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What is the IndusInd Bank Personal Loan EMI Calculator?
A personal loan can come to your rescue when you need financial assistance to buy a house, a car, fund a child’s education or start a new business. If you are planning to get a personal loan, first try calculating the monthly EMI on the loan. This will help you determine the loan amount you can borrow and also plan your monthly budget accordingly. The IndusInd Bank personal loan EMI calculator can help in determining the EMIs on your personal loan from IndusInd Bank.
On the Angel One website, the IndusInd Bank personal loan EMI calculator is available for free and is easy to use. The calculator just takes the basic details of your loan and computes the monthly EMI in seconds.
How Does the IndusInd Bank Personal Loan EMI Calculator Work?
The working of the personal loan EMI calculator is simple. All you need to do is input the basic values of the loan, i.e., loan amount, interest rate and the tenure of the loan. You will get the EMI, total interest amount and total payable amount instantly.
What is the IndusInd Bank Personal Loan EMI Calculator Formula?
The IndusInd Bank personal loan EMI calculator formula depends on three important factors i.e., the loan value, the loan's tenure, and the bank's interest rate, as given below –
EMI = [P * R * (1+R)^N]/[(1+R)^N-1]
P = loan amount you avail from IndusInd bank
R = rate of interest charged by the bank
N = tenure of the loan
How To Use the Online IndusInd Bank Personal Loan EMI Calculator?
The usage of the online IndusInd Bank personal loan EMI calculator is easy and quick. You need the follow the steps below:
- Open the online IndusInd Bank personal loan EMI calculator
- Enter the loan amount
- Enter the interest rate on the loan
- Enter the tenure of the loan
That’s it! The online personal loan calculator will compute the results and display them in seconds.
Let us use an example to understand the usage of the IndusInd Bank personal loan EMI calculator.
Suppose you need a personal loan of Rs. 1,00,000 at an interest rate of 10% for 5 years tenure. Enter these details on Angel One’s IndusInd Bank personal loan calculator.
The online calculator computes and derives the following:
- Monthly EMI - Rs. 2,125
- Total interest - Rs. 27,482
- Total payable amount - Rs. 1,27,482
Benefits of Using the IndusInd Bank Personal Loan EMI Calculator
Using the online IndusInd Bank personal loan EMI calculator on Angel One has several benefits as follows:
- Planning finances: By determining the monthly EMI on your personal loan you can plan your monthly budget.
- Assess affordability: You can understand how much EMI you’ll be able to afford monthly and apply for a loan accordingly.
- Free to use: The IndusInd Bank personal EMI calculator on the Angel One website is free to use.
- Saves time: The IndusInd Bank personal loan EMI calculator is quick and saves time. All you need to do is enter all the important variables, and the calculator will show the EMI amount instantly. There are no errors as there are no manual calculations involved.
- Easy access: You can use the calculator across devices. The calculator on Angel One works without any hassle on all kinds of devices and platforms.
Factors Influencing the IndusInd Bank Personal Loan EMI Amount
- Loan amount: The amount you borrow will directly impact your EMIs. The higher amount of loan you borrow, the higher your EMIs will be.
- Tenure: The loan tenure is another important factor you must consider before applying for a personal loan. You can choose the loan tenure based on your repayment capabilities. The EMI amount is low if you pick a long loan period, but this can make you pay higher interest.
- Interest rates: The interest rate of a personal loan has a direct impact on your EMI. The higher the interest rate, the higher your EMIs will be.
The IndusInd Bank personal loan EMI calculator is an online financial tool that can help you estimate your loan EMIs. All you need to do is to enter the loan amount, tenure, and interest rate. Once you enter these variables, the EMI amount will be displayed instantly.
Visit the Angel One website to access the online IndusInd Bank personal loan EMI calculator. Enter the loan amount, tenure, and interest rate. The calculator will then display the EMI amount along with the total interest and total payable amount of the loan.
Yes, the IndusInd Bank personal loan EMI calculator on the Angel One website is free of any charge. You can use it anytime and anywhere.
The maximum loan amount of IndusInd Bank depends on the applicant’s monthly income, profession, and age. Banks may also consider other factors while determining the maximum loan amount you are eligible for.
There might be a penalty on the prepayment of your personal loan. The exact amount depends on the bank you have obtained the loan from.