How Central Bank Personal Loan EMI Calculator Computes The Installments?

Take personal loan from Central Bank Of India and satisfy your need for funds. Central Bank Of India provides loan to the customers on an attractive interest rate. With the help of Central Bank Personal loan, you can manage your financial needs whether related to the medical emergency, marriage or other expenses. You can pay the borrowed loan amount in equated monthly loan installments (EMIs) in flexible loan tenures. And, to estimate the loan EMIs you can use the central bank personal loan EMI Calculator. Want to know how the EMI calculator generate EMI? Then read the given article.

What is an EMI calculator and how it works?

The Central Bank personal loan EMI calculator is an online device that calculates the monthly installments of the borrowed amount. Personal loan EMI calculator estimates the installments using the formula [P x R x (1+R)^N]/[(1+R)^N-1], where P indicates borrowed loan amount, R is the central bank of India personal loan interest rate and N is the loan tenure. To use the EMI calculator you can visit the Central Bank Of India official website and input the loan details inside the calculator. Suppose, if you borrow a loan amount of INR 25 lakh on an interest rate of 12.50% for 5 years. Then you can estimate the future EMI of your loan amount using the Central Bank personal loan EMI calculator that would be INR 56,244. 

Low interest rate on the borrowed amount

Central Bank Of India offer you the desired loan amount at the lowest interest rate starting from 10.50% per annum. You can pay the Central Bank Of India personal loan interest rate along with your loan EMIs. If the applicant meets the eligibility criteria and has a higher credit capacity then it can negotiate for a lower interest rate on the borrowed amount. On the other hand, if a person doesn’t meet the loan criteria then he is charged with a high interest rate. So, before you apply for a personal loan make sure you meet the eligibility criteria. 

Submit documents and applicable charges to get Central Bank personal loan

You can apply for the Central bank personal loan by visiting the bank branch or through its online banking service. You can visit the Central Bank Of India official website and apply for a personal loan by filling the details like mobile number, email id, PAN or aadhar, details, etc. in the form. After that, you will get a call from the bank and ask to submit some documents like salary slip, bank statement and income tax return (ITR) report. When you submit all the necessary documents then you have to pay a processing fee of INR 500 to the bank. After the loan sanction, the borrowed amount will be disbursed to your account. And, you can pay the loan installments through electronic clearing system (ECS), post-dated cheques or auto-debit. Now, your every single need would be satisfied with Central Bank Of India personal loan.