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EMI is one of the most important aspects of any loan that you take. EMI stands of equated monthly instalments. It is the amount you will have to pay every month till the end of your loan tenure
So, how can you calculate your personal loan EMI. And, more importantly, how can you lower your EMI?
Three factors influence your personal loan EMI.
Loan Amount: How much loan have you taken?
Interest Rate: What is the interest rate on your loan?
Tenure: How long do you have to repay it?
Changes to any of these three will affect your personal loan EMI.
Your EMI has two components: interest and principal amount. In the early period of your loan, the interest component will be higher and will progressively reduce. In the later years, the principal amount will be higher.
So, how do you calculate your personal loan EMI? The easiest way is to use online EMI Calculators. The HDFC Bank personal loan EMI calculator is easy-to-use and will help you plan your loan better.
To calculate your EMI just enter the loan amount, tenure and the rate of interest offered by the bank and hit calculate. To lower your EMI, just change the loan amount or tenure. If you have a fixed loan amount in mind, then adjust the tenure till you arrive at an optimal monthly outgo. If you are happy with the figure, hit apply now to get the loan you desire.
HDFC Bank offers personal loans with EMIs as low as Rs 2174 per lakh. You can choose an amount up to Rs 40 lakh, with tenures ranging from 12 to 60 months. Pre-approved HDFC Bank customers can get funds in under 10 seconds, while others can get in less than 4 hours.
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A personal loan is one that is provided by a bank to fund a financial need or immediate cash requirement, be it for business, family wedding, studies or foreign trips. The bank will not question you about the end use when you are applying for a personal loan
Personal loans are loans that do not require collateral or security and is offered with minimal documentation. You can use it for any legitimate personal need. Like any other loan, you must repay it according to agreed terms with the Bank usually over a few months to a few years in easy equated mont
When you have a clean credit history and a track record of financial discipline, you may become eligible for a personal loan pre-approval.
Whether you want funds for a family wedding, a foreign holiday, child’s education, home renovation or medical emergency —a personal loan is the ideal solution for your urgent financial needs.
A personal loan is useful to fund a range of financial needs, including home renovation, children’s education, medical emergency, family wedding or a dream vacation.
Emergencies may happen rarely, but they are always unexpected. And when you are faced with a tough situation, you may need funds quickly.
Ask yourself these questions before you decide to apply. From how to apply for a personal loan to personal loan requirements, we have the answers to key questions that you may have.
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EMI is one of the most important aspects of any loan that you take. EMI stands of equated monthly instalments. It is the amount you will have to pay every month till the end of your loan tenure
Two questions that most people have when they take a personal loan are: How much loan can I get? How much will I have to pay out every month?
Be it a wedding, children’s education, a medical emergency or foreign travel, a personal loan is a great way to raise funds for a wide range of personal needs. You can get the funds quickly, with minimal documentation. You can repay the loan over many months or years in easy monthly instalments.
At times you need to borrow funds to finance large purchases, consolidate existing debts or even seek short term help. HDFC Bank offers a wide range of financial products that can be borrowed to suit your financial requirements
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