You can use the HDFC Personal Loan EMI Calculator to manage your repayment. It is easy to use and can be very helpful for you. The tool is available on the bank’s official website, so you just need your smartphone to use the same. As in the name, it is a calculator, so you need to enter your loan details such as loan amount, interest rate and tenure. Because you don’t know the exact interest rate or the amount you’ll get from the bank, the actual EMI may slightly differ from the HDFC Personal Loan EMI Calculator’s results. Keep reading this article to know more about the calculator.
Based on What HDFC Personal Loan EMI Calculator Generates the Result
The HDFC Personal Loan EMI Calculator uses the formula of –
EMI = P × R × (1 + R)N/((1 + R)N – 1)
In this, P is your loan amount, R is the interest rate and N is tenure. So, when you insert these three details, you get your loan EMI. The calculator saves your time, which gets consumed while solving the problem on paper, by generating the results instantly.
My Repayment Post Using the HDFC Personal Loan EMI Calculator
You can manage your repayment easily by using the HDFC Personal Loan EMI Calculator. How? As you already know the EMI amount, you can make changes to your budget and ensure a hassle-free repayment experience for you
Most of the time, people’s other obligations make it difficult to repay the EMI. That’s where the calculator helps you maintain a balance.
Illustration of the HDFC Personal Loan EMI Calculator
Kavya is facing a financial crisis as her father is diagnosed with Cancer and she needs a lump sum amount for Chemo and other treatments. She started searching for loans online. And one day she came across HDFC Personal Loan.
There she sees that the interest rate is less and the loan limit is high. It is the perfect combination for her, so she checks her eligibility for the loan. She finds that HDFC can lend her up to INR 10 Lakh at an interest rate of 14.00% per annum.
Now, all she needs to do is choose a repayment period. So, Kavya takes help from the HDFC Personal Loan EMI Calculator. She has heard about this tool and already knew how to use it. So she inserted the loan details and pressed the ‘Calculate’ button.
For a 36-month repayment period, her EMI came as INR 34,178. Well, it was under budget. But, it is not that flexible for her to pay. So she changed the tenure to 60 months. Now, the EMI is INR 23,268. This she can afford. After checking the EMI amount online, she proceeded with the loan application and got the amount for her father’s treatment.
Note – The actual EMI may differ from the calculator-generated EMI because the interest rate may vary at the time of loan booking.
Does the HDFC Personal Loan EMI Calculator Help Me Close the Loan Early?
Yes, you can do that with the help of the HDFC Personal Loan EMI Calculator. When you use this tool, a graphical representation of your repayment is shown on the screen. With this, you get the idea of your total interest payout.
An applicant saves on the interest payment of his/her HDFC Personal Loan by part or full prepayment of the loan. In this, what you have to do is pay off the loan balance in a lump sum. By doing so, you don’t need to pay the remaining interest. Using the HDFC Personal Loan EMI Calculator, you can find the total savings amount.
Note – The bank also charges a fee for this, so don’t forget to add the same while computing your savings.