Natural and anthropogenic pollution influence the general hydrochemistry of freshwater sources. Effective management strategies need an accurate evaluation of the water quality parameters, and inferences extracted from the data should be based on the most appropriate statistical methods. Conventional water quality indices (WQI) being related to a large number of water quality parameters results in significant variability and analytical costs. The focus of this study was to develop a remodeled water quality index (WQI(min)) based on the localized trends in water quality and demonstrate it to understand water quality variations of Dal Lake (a freshwater lake in the Himalayan region). Spatio-temporal changes and trends of 14 water quality parameters were investigated that were arbitrated from the samples collected at 11 sampling locations during the water quality monitoring across the Dal Lake from September 2017 to August 2020. The results signify that the general mean WQI value was 81.9, and seasonal average WQI values ranges from 79.44 to 84.55. The water quality showed seasonal variance, with lowest values in summer, succeeded by autumn and winter, and highest in spring. Moreover, the results from stepwise multiple regression analysis indicated that the WQI(min) significantly correlates with six water quality parameters (ammonia, dissolved oxygen, chemical oxygen demand, temperature, turbidity, and nitrate) in Dal Lake. The WQI(min) model predicted the water quality of the Dal Lake with a coefficient of determination (R-2) value of 0.96, root mean square error (RMSE) value of 4.1, and percentage error (PE) of 5.3%. The developed WQI(min) model can be applied as a cost-effective and efficacious approach to determine the water quality of fresh surface water bodies.