A personal loan can be a great way to finance a major purchase or consolidate debt. But before you apply for a personal loan, it's important to understand how personal loan interest and EMIs (equated monthly instalments) work.
EMI is the amount you pay monthly towards your loan repayment and includes the principal amount and the interest. Your loan EMI will be calculated based on the loan amount, tenure and interest rate. The DCB Bank Personal Loan EMI Calculator can calculate the above values.
How Does DCB Bank Personal Loan EMI Calculator Work?
You can use a DCB Bank personal loan EMI calculator to calculate your monthly EMI. Simply enter the loan amount, tenure and interest rate, and the calculator will do the rest. Keep in mind that the interest rate on a personal loan is usually higher than on other types of loans, such as a home loan or a car loan. This is because personal loans are unsecured, which means they're not backed by collateral.
Key Features and Benefits of DCB Bank EMI Calculator
If you're looking for a simple and effective way to calculate your monthly EMIs, you should check out the DCB Bank Personal Loan EMI Calculator. This powerful tool can help you quickly and easily determine your monthly EMI payments based on your loan amount, interest rate, and loan tenure. Here are some of the key features of the DCB Bank Personal Loan EMI Calculator:
- Easy-to-use interface: The DCB Bank EMI Calculator has a user-friendly interface that makes it easy to use.
- Accurate calculations: The calculator uses the latest interest rates and formulas to ensure that your EMIs are calculated accurately.
- loan amount, interest rate, and tenure: You can input your loan amount, interest rate, and loan tenure into the calculator to get customised EMI results.
- Flexible repayment options: The calculator allows you to choose various repayment options to find the one that best suits your needs.
DCB Bank Personal Loan EMI Calculator Formula
If you're looking to take out a personal loan from DCB Bank, it's important to know how much your monthly repayments will be. Luckily, you can use a simple formula to calculate your loan EMI.
First, you'll need to know the total amount you're borrowing, the interest rate charged on loan, and the tenure of the loan in months. With this information, you can use the following formula to calculate your loan EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
- P is the principal loan amount
- R is the interest rate per month
- N is the number of months.
For example, let's say you're borrowing Rs. 1,00,000 at an interest rate of 10% per annum for 36 months. Your EMI would be:
EMI = [1,00,000 x 10 x (1+10)^36]/[(1+10)^36-1] = Rs. 3,174
So, your monthly repayment would be Rs. 3,174.
Remember that this is just an estimate - your actual monthly repayments may differ based on the bank's policies and other factors.
Factors Affecting DCB Personal Loan EMI
When taking out a DCB personal loan, there are a few factors that will affect your EMI. Consider these factors when taking out a DCB personal loan so you can budget accordingly.
- The Loan Amount: The loan amount is the most important factor in determining your EMI. The higher the loan amount, the higher the EMI will be.
- The Interest Rate: The interest rate on your loan will also affect your EMI. The higher the interest rate, the higher the EMI will be.
- The Loan Term: The loan term is the length of time over which you will repay the loan. The longer the loan term, the lower the EMI will be.
- The Repayment Schedule: The repayment schedule is the schedule of payments that you will make to repay the loan. The longer the repayment schedule, the lower the EMI will be.
DCB Bank Personal Loan Amortisation Schedule
If you're looking for a personal loan from DCB Bank, it's important to understand the repayment process. Here's a quick overview of the bank's loan amortisation schedule. Repayment of a DCB personal loan begins immediately after the loan is disbursed. Knowing the amortisation schedule ahead of time can help you plan your budget and make sure you make your loan payments on time. It's also a good idea to understand how amortisation works so you can be prepared for any changes in your monthly payments. An amortisation schedule is a breakdown of your loan payments, showing how much your payment goes towards principal and interest. This can help you budget and make informed decisions about your loan.
For example, let’s assume that an individual borrows a personal loan of INR 35 lakhs at 14% p.a. for an extended tenure of 5 years.
|Year||Opening Balance||Interest Paid||Principal Paid||Closing Balance|
|1||INR 35,00,000||INR 4,57,485||INR 5,19,781||INR 29,80,219|
|2||INR 29,80,219||INR 3,79,860||INR 5,97,406||INR 23,82,812|
|3||INR 23,82,812||INR 2,90,642||INR 6,86,624||INR 16,96,188|
|4||INR 16,96,188||INR 1,88,100||INR 7,89,166||INR 9,07,022|
|5||INR 9,07,022||INR 70,245||INR 9,07,022||0|
Comparison of DCB Personal Loan EMI with other Banks
The table below draws a comparison between DCB Personal Loan EMI interest rates with other banks.
|DCB Bank||13.00% p.a. - 24% p.a.|
|Tata Capital||10.99% p.a. onwards|
|IDFC First Bank||10.49% p.a. onwards|
|Aditya Birla Capital||14% p.a.- 26% p.a.|
|IIFL||24% p.a. onwards|
|Fullerton India||11.99% p.a.- 36% p.a.|
|RBL Bank||14% p.a.- 23% p.a.|
|Central Bank of India||9.85% p.a. onwards|
|SBI||9.60% p.a.- 15.65% p.a.|
|Karur Vysya Bank||9.40% p.a.- 19% p.a.|
|Kotak Mahindra Bank||10.25% p.a. onwards|
DCB Bank Personal Loan EMI Schedule
The table below pertains to the DCB Bank Personal Loan EMI Schedule for a five year period.
|Loan Amount||Interest Rate||Tenure||EMI|
|INR 10,00,000||14% p.a.||5 years||INR 23,268|
|INR 20,00,000||14% p.a.||5 years||INR 46,537|
|INR 25,00,000||14% p.a.||5 years||INR 58,171|
|INR 30,00,000||14% p.a.||5 years||INR 69,805|
|INR 50,00,000||14% p.a.||5 years||INR 1,16,341|
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Frequently Asked Questions (FAQs)
What is the EMI of 1 lakh personal loan in DCB bank?
The EMI for INR 1,00,000 @14% p.a. at DCB Bank for a personal loan is INR 2,327.
How much personal loan can I get on my salary of INR 15000 from DCB bank?
DCB Bank offers personal loans only to individuals with a minimum salary of INR 1,00,000
How can I check my personal loan eligibility in DCB Bank?
You may contact the bank directly to know the eligibility criteria. You can also click here to know the eligibility criteria.
How can I check my personal loan EMI status in DCB bank?
You may contact 1800 209 5363 to check your personal loan EMI status.
What is the EMI for a 1.5 lakhs personal loan in DCB bank?
The EMI for INR 1,50,000 @14% p.a. at DCB Bank for a personal loan is INR 3,490
Is a CIBIL score required for a personal loan from a DCB bank?
Yes, DCB Bank checks CIBIL scores for personal loans.
What is the interest rate of a personal loan in DCB Bank?
The interest rate ranges from 14% p.a. to 24% p.a.
What is the DCB bank personal loan processing fee?
The processing fees on personal loans offered by DCB Bank is 2% – 3% on the loan amount.
Why should I calculate DCB bank personal loan EMI before taking a loan?
Using the DCB Bank Personal Loan EMI calculator, you can budget your finances according to your repayment capacity.