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Apply for HDFC Personal Loan Online
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
*Applicable for selected customers
What is HDFC Personal Loan EMI Calculator?
HDFC Personal Loan EMI Calculator is an online tool offered by HDFC Bank, using which the prospective personal loan borrowers can calculate the loan installment amount that they are required to pay every month. The EMI amount of personal loan may vary based on the HDFC Personal Loan Interest Rate, loan amount and repayment tenure chosen by the borrower. Borrowers can also use Paisabazar’s EMI Calculator for Personal Loan to choose the optimal tenure and EMIs for their HDFC Bank Personal Loan depending on their repayment capacity.
How to use Paisabazaar HDFC Personal Loan EMI Calculator
Applicants can follow the below steps to use Paisabazaar HDFC Personal Loan EMI Calculator:
- Enter the personal loan amount
- Fill in the interest rate and tenure
- Click on ‘Calculate’
- The monthly EMI, total interest payable and total amount payable will be displayed on the screen
How does HDFC Personal Loan Calculator Work?
HDFC Personal loan EMI Calculator works on the below-mentioned formula:
E = P x R x (1+R) ^N/ ((1+R) ^N-1)
Where,
E = EMI
P = Principal amount
R = Rate of interest
N = Loan repayment tenure
The HDFC Personal Loan EMI Calculator is an online tool that prospective borrowers can use to know their hdfc personal loan EMI for a month. Prospective borrowers can choose different combinations of loan amounts, interest rates and repayment tenures to find specific EMIs for each combination. That said, the final personal loan interest rate offered for personal loan will be based on HDFC Bank Personal Loan Eligibility, which depends on a variety of factors such as the monthly income, age, credit score, age, repayment capacity, occupation profile, etc.
Benefits of Using HDFC Bank Personal Loan EMI Calculator
Major benefits of using HDFC Bank Personal Loan EMI Calculator are as follows:
- Quick and Accurate Results: HDFC Bank Personal Loan EMI Calculator helps the prospective personal loan applicant to find their EMIs without having to go through complicated calculations using complex formulas. What’s more, it also provides the accurate monthly installment amount as there is no scope for manual calculations.
- Budget Management: Since the EMI amount for personal loans availed at fixed interest rates remain constant during the entire loan tenure, the loan applicants can use HDFC Personal EMI Calculator to know the amount they have to repay every month. As a result, they can adjust their monthly expenses accordingly to fit in the EMI amount.
- Healthy Credit Scores for Future: Personal loan applicants who use the HDFC Bank Personal Loan EMI Calculator to calculate their monthly installments would be better prepared to manage their finances for loan repayments within the given tenure. Such applicants would have lower chances of defaulting on their EMIs, which will also help in improving or maintaining their credit scores.
- Improve Personal Loan Eligibility: Banks/NBFCs usually approve the personal loan applications of individuals whose total EMI obligations, including the proposed personal loan EMI, does not exceed 50-60% of their total monthly income. Using HDFC Bank Personal Loan EMI Calculator will give the prospective loan applicants a good idea of their EMIs. So, the applicants exceeding the mentioned limit would be able to reduce the EMI when making their personal loan application. Further, this will help the prospective applicants to improve their chances of personal loan approval.
Factors Affecting HDFC Bank Personal Loan EMI
- Interest Rate: Borrowers availing personal loans at lower interest rate would have to pay lower EMIs and interest costs and vice versa. For that reason, it is better to compare the different personal loan interest rates offered by the top banks and NBFCs before applying for HDFC Bank Personal Loan.
- Loan Amount: The higher the loan amount, the higher would be the EMIs and total interest cost. Borrowers should also know that their personal loan eligibility would majorly depend on their repayment capacity and loan tenure.
- Loan Tenure: Borrowers availing personal loans for longer repayment period would have to pay lower EMIs and vice versa. However in this case, the total interest cost of the personal loan might also increase.
FAQs
What is HDFC Personal Loan EMI calculator?
HDFC Personal Loan Calculator is an online tool that calculates your monthly EMI using interest rate, loan amount and tenure.
What is the EMI of Rs 5 lakh personal loan in HDFC Bank?
EMI of personal loan of Rs 5 lakh in HDFC Bank would depend on the interest rate and repayment tenure. For example, the EMI of Rs 5 lakh for interest rate of 11% p.a. and repayment tenure of 5 years would be Rs 44,191. You can use the HDFC Personal Loan Calculator to calculate monthly EMI.
What is the EMI for a 10 lakh personal loan in HDFC?
The interest cost of Rs 10 lakh personal loan availed from HDFC Bank can vary widely depending on the loan tenure, amount and interest rate offered to the applicants. For instance, if an applicant is availing a Rs. 10 lakh personal loan at an interest rate of 10.50% over a 5-year tenure, the monthly EMI would be around Rs. 21,494, whereas the monthly EMI for the same loan amount for the same tenure but availed at interest rate of 15% p.a would be Rs 23,790. Hence, applicants should use the Personal Loan EMI Calculator to calculate the monthly EMI instantly based on their tenure, loan amount and interest rate.
Is this calculator only for HDFC Bank personal loans?
The Personal Loan EMI Calculator listed on the HDFC Bank website has limited usage as the calculator has specified minimum and maximum limits of loan (Rs 50,000 to Rs 40 lakhs), tenure (1 year to 5 years) and interest rates (10.50% to 21% p.a.). Alternatively, applicants can use Paisabazaar Personal Loan EMI Calculator to calculate EMIs, interest cost and the total amount payable for loan tenure up to 10 years and loan amount up to Rs 1 crore.
Does the Personal Loan EMI Calculator use the flat balance or reducing balance interest calculation method?
Personal loan EMI Calculator uses a reducing balance interest calculation method.