The credit industry in India is on a steep growth trajectory. It has amplified more than 4 times in the past decade alone, reaching a total credit quantum of Rs. 24.25 trillion across all loan formats. Credit lenders, such as HDFC, have also diversified their range of products to meet specific financial requirements of individual and corporate borrowers. You can now avail personal loans, home loans, car loans, business loans, etc. among numerous other financial products.
Regardless of the type of loan you avail, as a borrower, your primary concern should be the EMI amount. As such, EMI calculation is one of the basic tenets of availing a loan. Use the HDFC EMI calculator and know the exact EMI amount you are liable to pay for different loan amounts.
EMI or Equated Monthly Instalment is the amount that a borrower has to pay to the lender as a part of their credit repayment process. Borrowers should avail a loan based on the EMI amount they can comfortably repay every month.
Calculating EMI manually can be a tedious and time-consuming affair, which is why you should take advantage of the HDFC loan EMI calculator available online.
There are three primary parameters to EMI calculations – principal sum, loan tenure and rate of interest. All these variables are inserted in the following formula to arrive at the EMI amount-
E = [P x R x (1+R) ^N] / [(1+R) ^ (N-1)]
|E||Equated Monthly Instalment or EMI|
The EMI for any loan amount for any duration of time on any interest rate can be computed using this formula. For example, suppose you avail a loan of Rs. 23 Lakh for a period of 8 years with an interest rate of 11.85%. Putting the values in the formula, we get-
E = [23 x 11.85 x (1 +11.85) ^ 8} / [(1 + 11.85) ^ (8-1)]
As you can see, it is a complicated equation to solve. The HDFC loan calculator can solve it in no time and provide you with an accurate estimate, which in this case is Rs. 37, 912.
The HDFC bank loan calculator is a financial tool used which is exceptionally convenient to use. Follow the given steps.
Groww HDFC bank loan EMI calculator is convenient for several reasons, viz. –
Paying EMIs on time is the primary responsibility of any borrower. Take advantage of the online calculators to determine your payable EMI before you avail a loan. It is the first step towards a practical loan repayment strategy.
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EMI or Equated Monthly Instalment is the amount that a debtor owes the lender each month for the repayment of their loan.
You will be issued a warning by the financial institution. In case the process is repeated, you might be tagged as a defaulter.
Under normal circumstances, yes. You may, however, lower the EMI amount (or tenure) by making a part-prepayment.
All other things being constant, you may reduce your interest burden by opting for a shorter tenure. Although the EMI payable shall be marginally higher, it will significantly reduce the EMI amount.
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