HDFC Personal Loan EMI Calculator – Calculate Your HDFC Bank Personal Loan EMI Online
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.
How can HDFC personal loan EMI calculator help you?
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.
- An online EMI calculator is accurate to the last decimal. It removes the possibility of any inaccuracy, which may be massively disadvantageous for the borrower. Know the exact amount you have to pay every month before availing a loan using this calculator.
- EMI calculations can be lengthy and time-consuming manually. The EMI calculator provides one with accurate answers instantaneously.
- The EMI calculation for each type of loan is different. HDFC bank personal loan calculator is specific only for personal loans.
- You can input various loan amounts and check the EMI for those different amounts. You can then avail the appropriate loan amount based on your ability to repay.
The formula to determine personal loan EMI amount
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.
How to use Groww online EMI calculator?
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.
- Input the variables, i.e., principal amount, loan tenure and rate of interest.
- The EMI amount will be displayed within seconds
Advantages of using Groww calculator
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.
- Groww’s HDFC personal loan calculator India is entirely free to use. Registered members can use it as many times as they wish.
- It is always accurate. You can rely on Groww’s calculator.
- It helps you save valuable time by calculating EMIs in an instant.
- It enables you to make informed financial decisions when it comes to availing a personal loan.
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.
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Frequently Asked Questions (FAQ)
- What can I use a personal loan for?
The lending institution does not determine what you will do with the loan. You can make costly purchases, renovate your home, buy a car or pay off other debts.
- Is there any minimum personal loan amount?
Most lenders do not have any personal loans under Rs 30,000.
- What is the tenure of a personal loan?
Most personal loans have tenures between 1 to 5 years or 12 to 60 months.
- What role can the calculator play when choosing a personal loan provider?
If you use our personal loan calculator, you can determine how much you need to repay and borrow accordingly. Choose the lender with the lowest available interest rate.