HDFC Bank Personal Loan EMI Calculator

HDFC Bank Personal Loan EMI Calculator

Equated Monthly Installments (EMIs) allude to the month-to-month sum that should be paid by a borrower to reimburse a loan taken from a bank or non-banking monetary organization (NBFC). HDFC Bank personal loan EMI number cruncher is a convenient device to help you complete this muddled estimation in a flash. Nonetheless, rather than selecting a bank-explicit EMI number cruncher, you can utilize the Dialabank personal loan EMI calculator to check your loan EMIs for nothing. Simply determine a couple of key personal loan boundaries, for example, loan head, financing cost, and residency to get moment EMI results. You can likewise attempt different mixes of these loan boundaries to show up at the most appropriate EMI for yourself.

How does the HDFC Bank Personal Loan EMI Calculator Function?

An EMI adding machine capacities based on the accompanying 3 boundaries: 

  • Loan Amount: This alludes to the personal loan chief acquired from HDFC bank. By and large, a higher loan sum brings about higher EMI. HDFC Bank offers personal loans for sums as low as Rs. 50,000 and as high as Rs. 40 lakh.
  • Loan Tenure: The span over which a personal loan is paid off is called loan residency. For HDFC personal loan, the residency right now fluctuates from 12 to 72 months. Practically speaking, a more limited residency prompts higher EMIs, yet it encourages you to save money on the absolute premium payout of the loan.
  • Premium Rate: HDFC personal loan financing cost shifts from 9.99% to 21.25% p.a. A higher pace of interest ordinarily converts into higher EMI payouts over the loan residency.

HDFC Bank Personal Loan EMI Calculator Formula

The formula used to calculate personal loan EMIs depends on the method of interest calculation namely – the flat rate method and the reducing balance method. Let us understand the 2 methods of EMI calculation in the following section.

  • Flat Rate Method: In this strategy, the EMI sum stays as before all through the loan residency. This is because the personal loan interest is charged on the whole loan chief sum acquired by the candidate. The equation for EMI estimations utilizing this strategy is as per the following:

EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months

For example, Mr. A took a loan of Rs. 10 lakh at a flat rate of interest of 15% for a period of 24 months.

Interest for year 1 = 15% per annum of Principal = 15% of Rs. 10 lakh = Rs. 1.5 lakh

Interest for year 2, i.e., the loan tenure = Rs. 1.5 lakh

Total interest payable over the loan tenure = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh

Monthly EMI payouts for Mr. A = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,167

  • Reducing Balance Method: In this strategy, the EMI installment sum continues to diminish over the loan residency. This is because the personal loan interest is charged on the exceptional loan head (which diminishes as the loan is paid off) and not the whole loan sum at first acquired. Henceforth, this strategy permits you to save money on the complete revenue payable utilizing the accompanying equation.

EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where,

P means the loan principal;

R refers to the rate of interest every month;

N refers to the loan repayment tenure in months.

For example, Mr. B took a loan of Rs. 10 lakh at a reducing balance interest rate of 15% p.a for a period of 24 months.

Monthly interest rate = Annual interest rate/ 12 = 15/12 = 1.25% per month

Monthly EMI payout for Mr. B = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)] = Rs. 48,487

HDFC Bank Personal Loan EMI Calculation

HDFC Bank uses the reducing balance method for the EMI calculation of its personal loan. The following table shows the possible HDFC Bank Personal Loan EMI Calculator with various combinations of the loan amount, interest rate, and repayment tenure.

Loan Amount (Rs.) Interest Rate (p.a.) Tenure (months) EMI (Rs./month)
50,000 15% 48 1,392
3 lakh 12% 36 9,964
7 lakh 14% 24 33,609
12 lakh 15% 72 23,374
15 lakh 11% 60 32,614

EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate

The following is a comparison of the difference in EMI payouts for different loan amounts and tenure when using the flat interest rate method as compared to the reducing balance method:

Loan Amount (Rs.) Loan Tenure (months) Interest Rate (p.a.) EMI using Flat Rate method (Rs.) EMI using Reducing Balance method (Rs.)
10 lakh 60 17.50% 31,250 25,122
7 lakh 48 11.50% 21,292 18,262
5 lakh 72 12.00% 11,944 9,775
3 lakh 24 13.00% 15,750 14,263
1 lakh 36 10.75% 3,674 3,262

How to pay HDFC Bank Personal Loan EMI Calculator?

Following are the various modes of payment for HDFC personal loan EMI:

  • Standing Instruction (SI): This feature allows the bank to directly debit the EMI payable from your HDFC bank account on due dates. You can avail of the SI facility by filling out the NACH e-mandate form. Alternatively, you can fill out Canara standing instruction request form and submit it to set up a SI.
  • Electronic Clearing Service (ECS): You can use the ECS facility to pay off your monthly installments directly from your non-HDFC Bank account on due dates. To avail of this service, you can either fill out the Canara ECS mandate form or you can apply online for ECS Debit Clearing.
  • Post Dated Cheques (PDCs): You can also pay your Canara personal loan EMIs by submitting post-dated cheques in favor of “HDFC Bank Ltd Loan Account Number <your loan account number>” at HDFC retail service center.

Steps to pay an overdue EMI Online

If you missed a due EMI payment of your HDFC Bank personal loan, then follow the below steps to pay the overdue EMI online:

Step 1: Visit the HDFC overdue EMI payment portal.

Step 2: Provide details of your HDFC Bank loan account.

Step 3: Enter authentication details to make the payment.

Step 4: Receive an online confirmation for the payment of your HDFC overdue EMI amount and note the transaction reference number.

Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges

Penal Interest Rate for late EMI payment The penal interest rate is 2% per month on the EMI overdue till payment is made.
 

Cheque Bounce Charges

Rs. 550 per instance of cheque bounce.

Note: The charges may change periodically and GST is applicable as per Government regulations.

Factors Affecting HDFC Bank Personal Loan EMI Calculator

Following are the key factors that influence HDFC Bank personal loan EMI:

  • Loan Amount: HDFC personal loan sum changes from Rs. 50,000 to Rs. 40 lakh. By and large, the higher the loan chief sum brings about a more prominent EMI.
  • Loan Tenure: The time-frame over which you take care of the loan is called loan residency. A more extended residency implies you need to pay EMIs for a more drawn-out period, which for the most part brings about a more modest sum. Be that as it may, longer residency expands the general interest payout.
  • The pace of Interest: It alludes to the rate at which a premium is charged on the loan. A high pace of interest implies a more noteworthy measure of interest is to be paid which may prompt higher EMIs or longer loan residency. The strategy for rate estimation additionally influences the personal loan EMI sum. For the most part, EMIs determined utilizing lessening balance strategy are lower than those determined utilizing the level rate technique.

Benefits of Using an HDFC Bank Personal Loan EMI Calculator

An online EMI adding machine accompanies a large group of points of interest. A portion of the significant ones are recorded underneath:

  • It causes you to know your month-to-month EMI payout before you really profit from the loan. This causes you to plan your finances better, so you can guarantee convenient EMI installment as on schedule.
  • You can utilize the online EMI mini-computer free of charge at any time of the day from anywhere. Additionally, you can utilize it quite a few times you need to think about EMI sums for personal loan offers from various banks.
  • It saves you from the time-taking cycle of figuring EMI duty by hand. You can get instant results for the personal loan EMI sum when you determine the loan sum, residency, and financing cost.
  • The number cruncher consistently gives you the moment and accuracy Hence, you approach a dependable device to figure EMI adds up to help you analyze different loan offers.

FAQs for HDFC Bank Personal Loan EMI Calculator

How to pay HDFC Bank personal loan EMI online?

You can avail (Electronic Clearing Service) to digitally transfer the EMI from your non-HDFC account. Alternatively, if you have an HDFC Bank account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your personal loan EMI.

How to autopay HDFC personal loan EMI online?

You can activate the autopay of your HDFC Bank Personal Loan EMI Calculator by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on the due date from your HDFC Bank account.

Does the EMI calculator also show the prepayment charges?

No, the HDFC Bank Personal Loan EMI Calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.

 How can I get an HDFC Bank Personal Loan?

Just visit the HDFC Bank branch with your documents and apply for a personal loan with your banker. You can also achieve a Personal Loan by using online with Dialabank to avail of secure processing and personalized assistance.

How to use the HDFC Bank Personal Loan EMI Calculator?

You can use Dialabank’s HDFC Bank Personal Loan EMI Calculator in the following steps:

Step 1: Specify the loan amount, tenure and interest rate using the sliders.

Step 2: Check the EMI amount displayed instantaneously on the right-hand side of the page.

How to arrive at the right EMI amount?

You can use the EMI calculator to check various combinations of the loan amount, tenure, and interest rate to arrive at the most suitable EMI as per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid any hassle at the time of repayment throughout the loan tenure.

What is the penalty for missing an EMI for my HDFC Bank personal loan EMI?

Penal interest at the rate of 2% per month is charged on the overdue amount till the time payment is made if you fail to pay your HDFC personal loan EMI on time.

What method of EMI calculation does HDFC Bank use?

HDFC Bank uses the reducing balance method for calculating personal loan EMIs. As a result, interest is charged only on the outstanding loan principal and not on the loan principal amount that you borrowed initially.

Can I change my HDFC Personal loan repayment mode? What are the charges for changing the repayment mode for HDFC Bank’s personal loan EMI payment?

Yes, a service charge of Rs. 500 is applicable when you swap the repayment mode to either PDC (Post Dated Cheque) or ECS (Electronic Clearing Service). However, no such swap charges are applicable if you change your repayment mode to the PDCs of your HDFC Bank account.