How Much Would HDFC Personal Loan Interest Rates Impact Your Repayment?

Personal goals of education and marriage could need a handsome amount to get fulfilled. At the same time, financial emergencies can’t be ruled out given the uncertainties we are all up against. In view of the same, HDFC Bank, a leader in the business of providing personal loans, is all set to help you realize your dreams and tackle the contingencies better with the same. However, as someone caring the penny earned, it’s only worthwhile to check the effect of HDFC personal loan interest rates on your repayment sojourn. The article will let you check the effect through hard mathematics.

What is the Interest Rate on HDFC Personal Loan?

HDFC offers personal loans at interest rates of 15.50%-21.50% per annum, based on the income, repayment potential and the overall credit profile of an individual. You could see the gap existing between the lowest and highest limit of the rates offered. The gap is about 6%, which can be crucial to anyone servicing the debt smoothly. Ideally, you should negotiate to get the rate at 15.50% or just 1%-2% more so as to ensure the Equated Monthly Installments (EMIs) affordable enough to pay on time. The below heading would tell you the effect of HDFC personal loan interest rates on the EMI calculation.

HDFC Personal Loan Calculator Computes Repayment

Staying true to the promise made a little above, here comes HDFC Personal Loan Calculator with its whole lot of dynamics. It helps to compute the estimated EMI based on variables such as loan amount, tenure and rate of interest. As you can trace the calculator online, you can calculate much before availing a loan. So just enter the said variables to compute the EMI. As installments involve a portion of interest besides principal, you can also check the total interest likely to be paid over the course of a loan. Let’s be told that HDFC can give you as much as 5 years to pay off a personal loan.

What Else Can You Get to See via HDFC Personal Loan Calculator?

The repayment summary can be checked both year-on-year as well as month-on-month, further giving you a clarity of what to expect of HDFC personal loan offers. This should make you experiment with different figures of the loan amount, rate of interest and tenure to see which can enable you to repay the debt smoothly and save on the loan payment. It can be rightly said that the calculator works as a planner.

What Else Left to Know of HDFC Personal Loan?

Well, you can get a loan of up to ₹40 lakhs with the disbursal time can be 3-4 working days, subject to document verification. The loan will be processed with a fee equating to up to 2.50% of the loan amount. The minimum and maximum fee amount to ₹1,999 and ₹25,000, respectively.

How to Apply for HDFC Personal Loan Online?

After all the due diligence, it’s time to look at how can you apply for a personal loan online. Well, you just need to visit the official website of HDFC Bank and apply by giving a few personal and professional details.