The IndusInd Bank home loan calculator is an online tool to easily estimate the EMI on your IndusInd Bank home loan in advance. The calculator uses a few variables - the loan amount, interest rate, and loan tenure - to calculate the prospective EMI. Once you enter the values, the calculator takes only an instant to accurately estimate the EMI.
EMI stands for Equated Monthly Instalments and refers to the regular payments made to repay a loan. A home loan calculator simplifies the process of calculating monthly instalments for your home loan. The calculator empowers you to make informed decisions and plan your finances when considering a home loan.
The online IndusInd Bank home loan calculator depends on simple variables like the loan amount, rate of interest, and loan tenure for EMI calculation. The calculator estimates the prospective EMI amount accurately and eliminates the chances of error that might occur during manual calculation.
You can use the calculator to compare the effects of changes in the value of loan amount, rate of interest on your EMI and make an informed decision.
The online IndusInd Bank home loan EMI calculator formula is the following: –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the amount of money you borrow from the bank
R is the rate of interest per month charged by the bank
N is the tenure by which the loan has to be repaid (in months)
The online Indusind Bank home loan EMI calculator uses the following inputs: –
- Principal: It is the total loan amount you have borrowed from the lender.
- Interest rate: It refers to the rate at which interest will be charged on the principal.
- Tenure: The tenure, expressed in years or months, refers to the timeframe within which you need to pay back the loan.
The calculator will estimate the amount in an instant, saving valuable time and effort in the process.
Let’s consider an example to understand the IndusInd Bank home loan EMI calculator formula. Suppose you took a loan of Rs. 10 lakh. The rate of interest is 8%, and the loan tenure is 5 years. Here is how the Bank of Maharashtra car loan EMI calculator formula works:
- Enter the loan amount as Rs. 10,00,000
- Enter the interest rate as 8%
- Enter the loan duration as 5 years
The calculator will instantly show you the following figures:
- EMI= Rs. 20,276
- Total interest = Rs. 2,16,584
- Total payable = Rs. 12,16,584
The online IndusInd Bank home loan EMI calculator is available to anyone who needs to quickly estimate the EMI on a home loan to plan their finances.
- Precise calculation: The IndusInd Bank home loan EMI calculator precisely calculates the monthly instalments, empowering customers to make efficient financial planning and evaluate affordability.
- Saves time and effort: The online calculator automates the process of complex EMI calculations and helps save valuable time.
- Financial decision-making: Using the calculator, you can make informed decisions. It allows you to evaluate the impact of different loan parameters on your EMI, enabling you to choose a loan structure that aligns with your budget and financial goals.
- Comparison of loan options: The IndusInd Bank home loan calculator empowers you to effortlessly compare different loan options. By changing the parameters (loan amount, interest rate, and tenure), you can evaluate the impact on your EMI. This enables you to make an informed decision and choose a suitable home loan option.
- Marginal Cost of Funds Based Lending Rate (MCLR)
It is the minimum interest rate fixed by the bank and used as a base rate for different loans. Changes in MCLR will impact your EMI.
- Credit Score:
Banks consider credit scores to determine customers’ creditworthiness. Usually, a score of 750 or above is considered healthy by lenders.
- Monthly income
A high monthly salary will assure the lenders of your ability to repay the loan on time. With a higher income, the bank may consider you to have a lower risk of default.
- Principal amount
The EMI is calculated on the principal amount, and a higher principal amount will increase your EMI.
- Make a higher downpayment: Increasing the downpayment amount will reduce the loan principal and the EMI.
- Maintain a good credit score: A credit score above 750 is considered healthy and gives you more power to negotiate with the lender.
- Choose a lower interest rate: You can choose a home loan with a lower interest rate to lower your EMI and total interest.
- Choose a longer tenure: Choosing an extended loan repayment time will reduce your EMI.