IndusInd Bank Personal Loan EMI Calculator

A personal loan can become a significant financial commitment if you don’t manage it prudently. Due to high interest rates and years of tenure, personal loan obligations can balloon, leading to a debt trap. That’s why planning out your repayments in advance is essential to avoid a situation where you cannot make debt repayments on time. 

Before taking a personal loan from IndusInd Bank, you can use the IndusInd Bank personal loan calculator to get accurate estimates of your monthly repayments. The following sections will explain everything you need about this online tool. Read below to know more.

What Is IndusInd Personal Loan EMI Calculator?

The IndusInd Personal Loan Calculator is a user-friendly online tool that lets you comfortably manage your future payment obligations. It’s an essential planning tool that lets you know the EMI (Equated Monthly Instalments) applicable to a personal loan you plan to apply for. 

To use the calculator, you need to enter three essential details. This includes the loan amount you want to get, the rate of interest offered by IndusInd Bank and the tenure (period) over which you wish to repay your loan. When you enter these details, you get to know the EMI you have to pay each month for the tenure. Moreover, you get to know the total interest payable to IndusInd Bank. 

How Can IndusInd Personal Loan EMI Calculator Help?

IndusInd Bank Personal Loan EMI Calculator is a potent tool that lets prospective borrowers determine their affordability and repayment capacity before taking a personal loan. Offering the correct EMI estimates allows users to plan their finances properly. This is how this calculator can assist:

• Correct EMI Calculation: Enables determination of exact monthly instalments so that there is a proper repayment plan.
• Eliminates Human Mistakes: Eliminates cumbersome manual calculations, minimising the chance of wrong results.
• Loan Comparison: Enables users to try various loan amounts, tenures, and interest rates to identify the optimal match for their budget.
• Free and Unlimited Access: Access online free of cost, allowing several calculations to calibrate loan planning.
• Improved Financial Planning: Provides valuable information on loan amortisation, enabling borrowers to plan repayments confidently.

IndusInd Bank Personal Loan EMI Calculator Formula

The IndusInd Bank personal loan calculator uses a simple formula to determine the EMIs of your loan, which is essentially the compound interest formula, featuring the calculation of interest on the principal amount and the accumulated interest. Thus, to determine the applicable EMIs, you will need three integral variables, including the loan amount, tenure and interest rate.

Here is the formula that is used in the process of calculating the EMIs of your loan:

EMI = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

IndusInd Bank Personal Loan EMI Calculator Example

Suppose you want to take a personal loan of Rs. 5,00,000 from IndusInd Bank to purchase a new car. The interest rate could be 10.5% annually, while the tenure could be 3 years. Here are the loan terms:

Principal (P) = Rs. 5 lakh

Interest rate (r) = 0.105/12 = 0.00875 per month

No. of EMIs (n) = 3 x 12 = 36 

Applying the above formula, EMI amount = 5,00,000 x [{0.00875 x (1 + 0.00875) ^ 36} / {(1 + 0.00875) ^36 – 1}]

= Rs. 16,251 

For this example, you must pay an EMI of Rs. 16,251 for 3 years or 36 months.

IndusInd Bank Personal Loan Amortisation

The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure.

Here is a detailed overview of the Personal Loan amortisation schedule of IndusInd Bank:

How To Use the IndusInd Personal EMI Calculator

Using an IndusInd Bank personal loan EMI calculator involves zero technological complications and requires no prior expertise. Carrying a user-friendly interface, you can utilise it by following the below-mentioned steps:

• Visit the IndusInd Bank personal loan EMI calculator portal.
• Enter the principal loan amount you wish to apply for.
• Provide the tenure throughout which you want to repay the loan.
• Now select the interest rate the bank charges for your chosen tenure and loan amount.

The calculator shall automatically calculate the EMIs and instantly show you accurate answers to EMIs you will have to pay per month throughout your chosen tenure. This way, you can try different combinations of the values until you are satisfied with the results based on your financial situation.

IndusInd Bank Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the IndusInd Bank personal loan interest rate calculator:

• User-friendly: The IndusInd Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. You can use the calculator even without technological expertise or background. You will only require a stable internet connection and the input variables, and you will be ready to go.
• Instant and Right Solutions: The calculator saves you from manual computation, which consumes time and leads to wrong results. You can obtain correct results based on the variables you provide using the IndusInd Bank personal loan calculator within minutes, thus saving time and effort.
• Helps in Managing Finances: Before making any financial commitments, learning about your loan repayment ability is essential. This calculator enables you to do that by providing accurate answers every time you use it. It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
• Enables Constructive Comparison: The IndusInd Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, allowing you to compare several loan amounts. This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
• Offers Flexibility and Convenience: These online calculators can be accessed from anywhere, anytime, with a stable internet connection. You are not required to pay additional charges for using them, adding to your convenience.

IndusInd Bank Personal Loan EMI Charges

Excluding government taxes, IndusInd personal loans come with specific additional fees that increase the cost of each instalment. Here is a list of these applicable charges:

IndusInd Bank Personal Loan Eligibility

The following is a detailed list of eligibility criteria for IndusInd personal loans:

For Salaried Employees

• Age: Between 21 and 60 years (or retirement age, whichever is earlier)
• Experience: At least 2 years of total experience and 1 year in current company
• Residence Status: Residing for at least 1 year at current residence (for renters only)
• Minimum Income: Rs. 25,000 of monthly salary

For Self-employed Individuals

• Age: Between 25 and 65 years 
• Experience: At least 4-5 years of post-qualification experience 
• Minimum Income: At least Rs. 4.8 lakh of post-tax income annually

In addition, IndusInd Bank requires applicants to have a credit score of 730 or above to apply for a personal loan. 

IndusInd Personal Loan Interest Rate

Currently, IndusInd Bank offers an interest rate starting from 10.49% per annum on their loans. The bank may change its interest rate at any time in the future. Furthermore, the interest rate you can avail yourself of from the bank depends on multiple factors, such as your credit score, income, loan amount applied for, etc. 

The IndusInd Bank Personal Loan Calculator is a simple but essential tool for estimating future loan repayments. It eliminates the hassles of manual calculations and enables easy but accurate estimates of your payable EMIs. Using this tool before taking a loan; you can ensure that you do not spend beyond your means and balance your future income with obligations and expenses.

Other Banks Personal Loan EMI Calculator:
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2. IDBI Personal Loan EMI Calculator
3. Bank of India Personal Loan EMI Calculator
4. Union Bank Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. Axis Bank Personal Loan EMI Calculator
7. Indian Bank Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
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