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What is Personal Loan EMI?
Personal Loan EMI is the amount that borrowers have to pay every month until the end of their repayment period. The EMI amount includes both the principal and interest component of the personal loan. Borrowers should note that the EMI will remain constant during the repayment tenure in cases of fixed rate personal loans.
What is IndusInd Bank Personal Loan EMI Calculator?
IndusInd Bank Personal Loan EMI Calculator is an online tool offered by IndusInd Bank that helps the prospective personal loan borrowers calculate their loan installment amount required to pay every month. The personal loan EMI amount may vary based on the IndusInd Bank Personal Loan Interest Rate, loan amount and repayment tenure chosen by the borrower. Along with this, borrowers can also use Paisabazaar’s EMI Calculator for Personal Loan to choose the optimum tenure and EMIs for their IndusInd Bank Personal Loan, based on the repayment capacity.
How to Choose ROI for IndusInd Bank Personal Loan EMI Calculator?
IndusInd Bank Personal Loan EMI Calculator offers the option of choosing ROI from a range of interest rates. Prospective borrowers get the option of choosing different combinations of interest rates, loan amounts and repayment tenures to find specific EMIs for each combination. That said, the final rates of interest offered for personal loans will depend on the IndusInd Bank Personal Loan Eligibility, which further depends on various factors such as credit score, age, income, occupation profile, repayment capacity, etc.
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Personal Loan Interest Rate Comparison of different Banks
| Banks/NBFCs | Interest Rates(p.a.) |
| Bajaj Finance | 10% - 31% p.a. |
| Axis Bank | 9.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.99% onwards |
| HDFC Bank | 10.85% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 11.99% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | Up to 24% |
| L&T Finance | 11.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.90% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 14%-36% |
| Cashe | 33.50% onwards |
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Factors Affecting Personal Loan EMI
Rate of Interest
IndusInd Bank Personal Loan Interest Rates start at 10.49% p.a. By availing personal loans at lower interest rates, consumers would have to pay lower EMIs and interest costs. Whereas, by availing personal loans at higher rates, consumers would have to pay higher EMIs and interest costs. That’s why, it is necessary to compare personal loan interest rates offered by the top lenders before applying for IndusInd Bank Personal Loan.
Repayment Tenure
IndusInd Bank offers personal loans for repayment tenures from 1 – 7 years. By availing personal loan for longer repayment tenures, the consumers would have to pay lower EMIs and vice versa. That said, the total interest cost of their personal loan might also increase. In that case, using a personal loan EMI Calculator would be highly beneficial in finding the optimal repayment tenure for a personal loan based on the borrower’s repayment capacity.
Loan Amount
Applicants can avail IndusInd Bank personal loans from Rs. 30,000 to Rs 50 lakh. A higher loan amount would result in higher EMI and total interest cost. consumers should also know that their eligibility for personal loan amount hugely depends on their loan repayment capacity and tenure.
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What are the Benefits of Using IndusInd Bank Personal Loan EMI Calculator?
Some major benefits of using IndusInd Bank Personal Loan EMI Calculator are as follows:
Quick and Accurate Results
IndusInd Bank Personal Loan EMI Calculator helps prospective customers to find their personal loan EMIs without performing complicated calculations using complex formulas. In addition, this EMI Calculator also provides accurate monthly installment amounts as there is no scope of manual calculations.
Budget Management
Because the EMI amount for personal loans availed at fixed interest rates remain constant during the entire tenure of the loan, the applicants can use IndusInd Bank Personal Loan EMI Calculator to find the exact amount they have to repay every month. This way, they also get the chance to adjust their monthly expenses accordingly to fit in the EMI amount.
Healthy Credit Score
Personal loan applicants who use the IndusInd Bank Personal Loan EMI Calculator to calculate their monthly installments would be better prepared when it comes to managing their finances for loan repayments within the given tenure. Such applicants would also have fewer chances of defaulting on their EMIs, which in turn will help improve or maintain their credit scores.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
Improve Personal Loan Eligibility
Lenders usually approve the personal loan applications of applicants whose total EMI obligations, including that of the proposed loan EMI, does not exceed 50-60% of their total monthly income. Using IndusInd Bank Personal Loan EMI Calculator will also give the prospective loan applicants a fair idea of their EMIs. The applicants exceeding the mentioned limit would be able to reduce the EMI when making their personal loan application. Along with improving the eligibility, it will also help the prospective applicants to improve their chances of getting their personal loan approved.
Bottom Line
Considering the above-mentioned factors, prospective personal loan applicants can use the IndusInd Bank Personal Loan EMI Calculator to determine the optimum tenure and EMI for their IndusInd Bank Personal Loan based on their repayment capacity. They can also use the Paisabazaar’s Personal Loan EMI Calculator to find and compare the personal loan EMIs of other lenders as well.
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