HDFC Personal Loan EMI Calculator
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.
Components for EMI calculation: HDFC Personal loan
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
- Loan Amount (For Instance, Rs 10,00,000)
- Rate of Interest (Let it be 6.5%)
- Loan Repayment Tenure (5 Years)
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)
Formula used for EMI calculation: HDFC Personal loan
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
How to use EMI Calculator: HDFC Personal Loan
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.
- Enter the details such as Loan amount, Interest rate & Repayment Tenure with precise detail and attention.
- Click on Generate EMI – Payable EMI amount will get displayed on the bottom.
Features & Benefits: HDFC Personal EMI calculator
- Easy to calculate and figure out the EMI amount
- Hassle-free & convenient
- 100% precise and accurate
- Free of charge
- No registration required
- 100% Security of Data
- Easily accessible
Advantages associated with EMI calculator usage: HDFC Bank
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.
Management of Budget
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.
Desired credit scores for upcoming loans
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.
Factors affecting Personal Loan EMI amount: HDFC Bank
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.
Interest Rate charged
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.
Loan Repayment Tenure
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.
Frequently Asked Questions: HDFC Personal Loan EMI Calculator
Q.1 Who is eligible for HDFC EMI?
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.
Q.2 What is the maximum limit of EMI?
Monthly loan EMI should not exceed 35-40% of your monthly income.
Q.3 Will a 2-day late payment affect your credit score?
Every single late fee or delay makes a significant impact on credit scores and reports.
Q.4 How is HDFC personal loan EMI calculated?
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.
Q.5 Can we close the personal loan early in HDFC Bank?
HDFC bank enables a personal loan borrower to make fore-closure or pre-payment of a loan.
Q.6 What is the personal loan interest rate in HDFC Bank?
The personal loan interest rate in HDFC Bank starts from 10.50 % and goes upto 21%.
Q.7 What is HDFC Bank personal loan EMI calculator?
It is a financial tool that calculates monthly EMI online using interest rate, amount and tenure.