A simple tool, the personal loan EMI calculator primarily helps you find out how much EMI you would have to pay every month. Take the help of this calculator before applying for an instant personal loan from IndusInd Bank.

The personal loan has arguably become one of the most popular types of loan today. This is chiefly because a personal loan is an unsecured loan that does not call for any collateral and can easily be repaid through equated monthly installments (EMI). Moreover, with no end-use restriction, the funds from a personal loan can be used for any personal expense, such as paying for a medical emergency, sponsoring a child’s education, funding one’s home renovation, or going on vacation. Most importantly, a personal loan is typically processed faster than other loans, allowing borrowers timely access to funds.

Some of the key factors you should keep in mind before availing  a personal loan are the loan amount, the rate of interest, the repayment tenure, and your own repayment capacity. As a matter of fact, it is always better to have an estimate of your personal loan EMI amount in advance. This is where a personal loan EMI calculator comes in useful.

What is a Personal Loan EMI Calculator & Why should you Use It? 

A personal loan EMI calculator is essentially a tool that is used to calculate the amount that has to be repaid every month. The primary benefits of this easy-to-use online tool are as follows:

• Facilitates better decision-making by allowing you to change the loan amount and tenure multiple times and figuring out what EMI suits you best
• Ensures accurate results and saves time
• Helps you plan your monthly budget, keeping the expected EMI in mind

How does a Personal Loan EMI Calculator Work?

A Personal Loan EMI calculator consists of a formula box with three blank spaces for loan amount, rate of interest, and loan tenure. Once you fill in the details, the calculator will instantly show you the EMI amount to be paid to the bank or credit institution every month.

The mathematical formula for calculating the EMI is:

EMI amount = [P x R x (1+R) ^N]/ [(1+R) ^N-1]

Wherein:

“P” stands for Principal Loan Amount

“R” stands for Rate of Interest every month

“N” stands for Loan Tenure in months

IndusInd Bank Personal Loan EMI Calculator

One of India’s leading personal loan providers, IndusInd Bank offers instant personal loans at attractive interest rates and flexible tenures – ranging from 12 to 48 months – to borrowers. Additionally, with no physical documentation, a 100% paperless simple four-step online application process, swift processing, and speedy disbursal, this is a hassle-free way to obtain instant funds.

Before you apply for a personal loan, you could make use of IndusInd Bank’s personal loan EMI calculator to find out your EMI amount in advance. Depending on your comfort and financial ability, you could choose between higher EMI payments over a shorter loan term or lower EMI payments spread over a longer loan tenure.

Apply for a personal loan from IndusInd Bank today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

A personal loan is a perfect solution for you when you require extra cash for urgent expenses. However, before you apply for a personal loan, it is important to know about the fees which are attached to it. These fees  add up to the total personal loan amount you want to borrow from the bank. This post will discuss the processing fee, and its purpose, along with the details on how you can claim zero processing fee on an instant personal loan application. So, if you are thinking about taking a personal loan to fund a trip, plan a wedding, invest in an education degree or more, make sure to read along. 

What is a personal loan, and why do you need it?

A personal loan is a multipurpose and unsecured loan that you can use for any purpose. You can avail of a personal loan from IndusInd Bank for an interest rate as low as 10.49%.

It is a simple and quick process to apply for an instant personal loan online with IndusInd Bank .The process is completely digital and you need no physical documentation.YAll you need is your PAN and Aadhaar details to get started with the online application. When you apply for a personal loan, the bank checks your salary, age, income, and employment status, among other factors to check your eligibility. Once your application gets approved, the amount gets disbursed directly in your account.

In addition, IndusInd Bank offers one of the most affordable personal loans in India, so apply for it to take care of all your big and small ticket purchases in life without burning a hole in your savings or emergency funds.

Personal loan charges

One of the most common charges that you will come across while applying for a personal loan is a processing fee. Let’s find out more.

Processing fee

There is a fee attached to your loan application. This is a one-time fee and is usually a certain percentage of the total personal loan amount. The banks have to bear certain administrative costs to process and sanction your loan amount. The processing fee is a one-time and is a small amount, which varies from bank to bank. 

At IndusInd Bank, the processing fee is up to 3% of the total personal loan amount, which the borrower must pay. The processing fee get deducted from the sanctioned personal loan amount at the time of disbursal.. For example, if you take a personal loan of INR 50,000 for a tenure of 1 year, the processing fee for a personal fee charged by IndusInd Bank may be between INR 500 – 1500. 

Therefore, it is important to get in touch with the bank to know about the processing fee before applying for the instant personal loan.

Why know about the processing fee before applying for the loan?

With processing fee taking up as much as 3% of the loan amount, it becomes a critical factor to review it before taking the personal loan. However, there is a great way to not pay for the processing fee altogether. IndusInd Bank launches various offers on personal loans from time to time. It is currently offering an Instant Personal Loan with ‘zero processing fee’ for a limited time period. So, make sure to get the best value for your money by applying for IndusInd Instant Personal Loan right away.

Note:

Zero Processing Fee is a Limited Period Offer and valid only on Online Applications. For offer details, visit: tinyurl.com/ZeroPF

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Personal loans are ideal for managing your big-ticket expenses without breaking the bank. They are collateral-free and provide you with instant liquidity. What’s more, you can apply for one of these loans online with a lender of your choice. But before applying for one, you must understand the charges and fees you’ll have to bear besides the interest rate.

While these charges vary from bank to bank, IndusInd Bank gives you the best offers for quick access to credit without the added financial burden.

In this blog, we’ll break down the personal loan interest rate and charges at IndusInd Bank so you can make an informed decision.

Let’s understand all about Personal Loan and interest rate at IndusInd Bank

1. Interest Rate

Interest rate is expressed as a percentage and is the rate at which you’ll have to pay interest on your principal loan amount. This rate varies based on multiple parameters like the loan amount, tenure, income, credit score, etc.

At IndusInd Bank, we offer attractive personal loan interest rates, starting at just 10.49%. This allows you to repay the loan comfortably over your desired tenure.

2. Processing Fee

When you apply for a personal loan, most lenders levy a non-refundable processing fee to process your loan application.

The processing fee varies from bank to bank and can go up to 6% of your loan amount. But at IndusInd Bank, we charge low processing fees, only up to 3% of the loan as a processing fee. For example, if you’re applying for a personal loan of Rs. 5 lakhs, your processing fee will be up to Rs. 15,000.

3. Pre-payment or Foreclosure Charges

During the loan tenure, you might get access to a large sum of money in the form of a bonus, sale of property, etc. With a personal loan from IndusInd Bank, you can use this money to pre-pay your loan if you wish.

However, you’ll have to bear the loan pre-payment or foreclosure charges. While pre-paying the loan can reduce your overall principal and interest burden, the foreclosure charges might cost you even more. So make sure you do the calculations carefully before pre-paying your loan.

Other Fees and Charges

While the processing fee and interest rate are fixed, you might have to pay other charges depending on different situations. You can view details on the IndusInd Bank website.

Enjoy the Lowest Interest Rates with IndusInd Bank

When it comes to Personal Loans, IndusInd Bank offers one of the lowest interest rates and charges in the market. You can apply for a personal loan with IndusInd Bank with rate of interest starting from as low as 10.49%.l

What’s more? You also get access to benefits like instant approval, quick disbursal,  no collateral or guarantors, and lots more.

Additionally, our loan application process is entirely online and paperless and involves only four simple steps.

So wait no more. Head to our website and apply for an IndusInd Bank personal loan to manage your big-ticket expenses conveniently.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

An excellent education is an intangible asset. You could get a personal loan from IndusInd Bank, and use itto fund your expenses towards higher studies.

A good education can open doors to a successful life. But a good higher education can also be expensive, making many young individuals need funds in the form of a student loan to sponsor their studies.

IndusInd Bank offers personal loans which can be used for higher education expenses on flexible terms and at low interest rates. Wondering what is the minimum and maximum amount you may obtain as a student loan from IndusInd Bank? Read on to find out

Personal Loan Amounts offered by IndusInd Bank

A Personal Loan is a multi-purpose loan which can be used for various activities, including funding expenses towards higher education. You could take out a personal loan for higher education from IndusInd Bank and enjoy benefits such as a flexible repayment tenure and attractive interest rate.

Accordingly, you may take out a minimum of INR 30,000 and a maximum of INR 5 Lakhs.

It must be noted that a host of factors determine the sanctioned loan amount. These include age, income, and credit score.

How to be Eligible for a Higher Loan Amount?

• Add Another Source of Income

The higher your income, the greater the likelihood of securing a more significant loan. The reason is simple. Higher loan amounts tend to have higher loan EMIs, and lenders want to ensure that these payments are made on time. This makes lenders more likely to approve a higher loan amount.

• Have a Good Credit History

Bigger loans are typically offered to borrowers with a history of making timely EMI payments. This is reflected in the borrower’s credit history and credit score. Consequently, borrowers with a sound credit profile get faster approval for more significant loan amounts.

A simple way to build a good credit history and improve your credit score is to repay your debts on time. Make sure to do this before sending in your loan application.

• Have a Low Debt-to-Income Ratio

A high debt-to-income ratio implies that your debts exceed your income. Borrowers with a high debt-to-income ratio may need more time to pay off their EMIs. This is why lenders usually sanction smaller loan amounts to borrowers with a high debt-to-income ratio.

Paying off your existing debts could greatly help you improve your loan eligibility.

At IndusInd Bank, it is easy to get your personal loan online for further education, thanks to a seamless four-step online application process. What’s more, with no physcial documentation, attractive interest rates, instant approval, and flexible repayment tenures, this is a superb option for individuals in need of a personal loan for educational purposes. Apply now!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.