How can HDFC Personal Loan EMI Calculator help you in managing your budget?

How can HDFC Personal Loan EMI Calculator help you in managing your budget?

A personal loan comes handy in those situations when you are in an emergent need for funds for varied reasons. It can be for buying the latest smart TV or for funding your child’s marriage. Various banks and financial institutions provide the personal loan facility to satiate your immediate need for funds. HDFC is one of the leading private banks that also provides the personal loan facility to needy customers at an affordable rate of interest and with flexible repayment options.

But before opting for the loan amount, you must check the EMI amount that you will be paying in order to repay the loan. But gone are those days when you had to do it manually, now with the help of HDFC personal loan EMI calculator, you can have an accurate estimate about the EMI amount within seconds. A correct estimate helps yop in managing the finances in an organized way. Also, it ensures that you won’t burn off your pocket every month while paying the hefty EMIs. In this article, we will be telling you about this amazing ​HDFC personal loan EMI calculator​, the details that you need to have at your disposal while using it, and many other things. So read on!

What are the details that you need to use the HDFC Personal Loan EMI Calculator?

There are a few basic inputs that you need to have in order to use the HDFC p ​ ersonal loan EMI calculator​ like any other calculator. You can have a look at the details mentioned below.

Desired Loan Amount:​ This is the first thing that you will have to fill in the calculator - Amount you need. HDFC provides the loan amount ranging from a minimum of INR 50,000 to a maximum of INR 40,00,000. You should fill the amount according to your needs and repayment capability.

Because you need to remember that a hefty loan amount will only increase the EMI amount. So choose wisely.

HDFC Personal Loan Interest Rate: T ​ his is the second and most important thing that you need to consider because your EMI amount is directly dependent on this. Higher the interest rate, the higher the EMI amount and vice-versa. Currently, ​HDFC personal loan interest rate​ ranges from 11.25% to 21.45% per annum which is pretty affordable considering the current market. Moreover, the interest rate depends on several factors such as your age, your employment stability, nature of employment, and most importantly, the CIBIL score.

Loan Tenure: ​This the third and last thing that you need to fill in the calculator - the number of years you will need to repay the loan amount. HDFC gives the loan amount for a minimum of 1 year to a maximum of 6 years. Choose the number of years according to your repayment capability and put it in the HDFC personal loan EMI calculator.

As soon as you will put these details into the calculator, it will give you the accurate EMI amount within seconds. This is the amount that you will have to pay every month to repay the loan. If it doesn’t fit your budget, you can check it by putting different values because of the endless flexibility this calculator possesses.