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 EMI Calculation Works

The calculator uses the standard EMI formula:

Where:

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

Explanation: The formula calculates the fixed payment amount that includes both principal and interest components spread equally over the loan tenure.

3. About IndusInd Bank Personal Loans

Details: IndusInd Bank offers personal loans with competitive interest rates starting from 10.49% p.a. Loan amounts range from ₹30,000 to ₹5 lakhs with flexible tenure options from 12 to 60 months.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (like 10.49 for 10.49%), and loan tenure in months (12-60 for IndusInd Bank). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for IndusInd Bank personal loans?
A: Interest rates typically range from 10.49% to 24% p.a. depending on applicant's credit profile and other factors.

Q2: Are there any processing fees?
A: Yes, IndusInd Bank charges up to 2.5% of the loan amount as processing fee plus applicable GST.

Q3: What is the maximum loan tenure available?
A: Maximum tenure is 60 months (5 years) for personal loans from IndusInd Bank.

Q4: Can I prepay my loan?
A: Yes, but prepayment charges may apply depending on when you prepay (usually 5% if prepaid within first year).

Q5: What documents are required?
A: Typically includes KYC documents, income proof (salary slips/bank statements), and address proof.