Indiabulls Personal Loan EMI Calculator
Equated monthly payments (EMIs) apply to the monthly payment that a creditor has to pay in order to repay a loan obtained from a bank or non-banking financial institution (NBFC). The Indiabulls Personal Loan EMI Calculator is a helpful method to help you quickly complete this complex calculation. However, you can use the Dialabank personal loan EMI calculator to review your loan EMIs for free, instead of going for a bank-specific EMI calculator. Only define a few primary personal loan parameters to get instant EMI outcomes, such as loan principal, interest rate and tenure. To arrive at the most fitting EMI for yourself, you can also try different variations of these loan criteria.
How an EMI Calculator Functions?
An EMI calculator functions on the basis of the following 3 parameters:
- Loan Amount: This applies to the principal of personal loans lent from Indiabulls. A higher loan volume usually results in a higher EMI. For sums as low as Rs. 50,000 and as high as Rs. 40 lakh, Indiabulls provides personal loans.
- Loan Tenure: Loan tenure is called the period for which a personal loan is paid off. The tenure range currently ranges from 12 to 72 months for Indiabulls personal loans. A shorter tenure in practice contributes to higher EMIs, but it lets you save on the loan’s net interest payoff.
- Interest Rate: The interest rate for Indiabulls personal loans ranges from 10.75 to 21.25 percent p.a. i.e. A higher interest rate usually converts over the tenure of the loan into higher EMI payouts.
Personal Loan EMI Calculation Formula
The calculation used to measure personal loan EMIs is based on the method of estimating interest, namely the flat rate method and the method of decreasing balance. In the following section, let us understand the 2 methods of EMI measurement.
- Flat Rate Method: The EMI sum in this system remains the same over the tenure of the loan. This is how the interest on a personal loan is paid on the whole principal value of the loan lent by the borrower. For EMI calculations using this approach, the formula is as follows:
EMI with Flat Rate Method = (Principal + Interest) / Monthly Loan Duration
Example: Mr A took out a loan of Rs. 10 lakh with a low-interest rate of 15% for a period of 24 months.
Annual interest 1 = 15% for the year of the Principal = 15% of Rs. 10 lakh = Rs. 1.5 lakh
2 year interest rate, i.e., loan period = Rs. 1.5 lakh
The amount of interest paid over the loan period = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh
Monthly EMI payments for Mr A = (Rs. 10 lakh + Rs. 3 lakh) / 24 = Rs. 54,167
How to Reduce Balance: In this way, the EMI payment amount continues to decline over the loan period. This is because interest on personal loans is charged to the principal of the loan (which decreases as the loan is repaid) and not all the original loan amount. Therefore, this method allows you to save the total interest paid using the following formula
EMI by reducing the balance method = [P x R x (1 + R) ^ N] / [(1 + R) ^ (N-1)]
- (P) refers to the principal of the loan;
- (R) refers to the interest rate on a monthly basis;
- (N) refers to the monthly repayment period.
Example: Mr B took out a loan of Rs. 10 lakh with an interest rate reduction of 15% pa over a 24 month period.
Monthly interest rate = Annual interest rate / 12 = 15/12 = 1.25% per month
Monthly EMI payment of Mr B = [10 lakh x 1 x (1 + 1.25) ^ 24] / (1 + 1.25) ^ (24-1)] = Rs. 48,487
Indiabulls Personal Loan EMI Calculation
Indiabulls uses the balance reduction approach for measuring its personal loan with EMI. The table below displays the potential EMIs of Indiabulls personal loans with different combinations of loan size, interest rate and tenure of repayment.
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
Compared to the reduction balance form, the following is a summary of the disparity in EMI payouts with various debt sums and tenures by using the flat interest rate method:
|Loan Amount (Rs.)||Loan Tenure (months)||Interest Rate (p.a.)||EMI using Flat Rate method (Rs.)||EMI using Reducing Balance method (Rs.)|
How to pay Indiabulls Personal Loan EMI?
Following are the various modes of payment for Indiabulls personal loan EMI:
- Standing Instruction (SI): This feature enables the bank to debit the payable EMI directly from your Indiabulls account on due dates. By filling out the NACH E-mandate form, you can use the SI facility. Alternatively, you can complete the standing instruction request form from the Indiabulls and apply it to set up a SI.
- Electronic Clearing Service (ECS): You will use the ECS facility directly from your non-Indiabulls account on due dates to pay off your monthly payments. You may either fill out the Indiabulls ECS mandate form or apply for ECS Debit Clearing online to benefit from this program.
- Post Dated Cheques (PDCs): You can also pay your Indiabulls personal loan EMIs by submitting post-dated cheques in favour of “Indiabulls Ltd Loan Account Number <your loan account number>” at Indiabulls retail service centre.
Steps to pay an overdue EMI Online
If you have skipped your Indiabulls personal loan due to the EMI payment, then follow the steps below to pay the delinquent EMI online:
Step 1: Visit the outstanding EMI payment site of Indiabulls.
Step 2: Give your Indiabulls loan account information.
Step 3: To make the charge, enter authentication information.
Step 4: Receive an online confirmation of your Indiabulls’s overdue EMI balance for payment and note the reference number for the transaction.
Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges
|Penal Interest Rate for late EMI payment||Penal interest rate is 2% per month on the EMI overdue till payment is made.|
|Cheque Bounce Charges||Rs. 550 per instance of cheque bounce.|
Note: The charges may change periodically and GST is applicable as per Government regulations.
Factors Affecting Indiabulls Personal Loan EMI
Following are the key factors that affect Indiabulls personal loan EMI:
- Loan Amount: The amount of Indiabulls personal credit ranges from Rs. 50,000 to Rs. 40 lakh. The higher the debt principal number, usually, results in a higher EMI.
- Loan Tenure: The period of time during which you pay off the debt is called tenure of the loan. A longer tenure suggests that for a longer time, you have to pay EMIs, which normally results in a lower sum. Longer tenure, however, raises the general payoff of interest.
- Rate of Interest: It refers to the amount at which interest on the loan is paid. A high-interest rate indicates that higher interest is owed, which may lead to higher EMIs or longer term of the loan. The rate estimation process also influences the EMI amount of personal loan. EMIs measured using the equilibrium reduction method are usually smaller than those calculated using the flat rate method.
Benefits of Using an EMI Calculator
An online EMI calculator comes with a host of advantages. Some of the major ones are listed below:
- It allows you to consider your monthly EMI payout before the loan is actually used by you. This helps you to properly manage your investments so that you can ensure your EMI transfers are made on schedule.
- The online EMI calculator can be downloaded from anywhere for free at any time of the day. In addition, for any number of times you like to compare EMI sums for personal loan deals from various lenders, you can use it.
- It saves you from measuring EMI dues by hand in the time-taking process. Once you decide the loan quantity, tenure and interest rate, you will get instant results for the personal loan EMI number.
- Therefore, you have access to a reliable method to measure EMI sums to help you compare different loan deals. The calculator often gives you instant and precise statistics.
FAQS for Indiabulls Personal Loan EMI Calculator
✅ How to pay Indiabulls personal loan EMI online?
You can avail (Electronic Clearing Service) to digitally transfer the EMI from your non-Indiabulls account. Alternatively, if you have an Indiabulls account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your personal loan EMI.
✅ How to autopay Indiabulls personal loan EMI online?
You can activate the autopay of your Indiabulls Personal Loan EMI Calculator by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on the due date from your Indiabulls account.
✅ Does the EMI calculator also show the prepayment charges?
No, the Indiabulls Personal Loan EMI Calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.
✅ How can I get an Indiabulls Personal Loan?
Just visit the Indiabulls branch with your documents and apply for a personal loan with your banker. You can also achieve a Personal Loan by using online with Dialabank to avail of secure processing and personalized assistance.
✅ How to use the Indiabulls Personal Loan EMI Calculator?
You can use Dialabank’s Indiabulls Personal Loan EMI Calculator in the following steps:
- Specify the loan amount, tenure and interest rate using the sliders.
- Check the EMI amount displayed instantaneously on the right-hand side of the page.
✅ How to arrive at the right EMI amount?
You can use the EMI calculator to check various combinations of the loan amount, tenure, and interest rate to arrive at the most suitable EMI as per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid any hassle at the time of repayment throughout the loan tenure.
✅ What is the penalty for missing an EMI for my Indiabulls personal loan EMI?
Penal interest at the rate of 2% per month is charged on the overdue amount till the time payment is made if you fail to pay your Indiabulls personal loan EMI on time.
✅ What method of EMI calculation does Indiabulls use?
Indiabulls uses the reducing balance method for calculating personal loan EMIs. As a result, interest is charged only on the outstanding loan principal and not on the loan principal amount that you borrowed initially.
✅ Can I change my Indiabulls Personal loan repayment mode? What are the charges for changing the repayment mode for Indiabulls’s personal loan EMI payment?
Yes, a service charge of Rs. 500 is applicable when you swap the repayment mode to either PDC (Post Dated Cheque) or ECS (Electronic Clearing Service). However, no such swap charges are applicable if you change your repayment mode to the PDCs of your Indiabulls account.
Table of Contents
- 1 Indiabulls Personal Loan EMI Calculator
- 2 How an EMI Calculator Functions?
- 3 Personal Loan EMI Calculation Formula
- 4 Indiabulls Personal Loan EMI Calculation
- 5 EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
- 6 How to pay Indiabulls Personal Loan EMI?
- 7 Steps to pay an overdue EMI Online
- 8 Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges
- 9 Factors Affecting Indiabulls Personal Loan EMI
- 10 Benefits of Using an EMI Calculator
- 11 FAQS for Indiabulls Personal Loan EMI Calculator
- 11.1 ✅ How to pay Indiabulls personal loan EMI online?
- 11.2 ✅ How to autopay Indiabulls personal loan EMI online?
- 11.3 ✅ Does the EMI calculator also show the prepayment charges?
- 11.4 ✅ How can I get an Indiabulls Personal Loan?
- 11.5 ✅ How to use the Indiabulls Personal Loan EMI Calculator?
- 11.6 ✅ How to arrive at the right EMI amount?
- 11.7 ✅ What is the penalty for missing an EMI for my Indiabulls personal loan EMI?
- 11.8 ✅ What method of EMI calculation does Indiabulls use?
- 11.9 ✅ Can I change my Indiabulls Personal loan repayment mode? What are the charges for changing the repayment mode for Indiabulls’s personal loan EMI payment?