IndusInd Bank Personal Loan Emi Calculator
Interested in pursuing a personal loan from IndusInd bank? Well now you have an option to use the online tool provided by the IndusInd bank, the EMI calculator. With the help of this the borrowers can efficiently understand the monthly repayment of EMI and adjust their budget according to that. Let’s understand the core of the IndusInd bank personal loan EMI calculator, as the repayment of monthly EMI has become easy for all the users.
What is the IndusInd Bank Personal Loan EMI Calculator?
IndusInd Bank personal loan EMI Calculator is an online tool provided by the bank that allows potential personal loan borrowers to determine the loan instalment amount they need to pay monthly. The personal loan EMI amount may vary depending on the interest rate, loan amount, and payback period selected by the borrower.
Loan borrowers can even use other platforms such as the LiveMint personal loan EMI Calculator for calculating their monthly repayments amounts and understand the benefits hidden under the loan. This will help the users to maintain and distribute their expenditure accordingly.
Factors Influencing IndusInd Bank Personal Loan EMI Calculator
Repayment Tenure: IndusInd Bank offers personal loans with repayment terms of up to five years. Consumers would pay cheaper EMIs if they took out a personal loan with a longer payback period, and vice versa. However, the total interest cost of their personal loan may climb.
Loan Amount: Applicants can get IndusInd Bank personal loans of up to ₹50 lakh. A larger loan amount would result in a higher EMI and overall interest cost. Consumers should also be aware that their eligibility for a personal loan amount is heavily dependent on their loan repayment capacity and term.
Rate of interest: IndusInd Bank's personal loan interest rates begin at 10.49% per annum. Consumers who take out personal loans at lower interest rates will pay lesser EMIs and interest costs. Consumers who take out higher-interest personal loans will have to pay higher EMIs and interest fees.
Formula of IndusInd Bank personal loan EMI calculation
The EMI calculator works on a simple formula, which provides accurate results, by solving out your problems and providing you with an exact amount of monthly repayment.by following the simple steps you can understand the crucks of your EMI. The IndusInd Bank personal loan EMI calculator uses a predetermined formula, and that is:
E=(1+R)N−1P×R×(1+R)N
Where:
E = EMI (Equated Monthly Instalment)
P = Principal amount
R = Rate of interest
N = Loan repayment tenure
After entering the necessary details, you can find out the estimated amount of repayment monthly. However, keep in mind that the interest rate on a personal loan is determined by your eligibility. This assessment takes into account various aspects, including your monthly income, age, credit score, repayment capacity, and occupation profile.
Amortisation Schedule
| Month | Opening Loan Balance | EMI | Principal Repaid | Interest Repaid | Closing Loan Balance |
|---|---|---|---|---|---|
1 | INR 20,000.00 | INR 377.42 | INR 294.09 | INR 83.33 | INR 19,705.91 |
2 | INR 19,705.91 | INR 377.42 | INR 295.32 | INR 82.11 | INR 19,410.59 |
3 | INR 19,410.59 | INR 377.42 | INR 296.55 | INR 80.88 | INR 19,114.04 |
4 | INR 19,114.04 | INR 377.42 | INR 297.78 | INR 79.64 | INR 18,816.26 |
59 | INR 750.16 | INR 377.42 | INR 374.30 | INR 3.13 | INR 375.86 |
60 | INR 375.86 | INR 377.42 | INR 374.29 | INR 1.57 | INR 0 |
(Source:indusind.com/iblogs/personal-loan/how-to-calculate-amortization-of-personal-loan-its-benefits/)
IndusInd Bank Personal Loan Interest Rates for 2024
As of 2024, the initial interest rate for IndusInd Bank personal loans is 10.49% per annum. This cheap rate places IndusInd Bank favourably in the market, providing potential borrowers with reasonable personal loan options, and fulfilling the eligibility.
IndusInd Bank Personal Loan Eligibility
The eligibility criteria for IndusInd Bank personal loans vary based on the applicant’s employment status:
For Salaried Employees:
Age: Applicants must be of 21 years while applying for the loan and not older than 60 years of age.
Income: A minimum net monthly income of ₹25,000 is required.
Employment: 2 years of employment experience, and at least 1 year in the current company.
Residency: If renting, the applicant should have been residing at their current address for at least 1 year.
For Self-Employed Professionals:
Age: Age limit should be in between 25 years to 65 years.
Income: A minimum net annual income of ₹4.8 lakhs after tax deductions is required.
Experience: Minimum 4 years of post-qualification experience.
For Self-Employed Individuals:
Age: Age limit should be between 25 years to 65 years.
Income: A minimum net annual income of ₹4.8 lakhs after tax deductions is required.
Experience: A minimum of 5 years of post-qualification experience is necessary.
Processing fee: The IndusInd Bank personal loan charges a certain processing fee. Let’s have a look at the fee;
IndusInd Bank Personal Loan Eligibility
| Processing fees | Up to 3.5% of the sanctioned loan amount |
| Prepayment fees | 4.00% of the principal remaining after 12 estimated monthly instalments |
| Loan cancellation charges | ₹1,000 per event |
| Payment dishonour charges | ₹450 per instance |
| Loan rescheduling charges | ₹1,000 per event |
| Penal charges | ₹150 per EMI delay beyond 5 days |
| ECS/Cheques/SI swapping charges | ₹500 per event |
| Stamp duty | As per the laws |
| Legal charges | As per actuals |
| Duplicate no dues certificate | ₹250 per event |
(Source: Paisabazaar)
IndusInd Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Benefits of using IndusInd Bank Personal Loan EMI Calculator
Using an EMI calculator guarantees precise financial planning. Borrowers can decide whether they can afford the loan and organise their monthly budget accordingly.
Manually calculating EMI can be time consuming and error-prone. An EMI calculator generates immediate and accurate results, saving time and effort.
Borrowers can use the EMI calculator to compare various loan offers. They can find the most reasonable loan option by entering different interest rates and repayment periods.
Knowing the precise EMI amount allows borrowers to maintain financial discipline. They can set aside the appropriate amount each month, lowering the possibility of payment default.
How to Use the LiveMint EMI Calculator
From now onwards, calculating your personal loan EMI has become easy, as you can simply find the calculations by using the LiveMint EMI Calculator. Just follow these simple steps:
Input loan amount: Enter the total amount you wish to borrow.
Select rate of interest: Choose the applicable interest rate for your loan.
Choose loan duration: Select a repayment period that suits your financial needs.
Once you’ve filled in the required details, the calculator will provide you with an estimate of your monthly EMI payments. This tool will help you to compare and choose the best deal according to your preference.
Let us understand this with an example. Suppose you decide to raise ₹20,000 for 60 months at an interest rate of 5%, with the help of the Livemint personal loan EMI calculator that the monthly instalment will be ₹377.
Benefits of Using the LiveMint EMI Calculator
The LiveMint personal loan EMI calculator is a useful tool which can help you to calculate the monthly repayments.
It lets you to simply evaluate different principal amounts and tenures, assisting you in finding an EMI that meets your financial needs.
You can use the calculator as many times as you want at no cost, allowing you to improve your estimations until you discover the best option.
The calculator allows you to estimate your EMI and interest payments from the convenience of your own home, avoiding the need to contact banks or financial organisations.
The tool not only shows you the EMI amount, but it also breaks out the total interest you'll pay on your personal loan, providing you a better understanding of your financial obligations.
Using the calculator, you eliminate the frequent errors associated with manual calculations, guaranteeing that your answer will be accurate.