To use the HDFC bank personal loan EMI tool, you just have to visit the bank official website. Why to use HDFC personal loan EMI calculator? It is beneficial for the borrower to estimate the loan repayment. Using HDFC Personal Loan EMI Calculator, you can compute the EMI and choose the tenure as per your suitability where interest outgo is less and EMI is affordable. So read this article and know the working of HDFC Personal Loan EMI Calculator.
HDFC Personal Loan EMI Calculator Functions
The EMI tool is used to generate the EMI amount as per your loan details. HDFC Personal Loan EMI Calculator works using a mathematical formula of EMI = P × r × (1 + r)n/((1 + r)n – 1). In the formula
- EMI is the Equated Monthly Installment of your borrowed amount
- P is the loan amount
- r is the HDFC Personal Loan Interest Rate
- And n is the repayment period
How to use HDFC Personal Loan EMI Calculator?
- Visit the official website of HDFC Bank
- Click to ‘Borrow’
- And select ‘Personal Loan’
- HDFC Personal Loan EMI Calculator is appear on the page
- Move the slide to insert the loan amount, interest rate and tenure
- Then click the ‘Calculate’ button
What benefits do I get with HDFC Personal Loan EMI Calculator?
Using the HDFC Personal Loan EMI Calculator, you can save on your monthly budget and fit the EMI amount. Pay less in the interest outgo of your HDFC Personal Loan. to understand it better refer to the example below.
For example: Kavita is a working woman and earns a regular income, she urgently needs funds for her wedding preparations. She applied for HDFC Personal Loan and was eligible to borrow a loan up to INR 15 lakh. Kavita borrowed a loan of INR 8 lakh at an HDFC Personal Loan Interest Rate of 14.00% per annum. But she isn’t sure about the EMI amount which she will pay, so Kavita takes assistance from HDFC Personal Loan EMI Calculator that gives her the following outcome. Check out the table below.
|Loan Amount (INR)||Interest Rate (Per Annum)||Tenure (in Years)||EMI Amount (INR)||Interest Outgo (INR)||Total Payment (INR)|
Apply for HDFC Personal Loan
Now, you know what are the benefits you will get when you use the HDFC Personal Loan EMI Calculator, so apply for the loan. Visit HDFC Bank branch and ask for a personal loan from the bank representative. Fill up the loan application form and submit it with the necessary ID and income proof. When the loan is approved wait for the disbursal and then meet your financial requirements.
You can use HDFC Personal Loan for any purpose whether it’s a medical emergency, shortage of funds for kids studies, marriage expenses are over the budget, or the house needs a renovation. HDFC Personal Loan can meet all your needs at an attractive interest rate of 10.75%-21.45% per annum.