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HDFC EMI calculator makes it easy for personal loan applicants to calculate their monthly payable EMIs. This feature makes it easier for one to figure out the monthly deductibles. HDFC Bank offers a variety of financial products, and personal loans are one of the most prominently used ones. Using this calculator, one can calculate Home loan EMIs, Two-wheeler loan EMIs, Auto loans and many more.
HDFC personal loan EMI calculator allows one to plan borrowings and repayments, check your monthly cash flow before taking credit and ability to repay the borrowed amount using the HDFC EMI calculator.
HDFC Personal loan EMI can be calculated following the easy process and by mentioning the basic loan information. Generally, 3 points of information are required to calculate the EMI that the applicant will pay off. The Components are
Monthly EMI Rs 19,566
(The borrowed amount will comprise the additional payable interest rate, which is considered the cost of borrowing and is to get repaid within the pre-decided period of time)
There are nearly 3 parameters that are used in personal loan EMI calculation; mention all these variables in the formulae discussed below to get your payable amount.
E = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ ( N – 1 ) ]
Here E stands for Equated Monthly Instalments (EMIs)
P stands for Principal Amount
R stands for Interest Rate
N stands for Tenure
HDFC EMI calculator is termed as a financial tool potentially used for ease and convenience by existing and upcoming loan applicants. This tool is very simplified and easy to use and process.
There are some additional advantages associated with the usage of the HDFC EMI calculator that has the potential to help the applicants in the long run.
Using the EMI calculator, one gets the estimate of the monthly payable amount. The EMI amount is constant and won’t change during the whole tenure. Thus one can manage and fit his other monthly expenses accordingly.
HDFC personal loan EMI calculator gives loan applicants one additional benefit of improving their eligibility for acquiring loans in upcoming times. Generally, banks offer personal loans to applicants whose monthly EMI does not exceed 50% of their income. Thus if possible, try reducing it to improve your chances of getting a personal loan.
Those applicants who prefer the HDFC bank EMI calculator get prepared with their monthly obligations and are mentally prepared to pay the amount on time within the tenure duration. Regularly paying the EMI amount maintains a credit score for future loan facilities.
EMI amount is dependent on 3 factors, and these 3 play a very crucial role in finalising the payable amount.
The higher sanctioning amount comprises higher EMI payments and the total interest cost. The eligibility of getting the loan amount depends on the individual’s profile and repayment capacity and loan tenure.
Borrowers at the time of getting personal loans at a low-interest rate have to pay comparatively lower monthly EMIs. It is suggested to compare personal loan interest rates from different Banks & NBFCs before finalising one.
Applicants applying for personal loans at longer repayment tenure are willing to pay lower monthly EMI. Depending on the profile, one can negotiate on the loan interest.
Salary account holders who are aged between 21-60 years with a minimum monthly income of Rs 15,000 are applicable for HDFC Personal loans.
Monthly loan EMI should not exceed 35-40% of your monthly income.
Every single late fee or delay makes a significant impact on credit scores and reports.
The EMI on HDFC personal loan is calculated using the Personal loan amount, interest rate and repayment tenure. Any change in these factors can change the personal loan EMI amount.
HDFC bank enables a personal loan borrower to make fore-closure or pre-payment of a loan.
The personal loan interest rate in HDFC Bank starts from 10.50 % and goes upto 21%.
It is a financial tool that calculates monthly EMI online using interest rate, amount and tenure.
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