How to use HDFC Personal Loan Calculator To Calculate Your EMI Amount?

In the world, we’re functioning, there will be many situations where you will have to go beyond your financial capability in order to go through that particular situation. These situations can be anything. It could be a medical emergency or in a situation when you want to buy the latest piece of gadget or it could be a situation where you are short of funds while planning your child’s marriage. To empower you in these and all other situations, you can opt for an HDFC personal loan. HDFC bank is one of the many private and public banks of our country that provide personal loan facility to the customers at an affordable rate of interest.

In this article, we will be telling you about what is the importance of the HDFC personal loan calculator, how to use it in an efficient way, and what are the documents that you will need to submit at the time of loan application.

Why it is important to use the HDFC Personal Loan Calculator?

When you take any kind of loan facility, you will have to keep this fact in mind that you will have to repay within a certain frame of time via Equated Monthly Installments (EMI). Your EMI depends on your principal loan amount and the rate of interest as it is made up of these two only. But your question is why it’s important to use the HDFC personal loan calculator? So when you opt for a personal loan amount, a certain portion of your monthly income will go into paying the EMI amount. And if you won’t have a proper estimation about it, then it may hurt your financial management.

On using an HDFC personal loan calculator, you will have a clear estimate about that portion of the money that will go towards repayment. And then, you can easily manage your finances and schedule all other payments.

What are the details that you will need to use HDFC Personal Loan Calculator?

In order to get an output from any calculator, you need a number of inputs. Similarly, to use the HDFC personal loan calculator, there are three inputs that you’ll need. All of them are mentioned below.

Required Loan Amount: HDFC lets you opt for a loan amount as a minimum of INR 50,000 to a maximum of INR 15,00,000. But you need to remember that it must within your repayment capability otherwise it may hurt your overall finances. Fill out the loan amount that you want for or move to the scroller to your desired value.

HDFC personal loan rate of interest: This is the second thing you will need to fill in the HDFC personal loan calculator. The interest rate ranges from 11.25% to 21.45% per annum. It also depends on a lot of other factors such as your age, monthly income, job history, employment type, and CIBIL score.

Required Tenure: The third thing would be the number of years that you will need to repay the loan. You can opt for a minimum tenure of 1 year to a maximum of 5 years. Fill the required number of years or move the scroller to your desired value.

As soon as you will fill all these details into the calculator, you will get the exact monthly EMI amount. If you want to check with different values, you can always do it.

What are the documents that you will need to get an HDFC Personal Loan?

While applying for a home loan, you will have to need a certain set of documents at the time of submission. Below are those. 

• Identity Proof ( Aadhar Card/ Voter ID card/ Passport)
• Address Proof (Driving Licence/ Aadhar Card/ Electricity Bill)
• Bank Statement of the last 3 months
• Salary Slips of the latest two months