Your Amortization Details (Yearly/Monthly)
Personal loans are the most availed type of credit in India. As of FY18, Indians have availed a cumulative Rs. 5.89 Lakh Crore as personal loans. The annual growth rate of such credits is over 20% YoY. Personal loans are popular in India as unsecured short-term credits offering easy access to credits to pay meet sudden monetary requirements.
HDFC is a significant personal loan lender. In fact, they outpaced the national growth rate as their personal loan ledger grew by 41% from FY17 to FY18 to swell up to Rs. 41,000 Crore. If you plan to avail a personal loan from this lender, it is highly advised that you calculate your EMI first using an HDFC personal loan calculator.
The most essential pointer that a borrower should know before availing any credit is the EMI. Equated Monthly Instalment or EMI is the amount that a borrower has to pay every month towards the repayment of their credit. It can be a complicated calculation with multiple variables, which is why the HDFC personal loan EMI calculator online can be immensely helpful.
Personal loan EMI is calculated using a standardised method that takes into account all the variables.
E = P x R x (1+R) ^N] / [(1+R) ^N-1]
|P||Principal loan amount|
|R||Rate of interest|
|N||Loan tenure in years|
This standardised formula is used for the calculation of personal loan EMI. For example, a credit of Rs. 1,00,000 for a tenure of 5 years at an interest rate of 10% will equate to the following EMI amount.
E= 1,00,000 x 10 x (1+10) ^5] / [(1+10) ^5-1]
Or, EMI = RS. 2,124
Here is the amortization schedule on a personal loan of Rs 5 Lakh. The interest rate is 12% every year and the tenure is 10 years or 120 months.
|Month||Principal (in Rs)||Interest (in Rs)||Principal + Interest||Balance to be paid|
This table is indicative of the first 12 months of the loan tenure. The interest component will keep on reducing as the tenure progresses, while the principal component increases proportionately.
Using Groww’s HDFC bank personal loan EMI calculator is a simple and straightforward process, which takes no more than a few seconds. Follow the steps mentioned below.
There are several advantages to the EMI calculator at Groww that makes it a popular choice among prospective borrowers. It is highly advisable for anyone who plans to take a personal loan in the foreseeable future.
A personal loan is the most widely availed financial product in India. The flexibility and benefits that it offers make it the go-to option for anyone who is in a financial fix. If you are planning to avail one, check the EMI amount before you visit your chosen lender.
“Looking to invest? Open an account with Groww and start investing in direct Mutual Funds for free”
|Asset Management Company|
|Axis Mutual Fund||DHFL Pramerica Mutual Fund||Principal Mutual Fund|
|Kotak Mutual Fund||Sundaram Mutual Fund||BOI Axa Mutual Fund|
|Reliance Mutual Fund||Invesco Mutual Fund||Union Mutual Fund|
|HDFC Mutual Fund||LIC Mutual Fund||Taurus Mutual Fund|
|SBI Mutual Fund||JM Financial Mutual Fund||Edelweiss Mutual Fund|
|ICICI Prudential Mutual Fund||Baroda Pioneer Mutual Fund||Essel Mutual Fund|
|Aditya Birla Sunlife Mutual Fund||Canara Robeco Mutual Fund||Mahindra Mutual Fund|
|UTI Mutual Fund||HSBC Mutual Fund||Qauntum Mutual Fund|
|Franklin Templeton Mutual Fund||IDBI Mutual Fund||PPFAS Mutual Fund|
|IDFC Mutual Fund||Indiabulls Mutual Fund||IIFL Mutual Fund|
|DSP Blackrock Mutual Fund||Motilal Oswal Mutual Fund||Escorts Mutual Fund|
|TATA Mutual Fund||BNP Paribas Mutual Fund|
|L and T Mutual Fund||Mirae Asset Mutual Fund|