Repayment is an important part of any loan that you take whether you opt for a personal loan or a home loan or another loan. Equated Monthly Installments (EMI) is a popular method of loan repayment. That’s why individuals like to have an early estimate of the EMI amount for their personal loan. One such popular personal loan is the Indiabulls Personal Loan provided by the leading NBFC of India. Several individuals opt for a personal loan at low affordable interest rates to keep their EMIs pocket-friendly. So what is the method to have an estimate about it?
Well, there is this amazing tool known as Indiabulls Personal Loan EMI Calculator with which any person can know his or her monthly installments of personal loan. One of the reasons people opt for this facility is the affordable Indiabulls personal loan interest rates. In this article, we will cover some important aspects of this tool so that you can know how to know their EMI before opting for a loan to manage your finances better. So, if you are looking to opt for a Personal Loan by Indiabulls, and confused about the EMI amount, this could be a good read for you. So, keep reading.
How to Use the Indiabulls Personal Loan EMI Calculator?
The best part about the Indiabulls personal loan EMI calculator is the simplicity with which people can use it. An individual will only need a few details such as Required Loan Amount, Rate of Interest, and Tenure. On feeding these details into this tool, you will instantly get the EMI Amount. Apart from this, you will also get Interest Outgo and Total Amount payable. We are showing details about them below. Have a look.
Required Loan Amount:- This is the first and most basic thing you will need to feed into the calculator. When an individual goes for a personal loan, usually he or she has a fixed amount in their mind in the form of Required Loan Amount. With the Indiabulls Personal Loan, an individual can get a loan ranging from INR 10,000 to INR 15 lakh. But this is a general range; the loan amount depends on a lot of factors and usually, the lender takes the final call about the loan amount. So, feed the required amount into the tool.
Indiabulls Personal Loan Rate of Interest:- Rate of Interest is the most important thing in a personal loan as it directly affects your EMI amount. Higher the Indiabulls personal loan rate of interest, higher would be the EMI amount and vice versa. Indiabulls rate of interest usually starts from 13.99% and depends on several factors such as Age, Monthly Income, Employment Type, Job History, Existing Obligations, Residing City, and Credit Score.
Required Tenure:- Indiabulls Personal Loan provides a flexible teure of 3 months to 36 months that you can choose according to your convenience. This is the third and last thing that you need to feed to the Indiabulls Personal Loan EMI Calculator. If you choose a longer tenure, your EMI will be low but your interest amount will be higher. On the other hand, if you choose a shorter tenure, your EMI amount will be higher, and you will need to pay a low-interest amount.
Let’s understand the functioning of Indiabulls Personal Loan EMI Calculator with an example. Suppose an individual wants to opt for a personal loan of INR 5 lakhs for a period of 36 months at an interest rate of 14.99% per annum. But before opting for the loan, he wants to have an estimate about the EMI Amount.
So, on putting these details into the calculator, the EMI amount would be INR 17,330, and interest outgo will be INR 1,23,888. Other than this, the total amount payable would be INR 6,23,888.
Whereas on choosing the tenure of 24 months, the EMI Amount would be INR 24,241, and interest outgo will be INR 81,783. So, you can see the difference in EMI amount and Interest outgo on choosing a shorter tenure.