What are the Benefits of Using HDFC Personal Loan EMI Calculator Online?

HDFC Bank gives you access to an EMI Calculator by which you can generate the EMI amount. The calculator computes your EMI using details of your loan such as principal amount, interest rate, and the repayment period. HDFC Personal Loan comes with a loan amount from INR 50,000 to 40 Lakh, an interest rate ranging from 10.25% to 21.00% per annum for up to 60 months. And if you choose a longer period for repayment, you will get an affordable EMI but the interest payment would increase. To balance out the repayment use the HDFC Personal Loan EMI Calculator. Read this article and learn more about this online calculator of HDFC Bank.

Which Device is Compatible with HDFC Personal Loan EMI Calculator?

You can use the HDFC Personal Loan EMI Calculator on your smartphone or laptop by visiting the bank’s official website. Go to the personal loan page and insert the loan details into the calculator. There will be a sliding bar by which you can enter your loan details. After that, click on the ‘Calculate’ button.

Now, the EMI amount will display on mobile and computer screens. There is also a graphical representation of your loan amount and interest by which you can find the total payable amount during the tenure.

What Happens When You Use HDFC Personal Loan EMI Calculator?

When you use an HDFC Personal Loan EMI Calculator, you can manage the following –

EMI  – You can reduce the EMI payment. Yes, when you already know what is going to come for the loan repayment, use the calculator to change the tenure and see if it helps reduce EMI. And when you get the desired EMI, apply for a personal loan by choosing the same tenure.

Interest – Like everyone you also need a low-interest payment. And this could happen if your tenure is not too long. Using the calculator you can choose an ideal tenure for the repayment wherein the interest isn’t too high.

Tenure – Maintaining the repayment is easier when the tenure isn’t too short or long. So, make a calculative decision with the EMI calculator. 

When to Use HDFC Personal Loan EMI Calculator?

You should use the HDFC Personal Loan EMI Calculator while applying for a loan. Because if you know the suitable tenure for repayment before applying, you can get affordable repayments during the tenure. Check out the example below and see HDFC Personal Loan EMI Calculator benefits.

Aamir is going to borrow an HDFC Personal Loan of INR 7 Lakh at an interest rate of 13,00% per annum. But for how long should he pay the loan? As he already pays an EMI of INR 6,300. So, he needs to ensure a cost-efficient new EMI. So, Aamir uses the HDFC Personal Loan EMI Calculator and enters the following details –

  • Principal amount – INR 7 Lakh
  • Interest rate – 13.00% per annum
  • Tenure (12 to 60 months)

For 12 Months 

EMI is INR 62,522 and INR 50,265 interest amount. But this is not an option for Aamir as the tenure is too short and the EMI is also very high which is not possible for him to afford.

For 24 Months 

If Aamir chooses this tenure, his EMI and interest will be INR 33,279 and INR 98,703, respectively. Well, the new EMI is half the existing EMI and the interest isn’t too high either. But still, it will be difficult for him to manage both the EMIs.

For 36 Months 

Aamir will be paying an EMI of INR 23,586 and a total interest of INR 1,49,088. In this tenure, the EMI is INR 10,000 less compared to the previous one and the interest is high. But this will be manageable for Aamir.

For 48 Months 

Despite the affordability of previous EMI and interest, Aamir sees other options. So, for this tenure, his EMI is INR 18,779 and the interest is INR 2,01,404. Now, the interest payout is too high for him to go ahead with the deal. So, this is not an option for Aamir anymore.

For 60 Months 

Now, at last, he enters the maximum tenure and sees the EMI is INR 15,927 and interest is INR 2,55,629.

After comparing the EMI and interest using the HDFC Personal Loan EMI Calculator, Aamir decides to choose the tenure of 36 months. Why? Because there the EMI is affordable and interest is also not too high. Like Aamir, you can too use the HDFC Personal Loan EMI Calculator for a hassle-free experience.

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