How HDFC Personal Loan EMI Calculator Is Useful For Payments?

The payment is harder to manage for a borrower whose income is low and EMI is high. But HDFC Bank has a solution for this and which is the HDFC personal loan EMI calculator. The online tool helps the borrower to get an approximate idea of the EMI with which they can choose tenure accordingly. Read on to know the use of the EMI calculator and its benefits.

Functioning of HDFC personal loan EMI calculator!

HDFC online tool works in a mathematical formula of [P x R x (1+R)^N]/[(1+R)^N-1], here P denotes your principal loan amount, N is period of payment and R is interest rate. The tool takes your loan details and computes your EMI with the formula. To use HDFC personal loan EMI calculator visit the bank website by giving your loan details. See below example to understand the calculator working better. 

Suppose, you have borrowed INR 7 lakh from HDFC Bank for 4 years duration. And the renovation costs come under the HDFC Bank home loan interest rates are 15.99%. So instead of it, you have applied for HDFC personal loan whose interest rate starts from 10.75% per annum. Then to compute the EMI by using the HDFC personal loan EMI calculator mention the details according to which the EM would be INR 18,776.

Schedule of EMI payment for HDFC personal loan!

When your loan is approved by the HDFC bank the amount is disbursed to your account and the EMI schedule is sent to your address. Using the EMI schedule, you can set the date of EMI payment so that no late payment charges would be charged to your EMI. The HDFC bank home loan interest rates must be not suitable for you because it’s floating type, but the payment duration is longer. Whereas on a personal loan HDFC offers you a maximum duration of 5 years. 

To make prepayment of the loan to reduce the interest rate burden, you can change the EMI schedule. HDFC Bank charges a prepayment fee depending on your paid EMIs and the remaining duration. Suppose, you have paid the EMI for up to 1 year and want to make a prepayment, then you are supposed to pay 4% of your outstanding principal amount with the prepayment amount.

How to make payment for HDFC loan?

You can make payment for your borrowed amount and the charged interest rate using banking services like ECS, Standing Instruction or cheques. To do your payment via another bank rather than HDFC you need to use the ECS service with which the EMI is paid every month via auto-debit. The ECS mandate needs to be submitted to the bank after the loan disbursal. You can use the same service of auto-debit from HDFC Bank when you pay the EMI from HDFC salary or savings account. For this, you can use the Standing instruction service which you can activate via the net banking service of HDFC. 

The old school borrowers can pay the EMI of their HDFC personal loan using post-dated cheques. You need to create cheques of the EMI amount and need to submit them at the HDFC Bank branch. 
So, whenever you borrow a loan from HDFC Bank don’t forget to use the HDFC personal loan EMI calculator.