Yes, you can reduce the repayment burden of your loan repayments with the help of the HDFC Personal Loan EMI Calculator. As it is in the name this tool of the HDFC Bank helps you know your EMI prior to the loan application. You have no idea of the interest rate before the loan application, so the result of the calculator might not be spot-on accurate. But still, it will help you map a repayment plan. Keep reading this page for more details on the HDFC Personal Loan EMI Calculator and its advantages.
Why Use an HDFC Personal Loan EMI Calculator?
The reason you should use this calculator of HDFC Bank is so you can find out your EMI and have a plan for repayment. Because of just applying for the loan without any preparations, you might get surprised with the loan EMIs or interest payments you get. So better be prepared.
The calculator won’t take much of your time, as you just have to insert the details and click the ‘Calculate’ button. And in just a few seconds the calculator will show your EMI amount.
What Information Does the HDFC Personal Loan EMI Calculator Provide?
When you use the HDFC Personal Loan EMI Calculator, you will not just know the EMI but come to know about the other small features of the repayment. You will know the total interest payout, and loan balance after each year’s repayment. And to make it easier to understand, the repayment will be depicted in a graphical format. So you can see how the repayment will proceed as per your chosen tenure.
How does HDFC Personal Loan EMI Calculator Help Make a Decision?
You can decide on tenure using the HDFC Personal Loan EMI Calculator. Check out the example below to know more.
Anita has been working as an entrepreneur for the past four years and needs a lump sum of money for her travel expenses. Fortunately, she came to know about the HDFC Personal Loan offer. When she checked the eligibility online at the HDFC portal, she found she had a loan limit of INR 6 Lakh. It is sufficient to meet the travel expenditure. But before going any further she uses the HDFC Personal Loan EMI Calculator.
Now she enters the below details –
- INR 6 Lakh loan amount
- Interest rate -11.25% per annum
- Tenure – 36 months
As you can see Anita has assumed her interest rate to be 11.25% per annum and tenure of three years. Let’s see what result does the HDFC Personal Loan EMI Calculator generates –
Here EMI is around INR 19,714 per month and the total interest is INR 1,09,716. As per the calculations of the online tool, this seems like a great deal to her so let’s proceed with the loan application.
How to Apply for a Loan Online at the HDFC Bank Website?
You can apply for the loan at the HDFC website without any hassle, just follow the instructions shown below –
- When you visit the website on your smartphone or laptop, go to the borrow section and click on the ‘Personal Loan’
- Upon doing so you will be redirected to the loan page where you can see the bank offers and other terms and conditions
- You will see an apply now button on the page, click on that to proceed with your application
- When you click on the ‘Apply Now’, the following options will appear – employment type (salaried or self-employed), Do you have an account with HDFC Bank? (Yes or No)
- Now the application form will appear, fill in your name, email, mobile number, and other details
- Upload your income and KYC documents
Now, wait for your HDFC Personal Loan approval. You will either receive a call, SMS, or email from the bank representative upon loan approval.