personal loan emi calculator

Why Using HDFC Personal Loan EMI Calculator Is Suggested?

Finance

Be it any kind of loan, monthly installments have to be paid consistently. To make this possible, you need to choose the tenure that results in budget-friendly EMIs. HDFC Personal loan EMI calculator can be used to calculate monthly installment on your personal loan. You can use it as many times as you want until the time you are not satisfied with the results.

How can you calculate EMI?

If you want to know the calculator works, you must know that the calculator is very simple to use. As you know that you have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details:

  • Loan amount- ₹2,00,000
  • Interest rate- 11.99% p.a.
  • Tenure-  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI- 4,448

Total Interest Outgo- 66,873

Total Amount- 2,66,873

What is the eligibility required to apply for the loan?

The eligibility required for HDFC personal loans is as follows:

  • 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

What are the documents required to apply for the loan?

HDFC personal loan is an unsecured loan and there is no asset verification involved in the documentation process. So, the documentation required is lesser and hence the process is hassle-free and time-saving for sure. Here is the list of documents that you must have:

  • 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 can you apply for HDFC Personal Loan?

You can either visit the nearest bank branch or can apply online through the official website of HDFC Bank. The online procedure is time saving and if your documents are proper, you can expect instant approval for your HDFC personal loan and use the disbursed money for any legal thing.

Can you calculate eligibility for Personal Loan?

Just like you use HDFC personal loan EMI calculator to calculate EMIs, you can calculate the eligibility for the maximum loan amount. Let us assume that you are working in a renowned company with the monthly income of ₹80,000. After all kinds of deductions, you save around 50% of your monthly income. Now, you want to know your eligibility for the personal loan.

Here, the bank would take into account your monthly saving of ₹40,000 which can be used to repay the EMIs of your personal loan. Now, if you can calculate your amount, tenure, and rate of interest, you can easily know the EMIs that you will have to pay every month.

Amount- ₹1 Lakh

Loan Tenure- 5 years

Rate of Interest- 11.29%-24%

Your monthly EMI will be- ₹2,189– 2,877

 

So, your calculation for personal loan would be-

₹1 Lakh x 40000/2189 = ₹18.27 lakhs and 1 Lakh x 40000/2877 = ₹13.90 lakhs

So, your personal loan amount eligibility will range between ₹13.90 lakhs- ₹18.27 lakhs.

With the information provided, we hope that you find it easier to finalize your personal loan with HDFC Bank. Using HDFC Personal loan EMI calculator would definitely help you make the right move.

Srishti Singh is a professional financial writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers understand the product and be aware of their financial decisions.

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