1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified tenure.

3. About IndusInd Personal Loans

Details: IndusInd Bank offers personal loans with competitive interest rates, flexible tenures up to 60 months, and loan amounts up to ₹15 lakhs. Interest rates typically range from 10.49% to 24% p.a.

4. Using the Calculator

Tips: Enter the principal amount in ₹, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from IndusInd Bank?
A: IndusInd Bank typically offers personal loans starting from ₹30,000.

Q2: What is the maximum tenure for IndusInd personal loans?
A: The maximum tenure is usually 60 months (5 years).

Q3: Are there any prepayment charges?
A: IndusInd Bank may charge 0-5% prepayment penalty depending on the loan terms and timing of prepayment.

Q4: What documents are required for a personal loan?
A: Typically you need identity proof, address proof, income documents, and bank statements.

Q5: How is interest calculated on personal loans?
A: IndusInd uses reducing balance method where interest is calculated on the outstanding principal.