Can HDFC Personal Loan EMI Calculator Help Me Save on Interest Payment?

HDFC Bank has an online tool called EMI calculator that helps you compute the EMI amount. With the help of this, you can reduce the interest payment. So for savings on the payment do use this tool. It can be helpful whether you use it before the loan application or after. Before loan application, you can know the EMI and choose the tenure which will be suitable for a lower payment. Whereas post loan application, you can use the calculator to find the date for prepayment. So, read this article carefully and know the benefits of an HDFC Personal Loan EMI Calculator.

How to Use the HDFC Personal Loan EMI Calculator?

You can use this tool on your mobile, laptop or desktop. Just follow these steps –

  • Visit the HDFC Bank official website
  • Go to the Personal Loan page
  • On the sidebar you will see the ‘EMI Calculator’ option
  • Click on that, and now you will be on the calculator page
  • Enter the loan amount, interest rate and tenure
  • Press the ‘Calculate’ button
  • Now you can see the EMI amount

As you change the details, the result will change as well. So change them if you won’t get the desired result. Once you get the result you want, click on the ‘Apply Now’ button. Fill in an application form and choose the tenure that brings you the lowest interest and EMI amount.

Illustration of the HDFC Personal Loan EMI Calculator

If you see the below example, you will learn better about the HDFC Personal Loan EMI Calculator working –

Tanya is a 26 years old corporate employee who needs a lump sum amount for her sister’s wedding. There has been a shortage of INR 3 Lakh in the wedding budget, so she started looking for loans and came across HDFC Personal Loan. Before proceeding with her loan application she uses the EMI Calculator to find the possible repayment schedule. 

She inserts the following –

  • INR 3 Lakh loan amount
  • 11.25% per annum interest rate
  • 4 years tenure

The generated EMI is INR 7,790 and the total interest payment is INR 73,926. 

Now she enters a different tenure to compare the results. This time the tenure is 5 years. Now the EMI is INR 6,560 and the total interest is INR 93,612. 

So as you can see the tenure of four years helps Tanya get a lower interest payment as well as a lower EMI. She proceeded with that tenure and met her financial needs.

What is the Loan Application Process?

You can apply for the HDFC Personal Loan either offline or online. Let’s check out each of these application modes one by one. 

Online Application

If you rely on online facilities, this is the service for you. Don’t go anywhere and get a lump sum amount in easy steps. Check out the process below –

  • Visit the HDFC official website on your smartphone 
  • Check out the Personal Loan section 
  • Use the HDFC Personal Loan Calculator as discussed above
  • Click on the ‘Apply Now’ button
  • Fill in the application form
  • Upload Aadhaar Card, salary slip and other necessary documents
  • Click on the ‘Submit’ button and wait for the bank’s decision

Offline Mode

Visit the nearest HDFC Bank branch, and locate the same by visiting the bank’s website. Once you go there, ask about the personal loan. The representative will guide you through the process. Now you get the form, so fill it with your personal and income details. Attach a few documents and photographs of yours. Submit the form and go home. Shortly you will hear from the bank representative about the application via SMS, email or call.

So, get the HDFC Personal Loan and meet your financial needs. And use the calculator to make repayments easier as discussed in the article above.