Are you thinking about getting yourself a personal loan? If yes, you should know about the HDFC Personal Loan EMI Calculator. HDFC Bank is one of the most promising lenders of a personal loans. By borrowing a loan from such a bank you can get many advantages such as low-interest payments, affordable EMIs and no hidden charges. And one of its most important tools is HDFC Personal Loan EMI Calculator. As the name suggests it is a calculator, but it calculates what? Your EMI, the tool lets you know the possible EMI payments. To use this calculator, all you need to do is insert the loan details and tap on the ‘Calculate’ button. Now, your EMI will be displayed. With that information, you can choose a suitable tenure for your HDFC Personal Loan. Read this article carefully to know more about the HDFC EMI Calculator.
How does the HDFC Personal Loan EMI Calculator Function?
The calculator works in a mathematical manner using the formula –
EMI = P × r × (1 + r)n/((1 + r)n – 1)
In the above formula, P is your loan amount, r interest rate and n tenure. As discussed above in the introduction, you need to insert the loan details to see the EMI. Well, these details are your loan amount, interest rate and tenure. Because you don’t have any idea of what HDFC Personal Loan Interest Rate you will get, the actual EMI may slightly vary from the calculator result.
Tips to Use the EMI Calculator for HDFC Personal Loan
As it sounds easy to use the HDFC Personal Loan EMI calculator, but you have to be very careful what you choose. Because a wrong tenure option can lead to high-interest payments or expensive EMIs. so while calculating the EMI take care of these factors which are shown below –
Tenure You Choose
The bank offers you a tenure of 12 to 60 months for the loan repayment. The shorter the tenure, the less will be the interest payment. But the EMI might get high. Whereas, if the tenure is long, you could have an affordable EMI but the interest payment is high now. So, the EMI calculator will help you find a middle road between the two, so you can easily manage to pay off the borrowed amount.
Interest Rate
As you don’t have any idea of the interest rate you will get, so enter a rate that you are comfortable with. If the bank’s offer is slightly higher than what you have entered inside the calculator, there won’t be much difference in your repayment schedule. So while computing your EMI using the HDFC EMI calculator do insert a rate that you think you can afford to pay under your income.
Loan Amount
Insert the amount that you need. If the eligibility calculator shows a high limit and your needs meet a little, don’t be greedy and apply for an amount that is enough to meet your needs. Because if you apply for a high loan amount, it would result in more EMI payments and a high-interest payout. Well, this is what you don’t want.
Apply for an HDFC Personal Loan Online
Now you have learned the tips of using the HDFC Personal Loan EMI Calculator, so apply for the loan by following the below steps –
- Open your smartphone or laptop
- Visit the HDFC Bank official website
- Go to the personal loan page
- Use the calculator
- Click on the ‘Apply Now’ button
- Fill in an online application with your personal and other details
- Upload the required documents in a pdf format
- Click on the ‘Submit’ button
Now, wait for the bank’s response to your HDFC Personal Loan application. You can get the amount within four working days, subject to documentation and their verification period.
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