Credit Card Calculator for

Indusind Bank

Introduction to IndusInd Bank Credit Card EMI Calculator

The IndusInd Bank provides a range of credit cards to meet customer needs. These credit cards are popular for their offers, rewards, and premium features.

The cardholders can use the credit card and repay the amount within a specified time. If a customer fails to pay the outstanding amount within the due date, the card issuer may levy a penalty or late fee.

The total credit card outstanding amount can also be converted into equated monthly instalments (EMIs) for clearing the dues without additional fees.

If you are planning to pay outstanding dues through EMIs, the IndusInd Bank Credit Card EMI Calculator will be helpful for hassle-free repayment.

What is the IndusInd Bank Credit Card EMI Calculator?

An IndusInd Bank Credit Card EMI Calculator is an online tool that calculates your EMI. The credit card EMI calculator helps cardholders to instantly check the monthly amount they have to pay after converting the total amount into EMIs.

How to Use the IndusInd Bank Credit Card EMI Calculator

Follow these steps to use the IndusInd Bank Credit Card EMI Calculator:

1. Go to the ‘IndusInd Bank Credit Card EMI Calculator’ section.
2. Enter the credit card outstanding that you want to convert into EMIs.
3. Select the repayment period (how long you want to pay back the due amount).
4. Choose the interest rate.
5. The calculator will instantly show your monthly EMI amount.

Factors That Affect Your IndusInd Bank Credit Card EMI

• Borrowed Money: The amount you borrow directly impacts your EMI. If you borrow more, your EMI will be higher.
• Interest Rate: A higher interest rate means a higher EMI because you are paying more for borrowing the money.
• Repayment Tenure: If you choose a longer repayment tenure, your EMI will be lower because the payment is spread out over a longer period. However, you will end up paying more interest cost over the tenure of repayment.

Benefits of Using the IndusInd Bank Credit Card EMI Calculator

• The IndusInd Bank Credit Card EMI Calculator helps you see how much you need to pay each month.
• It enables you to compare different options by changing the amount, interest rate, and repayment period.
• The calculator helps you make better financial decisions by calculating the different EMI options in advance.
• The IndusInd Bank Credit Card EMI Calculator saves time by quickly performing complex calculations.

IndusInd Bank Credit Card Interest Rates and Tenure

The monthly interest rate for IndusInd Bank credit cards ranges between 2.49% and 3.83% per month, depending on the card type and the user's credit history.

The annual percentage rate (APR), the annual interest rate, can range from 29.88% to 46%.

The tenure for repaying the credit card dues is generally per the monthly billing cycle. If you choose to convert large transactions into EMIs, the tenure can differ from 3 to 24 months or more, depending on the offer and your preference.

Understanding IndusInd Bank Credit Card EMI and Its Components

Your IndusInd Bank credit card EMI has two parts:

• Credit Card Outstanding: This is the amount that goes toward repaying the original borrowing. Early on, this part is smaller because the chunk of EMI covers the interest cost for the larger outstanding balance. As you pay off the outstanding balance, the contribution of the principal increases in the EMI.
• Interest: This is the cost of borrowing. It’s higher at the start when the outstanding balance is larger. It decreases as you repay the borrowing.

How to Calculate Your Credit Card EMI?

You can calculate your EMI using this formula:

EMI = P x R x (1+R)^n / {(1+R)^n – 1}

where:

• P = Principal Amount (the amount you borrowed)
• R = Interest Rate per month
• n = Repayment Tenure in months

Common Mistakes to Avoid When Using the IndusInd Bank Credit Card EMI Calculator

• Enter Correct Information: Input the correct outstanding amount, interest rate, and tenure. Even a minor error can disrupt the overall calculations.
• Include Extra Charges: Consider any additional fees that might not be included in the calculator.
• Update Floating Rates: Update the changing interest rates if you have opted for floating interest.

Conclusion

The IndusInd Bank Credit Card EMI Calculator shows your monthly repayment obligations. Using the IndusInd Bank Credit Card EMI Calculator, you can make more informed financial decisions.

It’s advisable to use the calculator before finalising whether converting your credit card repayments into EMIs will be financially prudent or not.