Your Amortization Details (Yearly/Monthly)
You get to convert your big purchases to instalment payments with the IndusInd Bank Credit Card. These easy EMIs help your financial stability and debt management and enhance the process of repaying your debt. EMI is the Equated Monthly instalments, and it is the monthly repayment that an IndusInd Bank borrower needs to repay to the bank within a specific tenure.
The Indusbank credit card EMI interest rate calculator is an online simulator that you can use to know the EMI of your Indusbank Bank Credit Card in advance. The IndusInd Bank Credit Card EMI Calculator works on a formula box, which means you do not have to do any manual calculations to get your result. All that you need to do to get the result is basic information such as principal, Tenure, and the interest rate - and you will receive the EMI and the interest amount that you have to pay on the loan.
The calculator is error-free and is inclusive of all the other charges on your credit card bill. The IndusInd Bank Credit Card EMI Calculator can give you results within seconds, and it will help you to try different interest rates for comparison.
The IndusInd Credit Card EMI Calculator will assist you in knowing the EMIs that you would have to pay to your IndusInd Credit Card, and it will, without a doubt, help you in making informed decisions. The calculator will also work as the IndusInd Credit Card EMI interest Calculator and tell you the interest amount that you would have to pay on your borrowing. You can just use this calculator with three simple steps, and you do not need any technical expertise.
The IndusInd Credit Card EMI Calculator is a tool that lets you plan your monthly budgets, debt management, and much more in advance. You can use the calculator for free to decide how much you want to borrow through your credit card and analyze the EMI and interest together. The IndusInd Credit Card EMI Calculator works faster than manual calculations, with also no errors since it works on an algorithm.
Using the IndusInd Credit Card EMI Calculator has one of the most simple procedures and does not need any advanced skills. Here is how you will have to use the Indusbank Credit Card Loan Calculator. These are three basic information sets that you need to enter into the calculator to get a result.
The Principal Amount: This is the amount that you want to borrow through your IndusInd Credit Card and the initial amount before any interest amount or charges.
The Tenure: This is the period that you choose to repay your loan or the monthly instalment splits for a span to close your amount due.
The Interest Rate: This is the interest rate that the credit card provider would give you over your borrowed loan.
Once you have entered all of the above-mentioned details, the calculator will show you the result of the amount of EMI you need to pay and the interest along with it. You can also change all of these details to compare different options to your EMI payments.
The calculation of the IndusInd Credit Card EMI is through a formula, which is mentioned below:
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = This is the Amount that you would have to pay each month - the EMI.
P = This is the principal amount that you borrowed.
R = This is the rate of interest.
N = This is the time of the loan in months.
This is the formula that is used to calculate the EMIs on your credit card bill. In order to understand this - let us look at an example.
Here is, for instance, to understand the calculation of credit card EMIs.
If Mrs Sneha has borrowed Rs. 75,000 from the IndusInd Bank Credit Card for the Tenure of 12 months, and at the rate of 9.5%. The formula to use is mentioned below.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 75,000
R = 9.5%
N = 12 months
Based on this formula, the calculation would be:
EMI = Rs. 6576.26
Total Interest Amount = Rs. 3915.12
As already mentioned, using the calculator can benefit you in many ways, and some of the most critical ones are mentioned below: