What is DCB Bank Personal Loan Interest Rate Like?
Major economic reforms have been pushed since the news of the slowdown of Indian economy came through. To get back the Indian economy kicking again in full motion, RBI issued guidelines for loans. It read that all loans issued from now will be linked to the external benchmark specified by RBI. Banks can choose any of the benchmark from the following: repo rate, Government of India three months treasury bill published by FIBIL, Government of India six month treasury bill, or any other benchmark published by FIBIL. Like most banks, DCB Bank personal loan interest rate is linked to the repo rate. The benchmark is called RBLR (Repo Based Lending Rate). Presently, the minimum Bank of India personal loan rate stands for 13.00% - 25.00% per annum. However, the interest rate you procure depends on various factors, which we’ll be discussing in a moment. Till then, let’s check what is the breakup of DCB personal loan interest rate are like: Secured Personal Loan: When a loan is secured, it means that you are submitting collateral in order to avail the loan. The risk for the bank minimizes. So comparatively, DCB Bank personal loan interest rate for secured personal loan, is slightly less. It stands at 12.50% per annum. Unsecured Personal Loan: As it is an unsecured loan, so Bank of India doesn’t ask you to lay down any securities in order to get the personal loan. Since the default risk associated with unsecured loan is more, the rate of interest rate is also higher resulting to 13.50% per annum. Personal Loans to Senior Citizens: People who are 60 years old or more and want a loan upto INR 50,000, Bank of India offers them an interest rate of 11.50% per annum. How can the DCBBank Personal Loan Calculator Benefit You? Managing a loan can turn out to be really tough sometimes. So it is better off to plan the loan beforehand. Here’s where the DCB Bank Personal Loan EMI Calculator can help. Below mentioned are the two benefits of this calculator:
Assists you with Planning: In order to reach your financial objective, you will have to keep your toes under the sheet. You can’t be living the luxury life while paying the EMIs.Paying off the loan should be on your top-priority list. The DCB personal loan calculator will help you plan out your monthly expenses by determining the EMI you will have to pay. Easy to Use - The DCB personal loan calculator is very easy to use even if you’re not that technologically sound. You don’t need to be a professional to use it. It is designed to be used by anyone. All you have to do is to fiddle around with three factors - loan amount, tenure and the interest rate. How to Use DCB Bank Personal Loan EMI calculator? Like we said, DCB Bank personal loan EMI calculator is no rocket science. It is easy to use. All you have to do is adjust three parameters based on your needs - the Loan Amount, Tenure and Interest Rate. Once you adjust these factors, the result will be before your eyes in no time. You can use this calculator either on Union Bank’s website or on the website of some financial technology companies.