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Bring out the calculators: How to calculate your personal loan EMI and eligibility

Bring out the calculators: How to calculate your personal loan EMI and eligibility

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?

People take personal loans for a variety of reasons – a wedding, children’s education, foreign travel, medical emergency, home renovation etc. Regardless of the reason, the amount of loan people take is influenced largely by eligibility and EMI. So, let’s take a closer look and see how to calculate your personal loan EMI and eligibility.

Personal Loan Eligibility

A variety of factors influence your personal loan eligibility but the most important is your repayment capacity. Your bank will evaluate whether you are in a financial position to repay the loan over the desired tenure. It will consider factors like your credit score, outstanding loans, current income and continuity of income.

If you have a good credit score and are financial stable, you will be eligible for higher loan amounts. In addition, if you happen to be an HDFC Bank customer, you may even get a pre-approved loan, which will need little or no documentation.

Banks have made it extremely easy to check your personal loan eligibility. HDFC Bank has an easy-to-use personal loan eligibility calculator that will tell you how much you can get in minutes. HDFC Bank extends loans up to Rs 40 lakhs for tenures ranging from 12 to 60 months.

Personal Loan EMI

EMI stands for equated monthly instalment and is usually a fixed amount you pay every month over the tenure of your loan. EMI is determined by your loan amount, the rate of interest and the tenure of the loan. Since the rate of interest is fixed by the bank, you can adjust the loan amount and tenure to arrive at a comfortable personal loan EMI.

How to calculate personal loan EMI? To help you do just that, HDFC Bank has a simple to use personal loan EMI calculator. Here’s how you can use it:

1. First, decide how much you can afford to pay out every month.

2. Now, estimate how much loan you need to meet your expenses.

3. Check, what you are eligible for in the eligibility calculator or by talking to your bank

4. Enter the amount in the personal loan EMI calculator

6. Enter a tenure in years.

The calculator will show you your personal loan EMI. To adjust the EMI, tweak the values you have entered in the loan amount and tenure. If you can repay a higher EMI than what is shown, increase the loan amount if you are eligible for more, or decrease the tenure. If the EMI is higher than you can repay, decrease the loan amount, or increase the tenure. Once you have got your calculations right, click apply now to start the loan process.

HDFC Bank gives personal loans at EMIs starting as low as Rs 2174.

You can apply for a HDFC Bank loan online on the website, via your Netbanking account, at an ATM or by visiting an HDFC Bank branch.

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