How IndusInd Bank Personal Loan Interest Rate Affect Your Installments?

IndusInd Bank provides personal loans to customers at an attractive rate of interest. The interest on your loan amount is based on your income and other criteria. Your loan equated monthly installments is affected by the interest rate. If a high interest is applied on loan amount your EMI will be high as well. The starting interest rate of IndusInd Bank personal loan is 11.25% per annum. So to reduce the rate of interest on your loan amount you can make some adjustments. Read the given article to know the IndusInd bank personal loan interest rate management. 

Ways to get a low interest rate on IndusInd Bank personal loans

Strong credit record: You can get a lower IndusInd Bank personal loan interest rate if your credit history has zero defaults. The applicants who have paid their previous loan or credit card bills on time have a strong credit capacity and negotiate for the interest rate. 

Income with no liabilities: If your monthly income is INR 25,000 and above and expenses are less then you can borrow the desired amount at a low rate of interest. Because, if the applicant has a good source of income there is zero chances of credit defaults.

Add a co-applicant: Also, you can add a co-applicant to increase the loan eligibility and reduce the burden of interest. The co-applicant must be salaried or self-employed and must have a regular flow of income. With the combined income of co-applicant, you can borrow a high loan amount at a low interest rate. 

Choose Suitable repayment period: IndusInd Bank personal loan interest rate can be paid easily by choosing an appropriate tenure. The bank provides a maximum of 5 years to the borrower to pay the loan and applied interest in equated monthly installments. 

Manage payment with IndusInd Bank personal loan EMI calculator

The bank provides an online calculator for customers, using which they can generate their loan EMIs. To use the calculator you are just required to mention your loan amount, interest rate and loan tenure. IndusInd Bank personal loan EMI calculator computes the payable monthly EMI using the formula [P x R x (1+R)^N]/[(1+R)^N-1]. For instance, if your loan amount is 12 lakh and the payment period is 4 years then EMI would be INR 31,595 for 11.99% IndusInd Bank personal loan interest rate. 

Apply for IndusInd bank personal loan via online service

Visit the official website of the bank and fill up the online application form. And the documents can be submitted online, you can upload the salary slip, form 16, bank statement and Aadhaar or PAN card. The minimum processing fee of INR 1,000+GST is required for the personal loan or 2.50% of the loan amount. Payment of the EMI can be done using Electronic Clearing Service (ECS) or auto-debit. So whenever you require money to get out of debts or high expenses then borrow a loan from IndusInd Bank. the bank applies a low interest rate on the borrowed amount if you met the loan criteria.