Central Bank Of India offers personal loans to the customers to fulfill their urgent need of money. An individual with a permanent job at railways, central or state government schools, hospitals and an employee of a multinational company can avail Central Bank personal loan. The personal loan interest rates are based on the Central Bank marginal cost fund-based lending rate (MCLR). And with the help of Central Bank personal loan calculator, you can calculate the equated monthly installments (EMIs) of your borrowed amount. Read the given article to know about the benefits of a personal loan calculator and know how to use it.
What is Central Bank personal loan calculator and how can you use it?
A personal loan EMI calculator is an online device using which one can compute the monthly loan installments. You can use the Central Bank personal loan calculator by going to its official website. Inside the loan calculator, you have to insert your loan details such as loan amount, interest rate and loan payment duration. When you have mentioned all the details then click on the “calculate” button to generate your loan EMIs. The Central Bank personal loan calculator gives you the EMI instantly and works on the formula [P x R x (1+R)^N]/[(1+R)^N-1], with accurate EMIs you can choose a suitable loan tenure for your Central Bank personal loan.
Benefits of using Central Bank personal loan calculator
When you use the loan calculator it not only gives you an estimation of your loan EMI, but it also gives you the total payable principal amount and interest rate of your central bank personal loan. Using the information of EMI calculator, you can reduce the interest burden through prepayment of your loan amount, suppose if you have taken a personal loan of INR 3 lakh from Central Bank at an interest rate of 10.15% on a loan tenure of 60 months then your monthly EMI would be INR 6,404 with a total payable interest of INR 84,221.
The interest rate may vary for your Central Bank personal loan as it depends on the 1-year MCLR which is currently 8.30%. Central Bank personal loan interest rates differ depending on the individual employment such as for corporate employees the interest rate is MCLR + 3.50% whereas MCLR + 4.50% for non-corporate employees.
Apply for Central Bank personal loan and fulfill your necessities
You can apply for the Central Bank personal loan and fulfill your requirement of money for your wedding expenses, education funding, foreign trip, medical emergency, etc. Go to your nearby Central Bank Of India branch, and apply for a personal loan by filling out the application form and submitting the required KYC documents. You can do the same by using the Central Bank Of India online banking services, the user just need to log on to their account and click on the personal loan option to apply for the loan. Otherwise, customers who don’t have any relationship with the bank can apply for a personal loan through a financial marketplace.