We investigated the structural, magnetic, magnetocaloric, and magnetotransport properties of Ni50Mn35In15 Heusler alloys by partial substitution of Ni with 3 at.% Bi (Ni47Bi3Mn35In15) and Si (Ni47Si3Mn35In15) synthesized by arc-melting. X-ray diffraction confirms a predominant L21 cubic structure (space group Fm-3m), while SEM/EDX verifies compositional homogeneity. Temperature-dependent magnetization measurements reveal that the Bi-substituted alloy exhibits a first-order magnetostructural transition associated with the martensitic transformation, followed by a second-order ferromagnetic–paramagnetic transition near the Curie temperature. In contrast, the Si-substituted alloy shows a single second-order transition with negligible thermal hysteresis, indicating suppression of the martensitic phase. The Curie temperature decreases from 324 K for the parent alloy to 313 K and 286 K for the Bi- and Si-substituted alloys, respectively. A maximum magnetic entropy change of 6.0 Jkg-1K-1 and 4.5 Jkg-1K-1 is obtained under an applied magnetic field change of 50 kOe for the Bi- and Si-substituted alloys, respectively, with corresponding relative cooling power values of 303 Jkg-1 and 345 Jkg-1. These results demonstrate that lattice expansion (Bi) and contraction (Si) distinctly modify Mn–Mn exchange interactions, enabling tunable magnetocaloric performance in Ni–Mn–In Heusler alloys.