HDFC Personal Loan EMI Calculator

In this continuous advancing and modernization of the society, people are striving to live the best possible life as one can beating all their shortcomings. And this is possible only by the personal loans that aid to bear all the daily extravagant expenses such as any holiday trip, wedding plan, children’s education, home renovation, etc.

It’s very easy to go with a personal loan as it requires no collateral or security for its approval and can be obtained with minimal documentation.

How to use an HDFC personal loan calculator?

With the advent of HDFC personal loan EMI calculator, one can fulfill their desires of all regular expenses in a hassle free mode. HDFC bank offers a personal loan to their existing customers within 10 seconds while for new customers it takes around 4 hours of processing the personal loan.

The payment terms are quite flexible in case of HDFC personal loan where one can choose their tenure or period of loan as per their suitable needs. The tenure offered by HDFC bank generally ranges from 12 to 60 months for a loan amount of up to 40 lakhs, with EMI (Equated Monthly Installment) as low as rupees 1878 per lakh.

Using an HDFC personal loan EMI calculator is the easiest way to calculate the desired EMI of personal loan. One can adjust the loan amount and tenure as per their needs and requirements until they find the right EMI to be paid on a monthly basis.

The below formula is used for getting desired EMI of the HDFC person loan:

E = [P x R x (1+R) ^N] / [(1+R) ^N-1]

where
E stands for EMI (Equated Monthly Installment) amount.
P stands for Principal amount.
R stands for Rate of interest.

What are the eligibility criteria of the HDFC personal loan?

Although the calculation of personal loan depends on many factors such as – geographical location, monthly income, ownership of the property, and credit history. One has to fulfill some basic criteria before taking up personal loans out of which some of them are listed below:

• The personal loan borrower must be an employee of any private company, public undertakings, or an employee of any central, state, or local bodies.
• The loan borrowers must be between the age of 21 to 60 years.
• The concerned person should have at least 2 years of working experience with 1 year of ongoing job with the current employer.
• The minimum earning income of the loan borrower should be 25000/- per month.
• A CIBIL score above 720 is considered as ideal before availing for any personal loan.

How to get a home loan from an SBI bank in 5 easy steps through online?

Do extravagant expenses always keep revolving on one’s mind? Fret not! Let’s take a quick glance at 5 easy steps towards personal loan through online.

Step 1: Identify the requirement

It’s very important for the borrower to identify the main motive behind taking up the personal loan. The need of the borrower may range from wedding or birthday plan, home renovation to any domestic or foreign vacation trip.

Make sure the personal loan amount doesn’t exceed the budget constraint of the borrower. Else, the borrower needs to repay the hefty amount with much struggle later on.

Step 2: Check the eligibility criteria

It’s vital to check on the eligibility criteria of the desired loan type before settling down to take up the personal loan. By doing so, it also helps the borrower to know how much maximum amount can be taken as a personal loan depending on the factors like age, sex, income status etc.

Step 3: Calculate monthly installments

It’s quite beneficial to calculate the monthly installment (EMI) of the desired personal loan beforehand to know whether it would suit to the borrower’s current monthly income or not.

By using SBI EMI Calculator, a customer (borrower) can modify the interest rate and tenure of the personal loan matching with the current monthly income to avoid any trivial situations later on.

Step 4: Approach the bank for acknowledgement

After submitting the application online for the personal loan approval, it’s advisable to check on it separately as well by either visiting the nearest bank branch or by calling to the customer support service of the SBI bank for the confirmation and acknowledgment of the same.

Step 5: Submit the documentation appropriately

It’s advisable to read on the instructions carefully before applying for the personal loan. Take a note on all the important documents that need to be uploaded and submitted online for the loan approval.

The documents may include bank statements, income proof (salary slips), address proof (temporary or permanent). In case of pre-approved loans, the loan amount is reflected to the borrower’s account within 10 seconds while for non-SBI customers it takes about 4 hours for the loan amount to get reflected into the borrower’s account.

How can one choose a perfect personal loan?

There might be several factors that one needs to undergo while taking up any personal loan out of which the most important ones are listed below true to the best of my knowledge:

• Time of disbursement

  As getting a personal loan approved by the HDFC bank is easier especially for the existing customers of the HDFC bank; so is the disbursement process of the personal loan. The desired loan amount can be disbursed to the respective dealer through Net banking anytime from anywhere. Thereby, avoiding burden to repay the EMI.

• The amount of loan offered

  HDFC offers a personal loan that amounts up to 40 lakhs, for a tenure ranging from 12 to 60 months with a n easy EMI repayments starting from rupees 1878 per lakh. It’s very beneficial to choose the desired amount of loan with an easy EMIs and flexible tenure to decide on which loan is suitable to what kind of person based on their income and regular expenditures.

• The process of loan approval

  It’s very important any bank to have an instant loan approval process to attract more number of customers. HDFC bank grants a personal loan within 10 seconds with minimal or negligible documentation in case of already existing customers of the bank. Else, it takes around 4 hours for the new customers to get their personal loans approved.

• The interest rate and processing fee

  The interest rate and processing fee are major factors to be looked upon while picking up any personal loan. HDFC bank provides personal loan at highly competitive interest rates at very low processing fees with an easy repayment process of EMIs.