While looking for a personal loan, what is that one thing that strikes your mind? You will say interest rate, tenure period, loan amount or processing fee. Everyone will have almost the same answer. However a very important element is being missed here. Let the guesswork begin. That important element is EMI. Yes my dear friend, EMI is a very important factor which has to be considered while availing a personal loan from the bank. This sole factor has the potential to make or break your loan journey. The market is full of lenders who are more than happy to offer you a personal loan. However, you must always choose the one that gives the best rate of interest and other facilities. HDFC Personal loan comes with competitive rates of interest and is offered to every eligible salaried employee. Today, I will be telling you about HDFC personal loan EMI calculator.
You must be thinking why I am talking about HDFC personal loan EMI calculator? The answer is very simple my friend. The calculator can be used to calculate your EMI amount and total interest payable to the bank within few seconds. You can now say a big goodbye to manual calculation and instead use the tool to calculate your EMIs. Pen and paper will now take a backseat because this calculator provides reliable and accurate results to the user within few seconds. All you have to do is simply use the calculator to find out the EMI amount which you will have to pay to HDFC Bank every month.
EMI stands for equated monthly installment and need to be paid to the bank every month on a due date. In case, you are unable to pay the EMI on time, you will attract penalty charges on the same. HDFC personal loan EMI calculator will help you to calculate the EMI amount and thus you will be able to plan a budget accordingly. This will ensure that you have a smooth personal loan journey. So do remember my friend simply availing a personal loan won’t help. You will have to consider the aspect of EMI as well.
I would like to inform you all about how a HDFC Personal loan EMI calculator actually works. The tool is tailor made to provide you with the information related to the EMI amount you will have to pay to HDFC as well as the total interest payable. You have to do nothing but just feed in the details of your loan amount along with the rate of interest and tenure period. The best part is that you won’t have to wait for much longer as the results are displayed on the screen instantly. You can use the tool to compare the EMI offered on various rates of interest. To make things easier for you, I have given an example below. Have a look at the same.
Suppose Abhishek Ranjit, the programming head of Colors channel living in Mumbai, wants to take his parents to an extended trip to Europe. He requires Rs. 5 Lakhs for the same and has already saved Rs. 2 Lakhs for the trip. For the remaining Rs. 3 Lakhs, he decides to approach HDFC bank. The bank checks his repayment capacity and finds him to be eligible for the personal loan. Abhishek is offered a personal loan of Rs. 3 Lakhs at an interest rate of 11.5% for a tenure of three years. Abhishek is more than happy to receive the loan. He acts smartly and decides to use the EMI calculator so as to find the EMI amount. He wishes to know the EMI amount so that he can keep the said amount aside from the salary every month. The EMI amount and the total interest payable will turn out to be Rs. 9,892 and Rs. 56,140.respectively. This clearly means that Abhishek will be paying the bank Rs. 3,56,140 in three years so as to repay his loan completely.
As you can see from the above example, Abhishek is smart enough to take maximum utilisation of HDFC personal loan EMI calculator. You too must use the tool to plan things accordingly and have a tension free personal loan journey.
Much obliged to you for sharing such extraordinary data. It has help me in discovering more insight about personal loan interest rate
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