Loan amount

₹

Rate of interest (p.a)

%

Loan tenure

Yr

Monthly EMI | ₹ |

Principal amount | ₹ |

Total interest | ₹ |

Total amount | ₹ |

Principal amount

Interest amount

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.

- It provides an exact estimate of the EMI amount for different loan values. You can choose the loan amount accordingly. It is highly advisable that you maintain a debt to income ratio of below 50%. Most financial institutions do not offer the most beneficial loan terms to individuals who cross that threshold.
- It saves your valuable time. You can calculate the EMI for multiple loan amounts in a matter of minutes and opt for one that suits your financial situation.
- This calculator is extremely easy to use. Anyone with a rudimentary understanding of the internet can use this calculator without any troubles.

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 |

P | Principal amount |

R | Interest rate |

N | Tenure |

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.

- Enter the necessary details such as the principal amount, rate of interest and loan tenure.
- Your EMI amount shall be displayed at the bottom instantly.

Groww **HDFC bank loan EMI calculator** is convenient for several reasons, viz. –

- It is absolutely free of charge. You can use it as many times, for as many loan amounts you wish.
- Since it is an online tool, it can be assessed from anywhere, making financial planning on the go easy.
- You don’t even have to register on the website to use this calculator.
- Any data you input is completely secure.

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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**What is EMI?**

EMI or Equated Monthly Instalment is the amount that a debtor owes the lender each month for the repayment of their loan.

**What happens if I don’t pay my EMI?**

You will be issued a warning by the financial institution. In case the process is repeated, you might be tagged as a defaulter.

**Does EMI remain the same throughout the loan tenure?**

Under normal circumstances, yes. You may, however, lower the EMI amount (or tenure) by making a part-prepayment.

**How can I reduce the interest I pay on loan?**

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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