The more you look to keep a curb on your wishes, the more they become stronger. It happens because of the era we are in, where new things emerge out of nowhere and make everyone go for them. So, the scope for personal loans is widening from the conventional marriage and education purposes to home renovation and the purchase of consumer durable. And, there are many banks such as IndusInd that offer you a personal loan to meet your several purposes. Having said that, the purpose must not make you financially weak. So, you must get a brief idea of the repayment using the IndusInd Bank Personal Loan EMI Calculator. If you are not aware of its utility, you can know that in this post.
How Does the IndusInd Bank Personal Loan EMI Calculator Work?
The calculator works in a very simple manner, you just need to enter the loan amount, interest rate and tenure to compute your repayment. Plus, the calculator is available online, making it easier for you to calculate. You’ll get to know the Equated Monthly Installment (EMI), a combination of both principal and interest.
How Does the Loan Amount Impact Your IndusInd Personal Loan EMI?
The loan amount impacts your EMI directly. The more the loan amount you apply, the greater will be the EMI and interest outgo & vice-versa. So, choose the loan amount carefully. For your information, IndusInd Bank can offer as much as ₹15 lakh.
Impacts of IndusInd Bank Personal Loan Interest Rates on Your Repayment
IndusInd Bank Personal Loan Interest Rates impact your repayment directly, just like the loan amount. The interest rates, which range from 10.99%-16% per annum, dictate to a great extent the repayment you will need to do. You can negotiate with the lender to get the rate reduced and comfort your pocket in the process. But, how will you negotiate and on what basis? Well, the negotiation can happen based on your existing relationship with the bank, your attractive income, stable job profile, etc. If you do manage to get the rate reduced by a couple of percentages, it will ease your burden significantly.
What Should be Your IndusInd Bank Personal Loan Tenure?
This is one aspect that not many bother and end up paying more. Even though IndusInd Bank Personal Loan can’t run beyond 5 years, you can still do your due diligence to see whether you can pay the increased EMI on a 3- or 4-year loan. If so, then there’s no point choosing the longest 5-year tenure.
IndusInd Bank Personal Loan Repayment Schedule
You can get the loan repayment schedule using IndusInd Bank Personal Loan EMI Calculator. Actually, it’s an amortization schedule showing you the principal and interest repayment to be made year after year. You can also get to see the outstanding loan balance every year. You can even ask IndusInd Bank to issue such a schedule. Looking at this schedule can help you strategize for a possible prepayment and reduce the interest outgo on your loan. The prepayment is a term that means the payment of the loan before the completion of the original tenure. You can prepay using your savings or investments.