HDFC Bank gives you access to an online tool called EMI calculator. This will help you decide on your personal loan repayment. To use this tool all you need to do is insert the loan details and the EMI will display. You can use the HDFC Personal Loan EMI Calculator on your smartphone, laptop, or desktop. So, if you haven’t decided on tenure yet, know about this tool on the page below.
Working of the HDFC Personal Loan EMI Calculator
Do you know how HDFC Personal Loan EMI Calculator works? Well, it uses –
EMI = P × R × (1 + R)N/((1 + R)N – 1)
So, if you’re not good at math and need help calculating your EMI, use the HDFC Loan EMI Calculator. It is easy to use and you won’t need any time for this as the result is generated in a blink of an eye as you hit the ‘Calculate’ button. If you’re having trouble getting the EMI result displayed, check your network connectivity. Because this might be the case it takes time to load your EMI result.
List of Benefits of Using HDFC Personal Loan EMI Calculator
When you use this HDFC Loan EMI Calculator before borrowing a loan, you get the following advantages –
Well, your EMI will be more affordable than an applicant who hasn’t used this tool. Why? Because you already knew what EMI you would get when you choose a particular tenure. Unlike the applicant who hasn’t used this tool has no idea about his EMI payment and chooses any random tenure.
Less Interest Outgo
A longer tenure attracts more interest payments. Well, you can avoid this when you use an HDFC Personal Loan EMI Calculator. With this, you can find at which period HDFC charges the lowest interest on a Personal Loan. After knowing the same, choose that tenure for less internet payment.
One who hasn’t used the calculator wouldn’t get this benefit and may end up paying high interest on his/her loan amount. So, be vice and use this calculator.
How does HDFC Personal Loan EMI Calculator Help Reduce Interest Outgo?
If you haven’t used the HDFC Personal Loan EMI Calculator before borrowing the loan, it’s not too late for you. Using this calculator, you can plan part prepayment or foreclosure to get rid of the high-interest payout. To do the same, use the tool and see at which period you can afford the loan balance amount.
You should know this facility is available to you only after one year of continuous EMI payment. Select the date for part prepayment or closure, and start investing your money. Because savings account interest won’t get you to meet the loan balance requirement.
When the date arrives for the prepayment, get your cheque ready and deposit it at the HDFC Bank branch. Upon clearing of your cheque, you’ll be intimated.
Now, go to the bank and collect the NOC. it is important to get the same to secure yourself from any troubles later on.
How to Apply for an HDFC Personal Loan?
You can apply for the loan by following the steps below –
- Go to the bank website
- Click on personal loan
- Fill in an online application form
- Upload documents
- Submit the documents in a pdf format
- Wait for the bank’s response on your loan application
- You’ll receive an email or SMS
If the loan application is approved, the bank will charge a processing fee of up to 2.50% of the loan amount. The fee may vary based on your loan.
So, if you’re thinking of getting an HDFC Personal Loan, don’t forget to use this online tool for smooth repayments of your EMI and interest.