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HDFC Personal Loan EMI Calculator - Sep 2017

Last Updated 21st Sep 2017

HDFC Bank Personal Loan Calculator

  • Get monthly EMI as low as Rs. 2,174 per lakh with HDFC Bank now offering personal loans with loan tenure upto 60 months.
  • Lowest personal loan interest rate currently offered by HDFC Bank is 10.99%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 4,660 for a 2 year loan and Rs. 2,584 for a 5 year loan.
  • Personal loan EMI in HDFC Bank depends upon loan amount, repayment tenure and interest rate.
  • Apply personal loan online and get best personal loan rates.
  • Check the EMI for other tenures using the HDFC Bank personal loan EMI calculator on this page.
Personal Loan EMI Calculator
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Personal Loan EMI Calculator HDFC

HDFC Bank Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to HDFC Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • HDFC Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,174 per lakh for a 60 tenure and lowest rate of interest on personal loans at 10.99%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 10.99% interest rate

Loan Amount (Rs.) 2 Years 3 Years 5 Years
100,000 Rs. 4,660 Rs. 3,273 Rs. 2,174
300,000 Rs. 13,981 Rs. 9,820 Rs. 6,521
500,000 Rs. 23,302 Rs. 16,367 Rs. 10,869
1,000,000 Rs. 46,603 Rs. 32,734 Rs. 21,737
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 10.99% interest rate offered by HDFC Bankfor different tenures
2 years 3 years 5 years
HDFC Bank EMI for a loan amount Rs. 1 lakh at 10.99% 4,660 3,273 2,174
Total amount you pay back to the bank including principal and interest 111,840 117,828 130,440
Interest you have to pay over loan tenure 11,840 17,828 30,440

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1,00,000 loan from HDFC Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,174. However, you pay an interest of Rs. 30,440 on a Rs. 1,00,000 loan.
In contrast, if you take a Rs. 1,00,000 loan from HDFC Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,660 and pay an interest of only Rs. 11,840 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting HDFC Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from HDFC Bank.If you apply for a higher loan amount, your monthly EMI will be high. HDFC Bank gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 9,000,000.
  • Interest rate - Interest rates is the rate charged by HDFC Bank on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by HDFC Bank is 10.99%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
  • Loan tenure – This is the period in which you can repay your loan in HDFC Bank. Longer loan tenure means lower personal loan EMI. Generally, HDFC Bank offers loan for a maximum tenure of 5 years.

HDFC Bank Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how HDFC Bank Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 9,000,000

r = Rate of interest per month. Current rate is 10.99%

n = tenure in month. For HDFC Bank, this can be 60 months

Tips to decide the right amount of EMI

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your HDFC Bank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - HDFC Bank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - HDFC Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. HDFC Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. HDFC Bank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • HDFC Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.

Quick guide on HDFC Bank personal loan

  • Purpose of Loan: HDFC Bank personal loan is taken to funding medical emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21 and 60 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 9,000,000.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 10.99% to 20.00%.
    • Lowest EMI of Rs. 2,174 per lakh.
  • Processing Fees: Upto 2.50%, Min Rs. 1,000 and Max Rs. 25,000 of loan amount.
  • Special schemes: HDFC Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator HDFC Bank – How it works?

  • HDFC Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • HDFC Bank EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. HDFC Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on HDFC EMI Calculator

Why should I calculate HDFC loan EMI before taking a loan?

It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your HDFC Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount
What is the lowest EMI per lakh offered by HDFC Bank on personal loan?

HDFC Bank offers personal loan at 10.99% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,174. However, HDFC Bank personal loan interest rate for salary account holders or existing customers can vary.

Can I prepay my HDFC Bank personal loan?

HDFC Bank offers you an option of prepayment after 12 months at Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

Is there any processing charge on personal loan from HDFC Bank?

Personal Loan from HDFC Bank charges a processing fee of Upto 2.50%, Min Rs. 1,000 and Max Rs. 25,000.

Will i get the personal loan from HDFC Bank if i have a bad credit score?

No, for taking a loan from HDFC Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of disbursing the loan.

Can i have a co-applicant while applying for a Personal loan with HDFC Bank?

Yes, you can opt for a co-applicant to take personal loan from HDFC Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

HDFC Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 993-590-3333, loansupport [at] hdfcbank [dot] com
Ahmedabad 079-61606161, loansupport [at] hdfcbank [dot] com
Ambala 999-624-3333, loansupport [at] hdfcbank [dot] com
Anand 079-61606161, loansupport [at] hdfcbank [dot] com
Aurangabad 022-61606161, loansupport [at] hdfcbank [dot] com
Bangalore 080-61606161, loansupport [at] hdfcbank [dot] com
Bhilai 1860-266-6161, loansupport [at] hdfcbank [dot] com
Bhilwara 987-500-3333, loansupport [at] hdfcbank [dot] com
Bhiwadi 022-61606161, loansupport [at] hdfcbank [dot] com
Bhopal 0731-6160616, loansupport [at] hdfcbank [dot] com
Bhubaneswar Cuttack 993-790-3333, loansupport [at] hdfcbank [dot] com
Bikaner 987-500-3333, loansupport [at] hdfcbank [dot] com
Chandigarh 0172-6160616, loansupport [at] hdfcbank [dot] com
Chennai 044-61606161, loansupport [at] hdfcbank [dot] com
Cochin 0484-6160616, loansupport [at] hdfcbank [dot] com
Coimbatore 044-61606161, loansupport [at] hdfcbank [dot] com
Dehradun 993-590-3333, loansupport [at] hdfcbank [dot] com
Delhi 011-61606161, loansupport [at] hdfcbank [dot] com
Durg 1860-266-6161, loansupport [at] hdfcbank [dot] com
Faridabad 011-61606161, loansupport [at] hdfcbank [dot] com
Gandhinagar 079-61606161, loansupport [at] hdfcbank [dot] com
Ghaziabad 011-61606161, loansupport [at] hdfcbank [dot] com
Goa 989-060-3333, loansupport [at] hdfcbank [dot] com
Greater Noida 011-61606161, loansupport [at] hdfcbank [dot] com
Gurgaon 011-61606161, loansupport [at] hdfcbank [dot] com
Guwahati 995-719-3333, loansupport [at] hdfcbank [dot] com
Gwalior 0731-6160616, loansupport [at] hdfcbank [dot] com
Hyderabad 040-61606161, loansupport [at] hdfcbank [dot] com
Indore 0731-6160616, loansupport [at] hdfcbank [dot] com
Jabalpur 0731-6160616, loansupport [at] hdfcbank [dot] com
Jaipur 0141-6160616, loansupport [at] hdfcbank [dot] com
Jalandhar 981-533-1111, loansupport [at] hdfcbank [dot] com
Jodhpur 987-500-3333, loansupport [at] hdfcbank [dot] com
Kanpur 993-590-3333, loansupport [at] hdfcbank [dot] com
Karnal 999-624-3333, loansupport [at] hdfcbank [dot] com
Kolhapur 989-060-3333, loansupport [at] hdfcbank [dot] com
Kolkata 033-61606161, loansupport [at] hdfcbank [dot] com
Kota 987-500-3333, loansupport [at] hdfcbank [dot] com
Kozhikode 989-566-3333, loansupport [at] hdfcbank [dot] com
Lucknow 0522-6160616, loansupport [at] hdfcbank [dot] com
Ludhiana 981-533-1111, loansupport [at] hdfcbank [dot] com
Madurai 984-067-3333, loansupport [at] hdfcbank [dot] com
Meerut 993-590-3333, loansupport [at] hdfcbank [dot] com
Mehsana 079-61606161, loansupport [at] hdfcbank [dot] com
Mohali Sas Nagar 981-533-1111, loansupport [at] hdfcbank [dot] com
Mumbai 022-61606161, loansupport [at] hdfcbank [dot] com
Mussoorie 993-590-3333, loansupport [at] hdfcbank [dot] com
Nagpur 989-060-3333, loansupport [at] hdfcbank [dot] com
Nashik 989-060-3333, loansupport [at] hdfcbank [dot] com
Noida 011-61606161, loansupport [at] hdfcbank [dot] com
Noida Extn 011-61606161, loansupport [at] hdfcbank [dot] com
Panipat 999-624-3333, loansupport [at] hdfcbank [dot] com
Patna 1860-266-6161, loansupport [at] hdfcbank [dot] com
Pondicherry 984-067-3333, loansupport [at] hdfcbank [dot] com
Pune 022-61606161, loansupport [at] hdfcbank [dot] com
Raipur 1860-266-6161, loansupport [at] hdfcbank [dot] com
Rajkot 079-61606161, loansupport [at] hdfcbank [dot] com
Ranchi 1860-266-6161, loansupport [at] hdfcbank [dot] com
Rohtak 999-624-3333, loansupport [at] hdfcbank [dot] com
Roorkee 993-590-3333, loansupport [at] hdfcbank [dot] com
Salem 984-067-3333, loansupport [at] hdfcbank [dot] com
Shimla 999-624-3333, loansupport [at] hdfcbank [dot] com
Sonepat 999-624-3333, loansupport [at] hdfcbank [dot] com
Surat 079-61606161, loansupport [at] hdfcbank [dot] com
Trichy 984-067-3333, loansupport [at] hdfcbank [dot] com
Udaipur 987-500-3333, loansupport [at] hdfcbank [dot] com
Vadodara 079-61606161, loansupport [at] hdfcbank [dot] com
Varanasi 993-590-3333, loansupport [at] hdfcbank [dot] com
Vijaywada 994-949-3333, loansupport [at] hdfcbank [dot] com
Vizag 994-949-3333, loansupport [at] hdfcbank [dot] com
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