IndusInd Bank remains one of the leading banks for a personal loan by making it accessible to both salaried and self-employed. But what makes it more exciting are the varied interest rates charged on the loan.
The variation in rates would thus lead to different repayment summaries. And so, there’s a need to check IndusInd Bank Personal Loan EMI Calculator as it gives you a clear picture of the repayment likely to happen in your case. If you don’t know the nitty-gritty of the calculator, you can take a look at this article giving you every single insight of the same.
Impact of IndusInd Bank Personal Loan Interest Rate on Repayment
IndusInd Bank charges an interest rate of 10.75%-30.50% per annum. The rates are decided on the basis of income, repayment potential and even the credit score. No wonder a lower rate can be a reality for you if found scoring more on these points.
The reason why IndusInd Bank Personal Loan Interest Rate would matter more to you is due to the fact that it influences the repayment greatly by bringing an equitable change in the EMI and interest outgo over the course of the loan. Lower the rates, lesser would be the outgo on EMI and interest and vice-versa.
IndusInd Bank Personal Loan EMI Calculator & Its Dependency on Interest Rate
Don’t be too subdued by the name of the tool and get confused about its working. It’s pretty simple to operate and calculate. What you need to do is to simply enter the amount you seek, along with the rate chargeable and the tenure for which you want to service the loan.
The calculator helps compute a lot of thing from the EMI to the interest outgo to even giving you a sneak peek of the repayment distribution year-on-year. Also, the calculator draws out the possible outstanding balance every year on your loan. What this will do is to help you plan a strategy by which you can control your spend effectively for the smooth payment of the EMI while also helping you meet the impending need.
Is Checking Eligibility Vital Before Testing Your Repayment with EMI Calculator?
Yes, without a semblance of doubt. It’s only after you are assured of your loan eligibility should you go with the calculation. The bank does put some conditions before giving an approval to the loan. IndusInd Bank wants you to be applying when your age is at least 21 years. Consequently, the maximum age must not be beyond 60 years at the time of proposed loan maturity.
Even though the income criteria would differ according to the loan amount, the bank wants you to be earning a minimum salary of ₹25,000. At the same time, the minimum work experience expected to pass the eligibility should be 2 years, with the present experience must be for at least one year. When it comes to self-employed, the minimum age of the borrower while applying is 25 years. The maximum age must not exceed 65 years by the time the loan matures. The post-tax income needs to be ₹4.8 lakhs per annum. He/she must have an experience of 4-5 years.