You can apply for the HDFC Personal Loan and this facility is available for both HDFC and non-HDFC customers. So if your situation demands a lump sum amount, visit the HDFC official site on your smartphone. Open the loan section and select personal loan from the drop-down. But before applying for the loan, you will see an EMI calculator on the page. Well, this is an online calculator of the HDFC Bank that lets you know the EMI amount. The result it generates will be according to the loan details you have inserted in it. So keep the loan amount you need, the interest rate you desire and the tenure you think will offer you affordable EMIs. Continue reading the article for more details on the tool of HDFC Personal Loan.
How Does the HDFC Personal Loan EMI Calculator Function?
Well, it is an automatic tool that requires only your loan information to generate the EMI. Once the tool gets those details, it uses the formula of – EMI = P × r × (1 + r)n/((1 + r)n – 1). So your EMI is displayed and now you know what to expect from the loan repayment.
You should know that the result of the calculation won’t be the same as your actual EMI and this could be due to the interest rate charged at the time of booking the loan. As you don’t have any idea about the HDFC Personal Loan Interest Rate at the time of applying for the loan, this factor may slightly change your actual EMI. But all in all, you get a rough idea of your EMI from the calculator which will help you choose a tenure suitable for your loan amount.
Because when you opt for the right tenure, the following benefits are offered to you –
Your EMI amount won’t be very expensive which means this can be manageable under the monthly budget and won’t put a halt on your other expenses. Most of the time when people apply for a loan unplanned they face difficulties like high EMI. Well, this won’t happen if you use the HDFC Personal Loan EMI calculator.
Less Interest Outgo
The total payment of your interest won’t be much. With the help of the calculator, you can find a tenure wherein both the EMI and interest outgo are affordable. You should know the longer the tenure, the more will be the interest outgo. And the shorter the repayment period, the less will be the interest payment. So choose a tenure which meets your interest requirement and helps you have a lower EMI as well.
Illustration of the HDFC Personal Loan EMI Calculator Usage
Anita needs a lump sum amount for her daughter’s wedding and from one of her friends she came to learn about the HDFC Personal Loan. She thinks it is a convenient option to get a lump sum amount without putting any assets at risk. So she visited the bank website and learned about the product. When she checks the eligibility she finds she can borrow up to INR 6 Lakh and this amount is sufficient to meet her wedding needs. So she decides to proceed with HDFC Bank.
But before going any further she uses the HDFC Personal Loan EMI Calculator. In this tool, she enters the loan amount, interest rate and tenure which is INR 6 Lakh, 11.25% per annum and 48 months, respectively. Now she clicks the calculate button present on the screen. The displayed EMI is INR 15,580 and the total interest is INR 1,47,852. So it seems right to Anita and she completes the online application process to get the loan amount.
Now that she gets the loan amount so she meets her needs and can afford the EMI under her income without any hassle. So if you are in such a need, apply for an HDFC personal loan.
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