IndusInd Bank EMI Calculator is like a Feather on a Cap

Posted by Ajit Samal on March 18th, 2020

Nowadays personal loan is like the best weapon one can have in financial crisis. Especially a personal loan from IndusInd Bank that comes along with such lucrative deals that no can say no for. There are a large number of features due to which a personal loan in Delhi is beneficial for a borrower. Some of the major characteristics of IndusInd Bank personal loan are provided below you should have a look at those:

  • Multipurpose Loan: A personal loan has no restriction on its usage from the lender’s side. It can be used for any purpose of any sphere. It completely depends on you that how and in which way you want to use it. Whether you want it for a holiday, education, or any other personal expenses. That’s why it considered among the most suited and feasible financial products at the time of money requirement.

  • Collateral-free Loan: No security is required for the IndusInd Bank personal loan. This means, there is no need to worry about the security or collateral to put against the loan amount. You just need to meet the eligibility criteria of IndusInd bank personal loan.

  • Fast Loan Processing: A personal loan from IndusInd Bank can be availed in a short time. As they have fast loan processing and the online loan application is even simpler and faster.

  • Competitive Rate of Interest: You can get personal loans without making a hole in your pockets from IndusInd bank. The IndusInd Bank personal loan interest rate starts from 11.25%.

  • Flexible Repayment Tenure: IndusInd Bank offers flexible tenure from which one can choose the tenure as per his/her convenience. The offered loan repayment tenure ranges from 12 months to 60 months.

Features of IndusInd Bank EMI Calculator

It is crucial to know the major features of the IndusInd Bank personal loan EMI calculator before availing of a loan amount. So, here are they:

  • EMIs

One of the most important aspects of a personal loan is Equated Monthly Instalment (EMI). With IndusInd Bank personal loan EMI calculator, you can know in advance about the cost of each EMI and also the number of EMIs that you will need to pay. This will help you to know and predict whether you will be able to pay the loan or not. Additionally, it will also give you an idea of how to manage the expenses during the loan tenure.

  • Loan Repayment Tenure

You can make a smart and the best decision about a loan tenure with the help of an EMI calculator. For example, if you are willing you to pay a large amount of EMI at an rate of interest then your tenure of the loan would be shorter and vice-versa. 

  • Rate of Interest

The personal loan interest rate depends on many factors like the EMIs and loan repayment tenure. Since you know the best EMI and loan tenure through the EMI calculator, you will be able to easily predict the affordable interest rate by altering the value until you are assured.

  • Eligibility for Loan Amount

By using IndusInd Bank EMI calculator, you can find out whether you are eligible for the loan or not. Since the calculator requires information such as monthly or annual income, you will be able to find out whether you can avail the required loan amount or not.

  • Customizable

You can change the figures of interest rate, loan amount and the repayment tenure to be sure and lock the best personal loan deal for you. This customizable feature of an EMI makes it even more useful and convenient.

Advantages of using a Personal Loan EMI Calculator

  • The manual calculation of a personal loan EMI can be hectic and time-consuming. But with the use of an IndusInd Bank personal loan EMI calculator you can do it with a matter of few seconds as it all requires you to fill the details like loan amount, interest rate and the repayment tenure. 

  • The EMI calculation is quite lengthy and carries a big risk of mistakes if someone is going to do it manually with a pen and paper. But when it comes to an EMI calculator the result is more accurate as IndusInd Bank personal loan EMI calculator is free from human error.

Tips to manage the Personal Loan EMI

At times, it gets difficult to manage the EMI’s which may adversely affect the credit score. 

  • Avail as per your capability: You should always apply for only for that much as much you can afford to pay off. With an advance EMI calculation, you would know in advance about the EMI and you can make a better and smart decision.

  • Manage personal expenses: If you have an existing loan, and applying for another personal loan, you should first check the amount you would require to pay as EMIs for all the loans. The sum of the total requires amount should not be more than 50 % of your monthly income. And also look for another source of income.

  • Timely pay EMI: The timely EMI payments helps you to maintain a credit score. You can maintain your credit in different ways like paying off all debts including credit card bills, existing loans, etc. It is important to do.

  • Choose longer repayment tenure: Personal loan repayment tenure has a direct impact on the monthly EMI. Going for a long loan repayment tenure will enable you to repay the total amount over a longer time, which will automatically reduce the EMI amount.

Factors Affecting the IndusInd Bank personal loan EMI:

  • Credit score: Credit repayment history is one of the most significant factors taken into consideration while personal loan processing. A credit score of 750 or above considered as a good credit score. If you are low at a credit score, the chances of your personal loan application rejection or getting a personal loan at a high-interest rate are higher.

  • Income: Higher-income attracts a low rate of interest. This means that an applicant with a high income is a reliable candidate in the lender’s eyes and has low chances of loan default.

  • Defaults: A personal loan seeker should always try to have a clean and settled credit repayment history as if a lender finds out any defaults in the credit profile of an applicant, they will either charge a very high rate of interest or might reject the applicant’s loan application. As every lender looks for an applicant with zero defaults.

  • The Existing Relationship with the Lender: Most of us prefer to open our savings accounts and fixed deposits in one bank, thereby becoming the bank’s loyal customers. 

  • The Employer’s Reputation: The reputation of the company an applicant is working with also plays an important role in determining the personal loan interest rate. The popular and established organization’s employees can grab a lower rate of interest on a personal loan. 

Eligibility Criteria of IndusInd Bank Personal Loan

To avail a personal loan in Delhi from IndusInd Bank you have to meet the eligibility criteria provided by them. Although the criteria may vary based on various things. Here are the basic eligibility criteria:

Eligibility for Salaried Employees

  • The applicant minimum age at the time of application should be 21 years.

  • The maximum age at the personal loan maturity should be 60 years.

  • The minimum net monthly income should be Rs.25000 or above.

  • You should have at least 2 years of working experience and a minimum of 1 year of working tenure in the current organization.

  • If rented, a minimum of 1 year of stay at the current residence.

Eligibility for Self Employed Professionals

  • The minimum age at the time of application should be 25 years.

  • The maximum age at personal loan maturity should be 65 years.

  • The minimum annual net income post tax should be Rs.4.8 Lakhs.

  • Should have 4 years of post-qualification experience.

Eligibility for Self Employed Individuals

  • The Minimum required age at the time of application is 25 years.

  • The maximum age at loan maturity should be 65 years.

  • Should have Minimum annual net income of Rs. 4.8 Lakhs post-tax.

  • Minimum 5 years of post-qualification experience.

 

 

 

 

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Ajit Samal

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Ajit Samal
Joined: March 16th, 2020
Articles Posted: 4

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