IndusInd Bank Personal Loan EMI Calculator - Jul 2018

Last Updated 11th Jul 2018

Get monthly EMI as low as Rs. 2,174 per lakh on IndusInd Bank personal loan. Personal loan EMI in IndusInd Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

IndusInd Bank Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,827 Rs. 3,262 Rs. 2,162
Rs. 5 LakhRs. 44,133 Rs. 16,310 Rs. 10,809
Rs. 10 LakhRs. 88,265 Rs. 32,620 Rs. 21,618
Personal Loan EMI Calculator
Rs.

Personal Loan EMI Calculator IndusInd Bank

IndusInd Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to IndusInd Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • IndusInd Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,174 per lakh for a 60 tenure and lowest rate of interest on personal loans at 10.99%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 10.99% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 LakhRs. 4,660Rs. 3,273Rs. 2,174
3 LakhRs. 13,981Rs. 9,820Rs. 6,521
5 LakhRs. 23,302Rs. 16,367Rs. 10,869
10 LakhRs. 46,603Rs. 32,734Rs. 21,737
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 10.99% interest rate offered by IndusInd Bankfor different tenures
2 years 3 years 5 years
IndusInd Bank EMI for a loan amount Rs. 1 lakh at 10.99% 4,660 3,273 2,174
Total amount you pay back to the bank including principal and interest 1.12 Lakh 1.18 Lakh 1.30 Lakh
Interest you have to pay over loan tenure 11,840 17,828 30,440

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan from IndusInd Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,174. However, you pay an interest of Rs. 30,440 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from IndusInd Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,660 and pay an interest of only Rs. 11,840 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting IndusInd Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from IndusInd Bank.If you apply for a higher loan amount, your monthly EMI will be high. IndusInd Bank gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 25 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. IndusInd Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by IndusInd Bank is 10.99%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in IndusInd Bank. Longer loan tenure means lower personal loan EMI. Generally, IndusInd Bank offers loan for a maximum tenure of 5 years.

IndusInd Bank Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how IndusInd Bank Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 25 Lakh

r = Rate of interest per month. Current rate is 10.99%

n = tenure in month. For IndusInd Bank, this can be 60 months

Tips to decide the right amount of EMI
  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your IndusInd Bank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - IndusInd Bank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - IndusInd Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. IndusInd Bank lends up to a maximum FOIR of 0.55. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. IndusInd Bank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • IndusInd Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.
Quick guide on IndusInd Bank personal loan
  • Purpose of Loan: IndusInd Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self employed.
    • Borrowers within the age group of 21 and 60 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 25 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 10.99% to 19.00%.
    • Lowest EMI of Rs. 2,174 per lakh.
  • Processing Fees: Min 1% to Max 2.50% of loan amount. This is to be paid at the time of loan application
  • Special schemes: IndusInd Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator IndusInd Bank – How it works?

  • IndusInd Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • IndusInd Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. IndusInd Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on IndusInd Bank EMI Calculator

Why should I calculate IndusInd Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your IndusInd Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture when you have surplus amount
What is the lowest EMI per lakh offered by IndusInd Bank on personal loan?

IndusInd Bank offers personal loan at 10.99% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,174. However, IndusInd Bank personal loan interest rate for salary account holders or existing customers can vary.

What are the prepayment charges on IndusInd Bank ?

IndusInd Bank offers you an option of prepayment after 12 months at 4%.

Is there any processing charge on personal loan from IndusInd Bank?

Personal Loan from IndusInd Bank charges a processing fee of Min 1% to Max 2.50%.

Will i get the personal loan from IndusInd Bank if i have a bad credit score?

No, for taking a loan from IndusInd Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can i have a co-applicant while applying for a Personal loan with IndusInd Bank ?

Yes, you can opt for a co-applicant to take personal loan from IndusInd Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

IndusInd Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1860-500-5004/ 022-44066666
Ahmedabad 1860-500-5004/ 022-44066666
Ambala 1860-500-5004/ 022-44066666
Anand 1860-500-5004/ 022-44066666
Aurangabad 1860-500-5004/ 022-44066666
Bangalore 1860-500-5004/ 022-44066666
Bhilai 1860-500-5004/ 022-44066666
Bhilwara 1860-500-5004/ 022-44066666
Bhiwadi 1860-500-5004/ 022-44066666
Bhopal 1860-500-5004/ 022-44066666
Bhubaneswar Cuttack 1860-500-5004/ 022-44066666
Bikaner 1860-500-5004/ 022-44066666
Chandigarh 1860-500-5004/ 022-44066666
Chennai 1860-500-5004/ 022-44066666
Cochin 1860-500-5004/ 022-44066666
Coimbatore 1860-500-5004/ 022-44066666
Dehradun 1860-500-5004/ 022-44066666
Delhi 1860-500-5004/ 022-44066666
Durg 1860-500-5004/ 022-44066666
Faridabad 1860-500-5004/ 022-44066666
Gandhinagar 1860-500-5004/ 022-44066666
Ghaziabad 1860-500-5004/ 022-44066666
Goa 1860-500-5004/ 022-44066666
Greater Noida 1860-500-5004/ 022-44066666
Gurgaon 1860-500-5004/ 022-44066666
Guwahati 1860-500-5004/ 022-44066666
Gwalior 1860-500-5004/ 022-44066666
Hyderabad 1860-500-5004/ 022-44066666
Indore 1860-500-5004/ 022-44066666
Jabalpur 1860-500-5004/ 022-44066666
Jaipur 1860-500-5004/ 022-44066666
Jalandhar 1860-500-5004/ 022-44066666
Jodhpur 1860-500-5004/ 022-44066666
Kanpur 1860-500-5004/ 022-44066666
Karnal 1860-500-5004/ 022-44066666
Kolhapur 1860-500-5004/ 022-44066666
Kolkata 1860-500-5004/ 022-44066666
Kota 1860-500-5004/ 022-44066666
Kozhikode 1860-500-5004/ 022-44066666
Lucknow 1860-500-5004/ 022-44066666
Ludhiana 1860-500-5004/ 022-44066666
Madurai 1860-500-5004/ 022-44066666
Meerut 1860-500-5004/ 022-44066666
Mehsana 1860-500-5004/ 022-44066666
Mohali Sas Nagar 1860-500-5004/ 022-44066666
Mumbai 1860-500-5004/ 022-44066666
Mussoorie 1860-500-5004/ 022-44066666
Nagpur 1860-500-5004/ 022-44066666
Nashik 1860-500-5004/ 022-44066666
Noida 1860-500-5004/ 022-44066666
Noida Extn 1860-500-5004/ 022-44066666
Panipat 1860-500-5004/ 022-44066666
Patna 1860-500-5004/ 022-44066666
Pondicherry 1860-500-5004/ 022-44066666
Pune 1860-500-5004/ 022-44066666
Raipur 1860-500-5004/ 022-44066666
Rajkot 1860-500-5004/ 022-44066666
Ranchi 1860-500-5004/ 022-44066666
Rohtak 1860-500-5004/ 022-44066666
Roorkee 1860-500-5004/ 022-44066666
Salem 1860-500-5004/ 022-44066666
Shimla 1860-500-5004/ 022-44066666
Sonepat 1860-500-5004/ 022-44066666
Surat 1860-500-5004/ 022-44066666
Trichy 1860-500-5004/ 022-44066666
Udaipur 1860-500-5004/ 022-44066666
Vadodara 1860-500-5004/ 022-44066666
Varanasi 1860-500-5004/ 022-44066666
Vijaywada 1860-500-5004/ 022-44066666
Vizag 1860-500-5004/ 022-44066666

IndusInd Bank Personal Loan News - Jul 2018
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