank based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Indian Bank personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Indian Bank. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Indian Bank Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Indian Bank personal loan which can range between 9.05% to 13.65%.
  • Compare Indian Bank personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Indian Bank with that of leading banks in India using the same loan amount of upto ₹ 5 Lakh for a maximum tenure of 36 months, but at different interest rates.
  • Calculate interest on Indian Bank personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Indian Bank over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Indian Bank or balance transfer to another bank.

Indian Bank Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Indian Bank Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Indian Bank Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 9.05%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Indian Bank personal loan plan for you.Personal Loan EMI is calculated for Indian Bank for different loan amounts and tenures at the rate of 9.05%.

Loan Amount (Rs.)2 Years3 Years3 Years
1 Lakh ₹ 4,571 ₹ 3,182 ₹ 3,182
3 Lakh ₹ 13,712 ₹ 9,547 ₹ 9,547
5 Lakh ₹ 22,854 ₹ 15,912 ₹ 15,912
10 Lakh ₹ 45,708 ₹ 31,823 ₹ 31,823

Factors Affecting Indian Bank Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Indian Bank gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 5 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Indian Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Indian Bank is 9.05%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in Indian Bank. So, your EMI will be lower if you take a 36months loan from Indian Bank as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Indian Bank Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Indian Bank9.05% ₹ 8,747 ₹ 43,737 ₹ 87,475
Allahabad Bank 9.05% ₹ 8,747 ₹ 43,737 ₹ 87,475
Karur Vysya Bank 9.40% ₹ 8,764 ₹ 43,819 ₹ 87,637
Bank of Maharashtra 9.55% ₹ 8,771 ₹ 43,853 ₹ 87,707
SBI 9.60% ₹ 8,773 ₹ 43,865 ₹ 87,730

Indian Bank Personal Loan Amortization Calculator

Indian Bank Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Indian Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 5 years from Indian Bank at an interest rate of 9.05%. EMI calculated for this loan amount is ₹ 6,235 and the total annual EMIs to be paid annually is ₹ 74,817. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 13,121 ₹ 24,288 ₹ 37,409 ₹ 2,75,712
2022 ₹ 22,831 ₹ 51,987 ₹ 74,817 ₹ 2,23,726
2023 ₹ 17,926 ₹ 56,892 ₹ 74,817 ₹ 1,66,834
2024 ₹ 12,558 ₹ 62,259 ₹ 74,817 ₹ 1,04,574
2025 ₹ 6,684 ₹ 68,134 ₹ 74,817 ₹ 36,441
2026 ₹ 968 ₹ 36,441 ₹ 37,409 -₹ 0

In the above illustration, on a Indian Bank Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 9.05, EMI paid is ₹ 6,235 and an annual total of EMIs is ₹ 74,817, the interest component is ₹ 25,122 while the principal component is ₹ 49,695 in year 1 of loan disbursement. You repay only 16.57% of the total principal after paying 12 EMIs during the first year.

Indian Bank Personal Loan Interest Calculator Formula

Indian Bank calculates personal loan EMI based on the following formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Indian Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount.Indian Bank personal loan amount can range from ₹ 50,000 to ₹ 5 Lakh.

r = Rate of interest per month. The current Indian Bank Personal Loan rate is 9.05%.
n = Tenure in month. This can range up to 36months in case of Indian Bank.

How to use Indian Bank Personal Loan EMI Calculator

  • Indian Bank personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Indian Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

Indian Bank Personal Loan EMI for ₹ 1 Lakh

The following table shows Indian Bank Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 9.05%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,0009.05% 1₹ 8,747
₹ 1,00,0009.05% 2₹ 4,571
₹ 1,00,0009.05% 3₹ 3,182
₹ 1,00,0009.05% 4₹ 2,491
₹ 1,00,0009.05% 5₹ 2,078

Indian Bank Personal Loan EMI for ₹ 3 Lakh

The following table shows Indian Bank Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 9.05%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,0009.05% 1₹ 26,242
₹ 3,00,0009.05% 2₹ 13,712
₹ 3,00,0009.05% 3₹ 9,547
₹ 3,00,0009.05% 4₹ 7,473
₹ 3,00,0009.05% 5₹ 6,235

Indian Bank Personal Loan EMI for ₹ 5 Lakh

The following table shows Indian Bank Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 9.05%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,0009.05% 1₹ 43,737
₹ 5,00,0009.05% 2₹ 22,854
₹ 5,00,0009.05% 3₹ 15,912
₹ 5,00,0009.05% 4₹ 12,454
₹ 5,00,0009.05% 5₹ 10,391

Indian Bank Personal Loan EMI for ₹ 10 Lakh

The following table shows Indian Bank Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 9.05%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,0009.05% 1₹ 87,475
₹ 10,00,0009.05% 2₹ 45,708
₹ 10,00,0009.05% 3₹ 31,823
₹ 10,00,0009.05% 4₹ 24,909
₹ 10,00,0009.05% 5₹ 20,783

How to Pay Indian Bank Personal Loan EMI?

There are various online & offline methods to pay your Indian Bank Personal Loan EMI. To repay your Indian Bank EMI online, you can log in to your net banking account or else you can also use the mobile banking of Indian Bank. Indian Bank also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Indian Bank branch.

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FAQs

Why should I calculate Indian Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Indian Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

What is the lowest EMI per lakh offered by Indian Bank on a personal loan?

Indian Bank offers a personal loan at a 9.05% interest rate for a maximum of 36 months, and hence lowest EMI per lakh loan amount is ₹ 3,182. However, Indian Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre-close Indian Bank personal loan?

You can pre-close your Indian Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on Indian Bank ?

Indian Bank offers you an option of prepayment after 0 months at Nil prepayment charges.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from Indian Bank?

Yes, Indian Bank charges a certain amount of processing fee to process your loan application. Currently, Indian Bank charges a processing fee of N.A on a Personal Loan.

Will I get a personal loan from Indian Bank if I have a bad credit score?

No, for taking a loan from Indian Bank, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Indian Bank personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Indian Bank Bank?

At the current rate of 9.05%, EMI on Indian Bank personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,43,794, ₹ 2,55,629 and ₹ 2,92,809 respectively.

Can I have a co-applicant while applying for a Personal loan with Indian Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Indian Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Indian Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your Indian Bank Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Indian Bank loan EMI?

You can pay the Indian Bank personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

Compare Personal Loan EMI of All Banks

Indian Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Noida 011-27411133
Nashik 022-28955858
Mumbai 022-28955858
Mussoorie 1800-425-00-000
Nagpur 022-28955858
Meerut 1800-425-00-000
Mehsana 1800-425-00-000
Mohali Sas Nagar 1800-425-00-000
Ludhiana 1800-425-00-000
Kozhikode 1800-425-00-000
Madurai 044-24413430
Lucknow 1800-425-00-000
Kolhapur 022-28955858
Kolkata 033-25736571
Kota 1800-425-00-000
Jalandhar 1800-425-00-000
Jodhpur 1800-425-00-000
Karnal 1800-425-00-000
Jaipur 1800-425-00-000
Kanpur 1800-425-00-000
Indore 1800-425-00-000
Jabalpur 1800-425-00-000
Hyderabad 040-23323089
Gurgaon 011-27411133
Guwahati 1800-425-00-000
Gwalior 1800-425-00-000
Gandhinagar 1800-425-00-000
Greater Noida 011-27411133
Goa 1800-425-00-000
Ghaziabad 011-27411133
Dehradun 1800-425-00-000
Delhi 011-27411133
Durg 1800-425-00-000
Faridabad 011-27411133
Chandigarh 1800-425-00-000
Coimbatore 044-24413430
Cochin 1800-425-00-000
Chennai 044-24413430
Bhopal 1800-425-00-000
Bhubaneswar Cuttack 1800-425-00-000
Bikaner 1800-425-00-000
Bangalore 080-22958809
Bhilai 1800-425-00-000
Bhilwara 1800-425-00-000
Bhiwadi 022-28955858
Ambala 1800-425-00-000
Aurangabad Bihar 022-28955858
Anand 1800-425-00-000
Ahmedabad 1800-425-00-000
Agra 1800-425-00-000
Noida Extn 011-27411133
Panipat 1800-425-00-000
Patna 1800-425-00-000
Pondicherry 1800-425-00-000
Pune 022-28955858
Raipur 1800-425-00-000
Rajkot 1800-425-00-000
Ranchi 1800-425-00-000
Rohtak 1800-425-00-000
Roorkee 1800-425-00-000
Salem 044-24413430
Shimla 1800-425-00-000
Sonipat 1800-425-00-000
Surat 1800-425-00-000
Trichy 044-24413430
Udaipur 1800-425-00-000
Vadodara 1800-425-00-000
Varanasi 1800-425-00-000
Vijaywada 040-23323089
Vizag 040-23323089

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Indian Bank Personal Loan News - Jul 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2020-10-16 : Indian Bank sets up a portal to restructure retail loans
    Indian Bank launched a digital platform for restructuring all retail loan including home, personal, car, two-wheeler, and gold loans. The portal will allow the borrowers to submit recast requests on the portal and check eligibility criteria.
  • 2020-08-17 : Indian Bank Q1FY21 PAT at Rs. 369.26 crore
    Indian Bank has posted a net profit of Rs.369.26 crores for the period ended June 30, 2020, as against a net profit of Rs. 217.73 crores for the period ended March 31, 2020. In addition to this, the Bank reported a total income of Rs.11446.71 crores aided by retail loans like home, personal, car, two-wheeler.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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