IndusInd Bank Personal Loan EMI Calculator 2022

The IndusInd Bank is one of the premier ‘next-gen’ private sector banks in India. Headquartered in Mumbai, it has got its wings spread to about 700 locations, with over 1200 branches across the country. The bank offers quality products and services in the areas of commercial, transactional, and electronic banking.

IndusInd Bank provides flexible Personal Loans in multiple categories such as personal loan for medical expenses, personal loan for education, personal loan balance transfer, personal loan for wedding, personal loan for home renovation, etc. These loans are provided with speedy loan approval, minimal documentation, and competitive interest rates.

You don’t have to worry a single bit, though. Now you have at your disposal, the power of Personal Loan EMI Calculators which will enable you to assess your affordability to perfection.

EMI or Equated Monthly Installment is the monthly amount a borrower needs to pay to the IndusInd Bank against the personal loan availed. This amount needs to be paid on a pre-assigned date every month, until the completion of the personal loan tenure.

This EMI amount comprises of both the principal and the interest amount in a proportion calculated by the IndusInd bank. This proportion varies every month. Under normal circumstances, the principal component keeps on increasing, and the interest component keeps on reducing, with every EMI payment made by you to the IndusInd Bank.

IndusInd Personal Loan Interest Rate – 2021
Minimum	10.75%
Maximum	31.50%
Mean	16.32%

 

IndusInd Personal Loan Annual Percentage Rate (APR)
Minimum	10.75%
Maximum	31.50%

The IndusInd personal loan EMI calculator is an easy-to-use tool that helps you with accurate calculations so that you get to know your possible EMI amount well before you avail a personal loan. The information provided by this calculator will enable you to plan the loan repayment over your chosen tenure. It will also give you a brief idea about your actual standing when it comes to your financial position.

The formula used by an IndusInd personal loan EMI calculator

An IndusInd personal loan EMI calculator provides detailed information about the EMI amount you would need to pay to the Bank at different stages of your loan tenure. This essential tool uses the below-mentioned formula to calculate your EMI-

                 (1+r)n

E = P * r ((1+r)n -1 )

1. Where E is the IndusInd bank personal loan EMI.
2. P is the amount of personal loan you wish to borrow from the IndusInd Bank
3. ‘r’ is the interest rate on offer from the IndusInd Bank. The interest rate per month is applied here, instead of the annual rate. It is calculated by the formula r = (annual interest/12) /100. If the interest rate is 12.5% p.a, then r= 12.5/12/100= 0.01042
4. ‘n’ is the IndusInd Bank loan tenure expressed in months. For example, instead of 4 years, 48 months is written.

Complicated? Fret not! This example will help you to understand it better-

Let us suppose Mr. Angad borrowed a sum of Rs 10 lakhs from IndusInd Bank for a loan tenure of 10 years, at an annual interest rate of 10.5%. Then his EMI amount will be - Rs 10, 00,000 * 0.00875 * (1 + 0.00875) 120   / ((1+0.00875) 120 -1). This will be equal to Rs 13,493.

The total amount Mr. Angad will pay back to the IndusInd Bank will be equal to Rs 13.493 * 120 = Rs 16, 19,220.

The total interest amount levied on Mr. Angad from the Bank= Rs 16, 19,220- Rs 10, 00,000= Rs 6, 19,220

The IndusInd Bank personal loan EMI calculator requires specific inputs before it can calculate and display the desired result.

1. IndusInd Bank Loan Tenure

This is the scheduled period before the expiry of which you need to pay back your loan amount to the IndusInd bank. Usually, you can choose any tenure ranging from 12 to 60 months. A longer personal loan tenure results in a lower EMI. You can use the IndusInd personal loan EMI calculator to good effect to determine the most affordable EMI for yourself. If after putting a specific tenure into the calculator as input, your EMI goes beyond your affordable range, you can input lower tenures to the calculator. This way, you can do your permutation and combination before your EMI comes to be inside your affordable range.

2. Personal Loan Amount

This is the amount of money you want to borrow from the IndusInd Bank, and the interest is calculated on this amount. You will have to spend more on EMIs if you opt for a higher loan amount. The IndusInd Bank considers parameters such as your loan profile, repayment history, and income level before deciding on the loan amount to approve. But, if you want to know about the EMI you can afford, you can input your desired loan amount into the IndusInd Bank personal loan EMI calculator in the space provided for the same.

3. IndusInd Bank Personal Loan Interest Rate

The higher is the interest rate, the more will be your personal loan EMI.  This rate usually starts at 10.75%. However, these rates may vary from borrower to borrower, as per their loan profiles and other related parameters.

The below-mentioned example will help you to grasp the calculations better-

Mr. Sunil Srivastava, Senior Sales Manager at Vodafone, is looking to avail an IndusInd bank personal loan of Rs 4 lakhs for a tenure of 5 years at the interest of 11.25% per annum. The following table shows his EMI amount, the interest outflow, and the amount he needs to pay back to the Bank at the end of every year.

Loan amount	Interest rate	Tenure	Monthly instalment	Total interest amount	Total amount
₹ 4,00,000	11.25%	1	₹ 35,399	₹ 24,792	₹ 4,24,792
₹ 4,00,000	11.25%	2	₹ 18,690	₹ 48,550	₹ 4,48,550
₹ 4,00,000	11.25%	3	₹ 13,143	₹ 73,144	₹ 4,73,144
₹ 4,00,000	11.25%	4	₹ 10,387	₹ 98,568	₹ 4,98,568
₹ 4,00,000	11.25%	5	₹ 8,747	₹ 1,24,815	₹ 5,24,815

Also, the graph below shows that the IndusInd Bank personal loan EMI will be significantly lower if you avail the loan for a longer tenure.

Some of the useful benefits provided by the IndusInd Bank personal loan are as follows-

• Competitive and best-in-class interest rates starting at 10.75%
• Completely transparent and speedy loan disbursal procedure
• With the IndusInd balance transfer facilities, you can transfer your existing high-interest loans from other lenders to IndusInd Bank at reduced rates
• You do not need to worry about any security/collateral while availing an IndusInd personal loan
• Simplified documentation
• Flexible repayment tenure ranging from 12 months to 60 months.
• Multiple loan repayment options such as PDCs & ECS.
• Diverse personal loan options based on customer requirements
• IndusInd bank personal loan provided the convenience of doorstep service

The IndusInd Bank Personal loan EMI calculator displays your personal loan EMI accurately and in a jiffy. With the help of this tool, you can choose the most affordable EMI for you and save yourself from possible financial distress later on. Thus, you can make your own informed decisions related to the IndusInd Bank Personal Loan, to address your distinct needs and affordability.

Some key components which influence IndusInd personal loan EMIs are talked about below:  

• Loan Amount: The amount of money acquired from the bank is referred to as the loan amount/loan principal. A higher loan amount prompts a more noteworthy EMI payout.  

• Loan Tenure: The timeframe over which the loan can be repaid is known as the loan tenure. Commonly, the longer repayment tenure leads to low EMIs. In any case, it might likewise bring about a more prominent interest payout.  

• Interest Rate: It is the interest charged by the moneylender on the loan amount. By and large, a higher interest rate leads to higher EMI payouts.  

• Interest Calculation Method: The method used to calculate personal loan EMIs majorly affects the amount of interest. EMI using the reducing method results in low EMIs as compare to flat rate method.  

Following are some of the major benefits of utilizing an EMI calculator: 

• Better Planning of Finances: EMI calculator empowers you to know the month-to-month EMI payout before you benefit from the loan. This aids in better arranging of funds and empowers you to pick a loan amount and repayment tenure as indicated by your financial plan.  

• Advantageous: The EMI number can be utilized whenever and any place free of charge. You can likewise analyze EMI payable for various personal loan offers from different loan specialists as there is no restriction to the occasions that you can utilize the mini-computer.  

• Saves Time: You presently don't need to do the monotonous numerical calculation by hand to process EMI payable and this can save a great deal of time/exertion. When you determine the loan sum, loan fee, and repayment tenure you can get moment results utilizing an EMI adding machine.  

• Precise and Reliable: When contrasted with the calculation done the hard way, an EMI number is more dependable and exact as modernized calculations give blunder-free outcomes.