Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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Indian Bank Personal Loan EMI Calculator

Indian Bank is a public sector bank owned by the government of India. The financial institution was founded on the 15th of August 1907 during the Swadeshi movement to provide indigenous business enterprises and the working population with access to financial services. From merchant banking operations, Indian Bank has expanded its operations to cover other key sectors of the economy. Today, the bank is an active provider of online banking also referred to as net banking services, loan services, and products, investment banking, forex, and NRI financial services through its overseas network. In terms of presence, Indian bank currently has 2872 active branches nationwide as well as close to 4,000 ATMs all across the country. They also have a dedicated staff numbering well over 19,600 manning their various branches and operations.

Types of Personal Loan Offered by Indian Bank

One of Indian Banks loan services is their Personal Loan. This loan is offered to individuals who are salary earners. For those in need of funds to address financial concerns but lack the finance to settle them, this loan is readily available. Under their personal loan package, there are two schemes currently on offer. They are,

Clean Loan

The Clean Loan is a Salaried class loan only issued to permanent employees of government and reputable companies. If you do not fall into this category or you work for an employer with a very low profile, you will not be issued this loan. Essentially, the Clean Loan is issued for the sole purpose of settling immediate expenses. Although there are no restrictions to what you can do with the Clean loan, Indian Bank frowns at borrowers who use it for speculative purposes. The maximum tenure is 84 months and you can avail up to 30,000 as a loan. Only permanent employees with a minimum work experience of 3 years may apply. The rate of interest is 11.05%.

Indian Bank Bala Vidya Scheme

The second personal loan scheme Indian Bank is offering to members of the public is the Bala Vidya Scheme. This scheme is open to both salaried employees of public and private sector organizations as well as Self-employed professionals and non-professionals. To avail of this loan, you ought to have worked with the same employer or performed the same trade for a minimum period of three years. You are also expected to have operated a savings bank account with Indian Bank for some time.

The Bala Vidya Scheme is essential meant for school-related expenses. Parents can apply for this loan to pay for admission and tuition fees for their wards and any other educational expenses. For documentation purposes, whoever is applying for this loan must get a signed guarantee from his or her spouses attesting to the purpose for which the loan is applied for. The parents of the pupil must also attest to the fact that no other loan has been taken or will be taken up for the same purpose. Maximum loan amount is 30,000 for a maximum period of 84 months.

What is EMI?

An Equated Monthly Installment (EMI) is one of the most common terms that applicants come across when discussing or searching for a suitable loan scheme. This term is one of , if not the most important term as far as loan financing is concerned. For the avoidance of doubt, an EMI is the fixed the amount a borrower is expected to pay after taking up a loan. In most cases, EMI commences the very next month after the loan is received but under special arrangements, it could be forwarded to a later month. This sum is used to repay both the principal anoint which is received and the interest on the loan. When calculating EMI, it is spread out across the entire loan tenure but why is that?

Lenders know that borrowers may likely find it hard to pay what they owe at once so they break down the payments (EMI) into smaller amounts every month to ease repayment responsibility. Another thing to bear in mind is that EMI is influenced by the principal amount, the interest rate and the tenure. A change in one or all of these metrics will lead to a change in EMI.

Features of Indian Bank Personal Loan

Before you apply for Indian Bank's Personal Loan, it will do you no harm to understand some of the basic features of this loan.


A short term loan for settling immediate expenses and bills

Minimum amount

Not stated

Maximum amount

30, 000

Processing fees


Maximum age

60 years

Interest rate


Loan tenure (Max)

84 months

Lowest EMI

514 per Lakh

Who can apply

Salaried individuals and Self-employed professionals and non-professionals

Indian Bank Personal Loan EMI

The great thing about applying for Indian Banks personal loan is that you are not limited to a specific amount as a loan. Although the maximum loan offered is 30,000, it does not mean that you must apply for this amount. You can apply for a lot less. To better aid, your understanding of the EMI computation hereunder is a table with some information. We used the same principal amount and interest rate but different tenure.

Loan Quantum Tenure Interest EMI


12 months




24 months




48 months




60 months




84 months



What is EMI Calculator?

An EMI calculator is an online tool that is used to calculate just how much you are to pay as EMI on a Personal Loan. This calculator helps you evaluate the potential cost of the loan with ease. Calculating EMI can often be a cumbersome process and mistakes are common due to the large number of figures involved. To help borrowers avoid the serious error of taking up a loan whose cost they can?t afford, financial analysts thought it wise to design this tool for their use. On a basic level, EMI calculators work with this formula

EMI = [P x R x (1+R)^N]/[(1+R)^N-1],

As you can see, there are some alphabets present in the formula and they all have meanings.


EMI  = Equated Monthly Installment

P = Principal amount (the amount you apply for a loan)

R = Rate of Interest (The lender provides this information

N = Loan Repayment Tenure (in months)

How you calculate your EMI should be at your discretion. Some applicants prefer manual calculation while others prefer using an EMI calculator. EMI calculators appear to be the best because you can arrive at your EMI quickly without having to worry about erroneous figures. The tool is also relatively easy to use and what?s more? It is free and available to you round the clock. Also, note that you can always change the data for your Principal amount and tenure to reflect your desired EMI. 

How to use MyMoneyMantra EMI Calculator?

MyMoneyMantras EMI calculator is hugely popular and widely used because it has proven to be a very reliable tool for loan hunters. To use this calculator, all you have to do is:

  • Visit MyMoneyMantra website or search for MyMoneyMantra EMI Calculator online
  • With the page fully displayed, you will see boxes for the various data
  • Input the various data in their appropriate boxes (Principal amount interest rate, tenure in months)
  • Click the Calculate button underneath and wait for a short while

The calculator will give you the monthly EMI for the loan amount. If you are unsatisfied with the EMI, you can change the amount and tenure. Note that there is very little you can do about the rate of interest since interest rates are under the exclusive preserve of the lender. 

Benefits of using an EMI Calculator before taking a Personal Loan

Making the decision to take a Personal Loan is a very serious decision that must never be taken lightly. Due to the potential cost of the loan and the impact it will have on your finances for years to come, it is a decision that should only be taken after considering all the potential factors involved especially the cost. Knowing just how much you will pay as EMI is a good first step towards making an informed decision and an EMI Calculator can help you. With this tool, you will be in a better position to evaluate the cost of the loan both short and long term as well as your repayment capacity. Here are some of the benefits of using an EMI calculator before you approach Indian Bank or any other lender for a Personal Loan.

Ease of Use

This tool is very easy to use and has proven so ever since it was invented and introduced into the finance industry. You may not very good at statistical computations but you need not worry as the calculator has got you covered. It has been designed with simplified icons and you can get accurate EMI readings with just a few clicks. Even first time users will have no problem using this tool.

A high degree of accuracy

The EMI calculator is highly accurate and leaves very little margin for errors. A trusted tool provides accurate results any day, anytime.

It is free

You do not have to pay a fee to use the calculator. It is always available to anyone who needs it so therefore; you can enjoy unrestricted free access without paying a dime.

Only a few clicks required

Calculating your EMI by hand is a tedious process but it?s not so with MyMoneyMantras EMI calculator. This tool saves you time and effort especially if you have very little time to make a decision whether to apply for the loan or not. There is no need to waste time as this can be avoided using this online tool.

Personal Evaluation

You can use it to evaluate your capacity to repay the principal amount and interest. Since the loan will be deducted from your income every month, you need to know if what will be left of your income will be sufficient for you to live on until the next pay day. MyMoneyMantra? EMI calculator offers users clarity in this regard. You do not require a financial expert to evaluate your income capacity for you. Now you can do it yourself within the comfort of your home.

 Make an informed decision when faced with multiple alternatives

Another great benefit of using this tool is the extra data it provides users. After launching and using this EMI calculator, the tool will also display different Personal Loans offered by various Indian banks and NBFC's. With this information, you can better make an informed decision about the Personal loan to pick from the list.

Factors that can affect your Personal Loan EMI amount

Before you calculate the EMI on a personal loan you need to be aware of some of the factors that may impact EMI amount. In most cases, these factors may even be outside your control and there may be very little you can do about it. Let us robustly highlight some of them.

Principal amount: The first factor that will affect how much you will eventually pay as EMI is the principal amount. The principal amount is the loan amount you intend to borrow. A customer who borrows 20, 000 for example, will most definitely pay a much higher EMI than another customer who borrows 10, 000. Since EMI is broken down into smaller sums and spread over the entire loan tenure, the first customer will end up paying a larger monthly instalment than the customer who borrowed less. The Principal amount you apply for is within your control and you may choose to borrow a smaller amount that you can afford to pay.

Interest rate: Interest rates are not within the control of the borrower but impact the EMI they pay nonetheless. Rates on loans are decided by the market rate, which is benchmarked by the Reserve Bank of India. Lending institutions then have the option of charging above the benchmark rate for loans they issue but not below the benchmark rate. This is why there are different interest rates for loans in the market and borrowers are always on the lookout for personal loans with cheap rates. When repaying a loan, you are paying back the principal amount and the interest amount, which is calculated, based on the rate of interest at which the loan is issued. The higher the rate of interest, the higher the interest amount you will pay. Just like the Principal amount, interest rates affect EMI amount significantly.

Loan tenure: The repayment window or loan tenure is another factor you should consider. If you are given a longer timeframe to pay back, the loan then the EMI will be much smaller due to the number of months available within the period. If on the other hand you are granted a much smaller timeframe, the monthly payments will be much larger. Let us use a very simple example to buttress this point. Customer A borrows 10,000 for a period of 1 year while customer B borrows the same principal amount for a pepayday2 years at the same interest rate. If the EMI for both customers is spread equally across the entire tenure, Customer A will have only 12 months to pay back what he owes while the latter will have 24 months. So in earnest, Customer A will be asked to pay 12 EMI?s for the 12 months while Customer B will pay 24 EMI?s for 24 months. Logically, it leaves no room for doubt that Customer A will be charged a larger EMI every month because he has a shorter repayment window. Customer B on the other hand will have a much smaller EMI because he has an extended repayment window.

Your personal income: Personal income is reviewed by the lender to ascertain the capacity of the borrower to repay the personal loan within the allotted time.  Most lenders have a margin of deduction, which they do not exceed except under special circumstances. Some lenders do not deduct more than 40% of the borrower?s income while some others may go beyond the 40% mark. This is done to leave the customer with ample funds to live on before the next pay day. If you have a large income, the lender may choose to charge a much higher EMI especially if the principal sum is huge. Personal income may or may not affect EMI as this depends on the lender you are negotiating with but it?s helpful to bear this in mind if there is an open window for negotiation between you and the lender.

Repayment schedule: The repayment schedule is also of prime importance when analyzing potential EMI. Some lenders prefer to charge an equal EMI every month. Others prefer to charge a larger EMI during the early stages of the loan then reduce the EMI as the outstanding debt reduces. This is called a reducing balance EMI. Then, others prefer a smaller EMI charge at the early stage then a much higher charge at the latter stages of the loan contract. A few lenders may give borrowers the option to pick a favorable repayment schedule but this is not very common for all lenders. Most lenders have their standard schedules for all customers, which are not subject to change.

Interest rate policy of the lender: Finally, you need to consider the interest rate policy of the lender. You have the fixed interest rate and the floating or flexible interest rate. Personal loans are often issued at floating interest rates but it is not unusual to find lenders who offer loans at a fixed rate. If the interest is fixed, EMI will not change regardless of the current market rate. If it is floating, the EMI will change to reflect the current market rate.

To conclude this section, it is important to point out that, only one factor seldom impacts EMI. Rather, it is often a combination of several factors chief among which are the Principal amount, the interest rate, and the loan tenure. There are some other factors not included in this article which may also affect EMI favorably or negatively. To be on a safe side when doing your EMI projections, it is ideal to consider all of these factors to make a wise and informed decision at the end of the day. 

Tips to decide the amount of EMI

Taking a cue from the above paragraph, if you want to decide on a suitable EMI amount adhere to these tips.

  • Be mindful of how much you borrow: The cost of your needs may not change but don?t forget that how much you borrow will influence your EMI. So as a golden rule, never borrow an amount you cannot afford to pay back. Even if you qualify for a much higher loan amount, only borrow what you need and nothing more.
  • Go for loans with smaller rates: The good news is that as of today, you have access to several personal loan schemes that you can pick from. Go for a loan that has a smaller interest rate. The lower the rate, the less EMI you will pay.
  • Consider processing fees: You also need to factor the processing fees on the loan as this will also influence the cost. Different lenders charge different processing fees ranging from less than 1%-4% of the loan amount. Consider borrowing from only lenders that charge very low fees.
  • Longer tenure loans are better: Consider applying for longer tenure loans to ease the pressure of paying up within the approved time. Spread payment across many more months to reduce EMI charges by applying for the loan at the maximum tenure.
  • Keep an eye on your income: Do not also forget your monthly income when deciding on EMI. Make sure that what is left after EMI deductions will be sufficient to live on until your next income cycle. If you notice that the balance will not carry you up till the next month, consider going for a smaller Principal amount or loom for a different lender who offers a lower interest rate.

Change in EMI with change in Interest rates

A change in EMI leads to a change in interest because how much you pay as interest is dependent on the interest rate at which the loan is issued. EMI is a combination of the principal amount and the interest amount. While the principal amount is static and will only reduce at the loan is repaid, interest amount will change if the loan was issued at a floating rate. Floating interest rate loans have different EMI due to the changes in rates as they occur.

Change in EMI with change in Prepayment

If you prepay your personal loan, the subsequent EMI after the prepayment is effected will change as well. Prepayment is simply the down payment of future EMI at any given time. Most lenders do not allow prepayment before a given time but when allowed, you may decide to unburden yourself by paying EMI in advance. The more advance payments you make, the lower the outstanding EMI.

FAQs on Indian Bank Personal Loans and EMI Calculator

Which category of borrowers are allowed to apply for Indian Bank's Personal Loan?

Salaried employees of reputable firms and government agencies can avail this loan. Self-employed professionals and non-professionals who are account holders with Indian bank can also avail of this loan.

How many types of Personal Loans does Indian Bank offer customers?

Indian Bank offers two different classes of Personal Loan. The first one is the Clean Loan meant for only Salaried individuals and government public servants. The second one is the Bala Vidya Scheme for both Salaried and Self-employed applicants.

Can I decide how much I wish to borrow from Indian Bank as a Personal Loan?

Yes, you may but you are not allowed to exceed the maximum loan amount of 30,000. Also, note that Indian Bank will only offer you an amount that you are eligible for based on your monthly income and your repayment capacity.

What factors may influence the EMI I pay for this loan?

The Equated Monthly Instalment that you will be charged by Indian bank for this loan will be greatly influenced by the

  • Principal amount
  • Interest rate
  • Tenure

Does the interest rate change?

It depends on the type of interest rate in effect. If you choose a fixed interest rate you will experience no changes all through the lifecycle of the loan. If you choose a floating rate, you should expect the rate to change from time to time. For more information about the available interest rates under this scheme, do contact Indian Bank or any of their agents.

Is MyMoneyMantras EMI calculator free?

Yes, it is free. You can use it to calculate your EMI as many times as you want. There is no charge for its usage.