HDFC Personal Loan Calculator – How to Use it to Estimate Your Monthly Payments
HDFC Bank Personal Loan is a convenient option for anyone looking to avail of a personal loan. HDFC Bank offers a wide range of personal loans to suit every need. However, before availing of a personal loan, it is important to know the monthly repayments and EMI amount. That’s where HDFC Personal Loan Calculator comes in handy. In this blog post, we will go over how to use this calculator to estimate your monthly payments.
Step 1: Visit the HDFC Personal Loan Calculator
To begin with, you need to visit the HDFC Bank website and navigate to the Personal Loan section. Here, you will find the Personal Loan Calculator. Click the calculator icon, and you will be redirected to the calculator page.
Step 2: Enter your Loan Amount
On the calculator page, you will need to enter the loan amount that you wish to borrow. Suppose you want to borrow Rs. 5 lakhs, type that amount into the Loan Amount field.
Step 3: Enter the Tenure
The next step is to enter the tenure of your loan. The tenure is the duration for which you will be repaying the loan. The minimum tenure is 12 months, and the maximum tenure is 60 months. Suppose you plan to repay the loan in 4 years (48 months), enter 48 in the Tenure field.
Step 4: Enter the Interest Rate
Once you have entered the loan amount and tenure, you will need to enter the interest rate. The interest rate is the cost of borrowing money from the bank. It is usually expressed as a percentage. HDFC Bank Personal Loan interest rates range from 10.50% to 21.50%. Suppose the interest rate offered to you is 12%, type 12 in the Interest Rate field.
Step 5: Click on the Calculate button
Finally, click on the Calculate button, and you will see the EMI amount and the total interest payable. The EMI amount is the monthly repayment that you will be making to the bank. In this case, the EMI amount for a loan of Rs. 5 lakhs, taken for a tenure of 48 months, and an interest rate of 12% is Rs. 13,312 per month. The total interest that you will be paying over the tenure of the loan will be Rs.1, 14,102.
Conclusion:
Using the HDFC Personal Loan Calculator is a convenient way to estimate your monthly repayments and plan your finances accordingly. It is essential to know the EMI amount and the total interest payable before availing of a personal loan. This will help you determine whether you can afford the loan or not. Moreover, it will also help you plan your finances better. To get an accurate estimate of your monthly payments, use the HDFC Personal Loan Calculator. You can adjust the loan amount, tenure, and interest rate to get an idea of how different loan amounts, tenures, and interest rates will affect your monthly repayments.
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