Choosing a personal loan where you can pay without thinking much about the budget is an ideal one. HDFC Bank is among those few lenders which offers low-interest rates on personal loans and hence lower EMIs within your reach.
The maximum time period offered by the bank to repay the loan is 5 years. So, for choosing a suitable EMI, you have the maximum time period of up to 60 months.
At HDFC Bank, the personal loan interest rates start at 10.75% per annum. You can check the effective EMIs based on the lowest rate to see if you manage to get it, how much monthly installment are you going to pay.
Personal Loan EMI Calculator HDFC
In an EMI calculator, the below are details are mandatory to be filled:
Rate of Interest
For eg., if a person is looking for a personal loan for ₹5 lakhs and has chosen the repayment period of 5 years, HDFC bank offered him at 10.99% interest rate. Now, the monthly installment, total interest outgo, and total amount for the loan amount he has taken are as follows:
Total Interest Outgo-₹1,52,123
HDFC Personal Loan Eligibility
HDFC Bank offers personal loans on the basis of certain parameters. Only if your profile matches the criteria can get the loan, so let us look at the details:
- Your minimum age should be 21 years
- Your maximum age should be 60 years
- An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
- The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin
Documents required to apply for HDFC personal loan
The list of documents you must have to apply for a personal loan at HDFC Bank is given below:
- Identity Proof – Voter ID Card/Aadhaar Card/Driving License/PAN Card/Copy of Passport
- Address Proof- Copy of Ration Card/Telephone or Electricity Bill/Rental Agreement/Passport
- Last 3 months bank statements
- Last 6 months bank passbook
- Latest salary slip/current dated salary certificate with the latest Form 16
How to Apply for HDFC Personal Loan Online-
You can apply for a personal loan at HDFC Bank both online and offline. However, online process is more convenient and time-saving. So, to apply online, you can follow the below steps:
Step1: A person must fill up the personal loan application form with correct personal, professional and loan details.
Step2: To get a hassle-free personal loan, a borrower must keep the required documents ready at the time of applying for a personal loan.
Step3: Once the above steps are completed, a person can submit the scanned documents along with the loan application form (with photos) online.
With the above details on HDFC personal loan, you must have understood the functioning of the calculator and the eligibility based on which the loan is offered.