Indiabulls Dhani Personal Loan EMI Calculator

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.

• The amount of loan - Higher the loan amount, the more could be the rate of interest
• The loan tenure - Loans for longer tenures have higher interest rates
• The purpose of the loan - Clean loans carry a higher rate, whereas asset-backed loans like two-wheeler and car loans cost less
• The occupation of the applicant - The salaried applicant gets a benefit because of the consistency of income
• The credit rating of the borrower - The better the credit score, the lower is the rate of interest for the borrower
• The relationship of the borrower with Indiabulls - Existing customers of Indiabulls get a loyalty discount in the interest rates.

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.

• Amount disbursed on November 01 is 1 Lakh
• The rate of interest is 15% per annum
• The instalment is due from December 01 onwards.
• The comparison between the monthly reducing interest and daily reducing interest is as follows.

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
Axis Bank
HDFC Bank
Yes Bank
ICICI Bank.