Applying for your Dhani Personal Loans is easy. Calculating your personal loan EMI is also a simple process when you use the Indiabulls Personal Loan EMI Calculator.
Get your personal loan EMI within a few seconds.
You get the EMI amount instantly.
This Simple Interest Formula calculation will explain things better.
The Indiabulls Dhani Personal Loan EMI Calculator is an ideal one for personal loans only. For housing loans, you can use the Indiabulls Housing Loan EMI calculator. The principle of calculating EMI is the same for all loans.
The ideal method of repayment of the Indiabulls Dhani personal loan is the EMI mode. EMI represents Equated Monthly Instalment. This amount comprises of two variable components, the principal repayment component and the interest repayment portion.
In the initial stages of the loan, the interest repayment component will be more than the principal amount repayment. As you keep repaying your EMIs regularly, the principal amount keeps reducing. Therefore, the interest component reduces, as well. Thus, you notice that the principal repayment component increases with each subsequent EMI.
The Indiabulls Personal Loan EMI calculator offers the following benefits.
|Two-wheeler Loan||Ideal loan to purchase two-wheelers without any hassles|
|Used car loans||Personal loan for buying a second-hand car|
|New Car loan||Personal loans available up to 15 Lakhs for buying a brand-new car|
|Travel loan||Ideal personal loan for financing your travel plans including flight tickets, hotel bookings, and so on|
|Wedding Loan||Financial assistance to take care of every expense of a wedding|
|Medical Loan||Instant personal loan to cater to medical emergencies for yourself and other members of your family|
|Education Loan||Education loan to pay the university fees|
|Top-Up Loan||A personal loan top-up facility extended for customers with a regular repayment record|
Indiabulls Dhani Personal Loans Interest Rates starting from 13.99% per annum. Indiabulls Dhani has a transparent pricing structure for personal loans.
|Type of Charge||Amount in Percentage|
|Processing fees||Starting from 3% onwards|
|Loan prepayment or foreclosure charges|
Not allowed within the first six months
After six months - 5% of the foreclosure or prepayment amount.
|Rate of interest||Starting from 13.99% per annum|
|Cheque Bounce charges||400 per instance|
|Penalty for late payment of an instalment||3% per month|
|Stamp duty fees for loan documentation||Depends on the state where you reside|
|Duplicate NOC||500 per request|
|Swapping of repayment instructions or modes||500 per request|
|Cancellation of loan||3,000|
|Loan re-booking charges||1,500|
|Statement of accounts||500|
|Duplicate repayment schedule||500|
|Cheque Bounce charges for self-employed||750|
Indiabulls Dhani Personal Loans offer fixed rates of interest to its customers. The rate of interest on the individual loans start from 13.99% and extends up to 30%. The rate of interest for individual borrowers depends on various factors.
Indiabulls calculates the interest on personal loans on a monthly reducing balance method. The company considers a month to be equal to 30 days, and a year equals 360 days.
If you compare this procedure of calculating interest with the daily reducing balance method, the latter is more beneficial to the customer. The commercial banks use this mode of calculating interest. The benefit is that the borrower gets the advantage of interest on the instalment paid during the month.
Monthly reducing balance - Indiabulls Dhani calculates interest for the present month on balance outstanding on the last day of the previous month. Thus the interest for December will be calculated on balance outstanding on November 30. Therefore, the borrower does not get the benefit of interest on the instalment paid in December.
Daily reducing balance - The commercial banks account for the instalments instantly for calculation of interest. On the payment of the instalment, the outstanding principal amount reduces immediately. Therefore, the borrower gets the benefit of interest on the instalment paid during the month.
Let us make the following assumption.
|Monthly reducing balance||Daily reducing balance|
|Balance outstanding on November 30||1,01,250||1,01,250|
|Instalment due on December 01||3,500||3,500|
|Balance Outstanding on December 31||98,250||98,250|
|The base for calculation of interest||Balance as of November 30 = 1,01,250||The base for calculation of interest = Daily reducing balance|
|Interest for December||1,265||1,228|
Thus, you will find a difference every month. The daily reducing balance method is beneficial to the customer at any time.
Indiabulls Dhani offers personal loans for various purposes. You can use the personal loan for different purposes such as purchasing consumer durables, repairing your home, medical emergencies, educational and marriage expenses, and so on. However, you should ensure not to use the personal loan for an illegal purpose such as gambling and investing in races or betting. Similarly, you should not use the loan for speculative purposes like investing in shares or bullion.
No, the personal loan is a clean one. There is no need to offer any collateral or guarantor for personal loans. These loans are provided with the minimum documentation.
No, it will not help to calculate your eligibility. However, you can use the EMI calculator in a different way to estimate the maximum affordable loan amount. If you can afford an EMI of say, 10,000 per months, you can use this figure to calculate your loan affordability. We had seen that the EMI for 1 lakh for 36 months @ 13.99% was 3,417. Accordingly, the loan amount for an EMI of 10,000 for 36 months @ 13.99% is equal to 2.92 lakhs.
The Indiabulls Dhani personal loans are available depending on the eligibility criteria of the borrower. The bank where the applicant has an account does not have any significance. However, instant personal loans up to 20,000 are available only for the net banking customers in the following banks.
State Bank of India
No, Indiabulls Dhani Personal loans offer an online application facility through the dedicated mobile app alone. There is no alternative mode of application available.