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HDFC Personal Loan Calculator

HDFC Bank Personal Loan EMI Calculator, Apr 2021

Last Updated 14th Apr 2021

Get monthly EMI as low as ₹ 2,149 per lakh on HDFC Bank personal loan. Personal loan EMI in HDFC Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,815₹ 3,250₹ 2,149
₹ 5 Lakh₹ 44,074₹ 16,251₹ 10,747
₹ 10 Lakh₹ 88,149₹ 32,502₹ 21,494
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Personal Loan EMI Calculator HDFC

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to HDFC Bank against the loan taken for repayment of your loan and payment of interest 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 ₹ 2,149 per lakh for a tenure of 60 months and lowest rate of interest at 10.50%.
  • HDFC Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the HDFC Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 10.50% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,638 ₹ 3,250 ₹ 2,149
3 Lakh ₹ 13,913 ₹ 9,751 ₹ 6,448
5 Lakh ₹ 23,188 ₹ 16,251 ₹ 10,747
10 Lakh ₹ 46,376 ₹ 32,502 ₹ 21,494
  • 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 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the 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.
HDFC Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 10.50% interest rate offered by HDFC Bank for different tenures
Calculated Results for HDFC Bank Home Loan EMI 2 years 3 years 5 years
HDFC Bank EMI for a loan amount Rs. 1 lakh at 10.50% ₹ 4,638 ₹ 3,250 ₹ 2,149
Total amount you pay back to the bank including principal and interest ₹ 1.11 Lakh ₹ 1.17 Lakh ₹ 1.29 Lakh
Interest you have to pay during the loan tenure ₹ 11,312 ₹ 17,000 ₹ 28,940

The above table shows that EMI paid on 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 ₹ 1 Lakh loan from HDFC Bank for 60 years, you pay the lowest EMI of ₹ 2,149. However, you pay an interest of ₹ 28,940 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from HDFC Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,638 and pay an interest of only ₹ 11,312 which is less than half of what you pay for a 60 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 that you have borrowed from HDFC Bank. If you apply for a higher loan amount, your monthly EMI will be high. HDFC Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 75 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. HDFC Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by HDFC Bank is 10.50%. However, it is advisable to do complete market research and compare rates online before you apply for a 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 a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 2 years at an interest rate of 10.25%. EMI calculated for this loan amount is ₹ 13,878 and the total annual EMIs to be paid annually is ₹ 1,66,537. The EMI schedule of loan for 2 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 2 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 19,513 ₹ 1,05,390 ₹ 1,24,903 ₹ 1,94,610
2022 ₹ 12,861 ₹ 1,53,677 ₹ 1,66,537 ₹ 40,933
2023 ₹ 701 ₹ 40,933 ₹ 41,634 ₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 3 Lakh, taken at the lowest interest rate of 10.25%, EMI paid is ₹ 13,878 and an annual total of EMIs is ₹ 1,66,537, the interest component is ₹ 24,186 while the principal component is ₹ 1,42,352 in year 1 of loan disbursement. You repay only 47.45% of the total principal after paying 12 EMIs during the first year.

In year 2, the interest component of EMI is around 5.34%, while the principal component is around 94.66%. Upto 2 years, you have cumulatively repaid 100% of your total Personal Loan.

HDFC Bank Personal Loan Interest 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 the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 75 Lakh

r = Rate of interest per month. Current rate is 10.50%

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

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • 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, a personal loan is an unsecured loan that 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 the 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 evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. 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 loan eligibility is a function of 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 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 0.70. 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 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 treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 21 and 60 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 75 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 10.50% to 22.00%.
    • Lowest EMI of ₹ 2,149 per lakh.
  • Processing Fees: Upto 2.50% Min Rs. 1,999 of loan amount. This is to be paid at the time of loan application
  • Special schemes: HDFC Bank offers customised personal loan interest rates and schemes for a 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 are online tools which give out EMI calculations using 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.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, HDFC Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from HDFC Bank, the interest rate and the remaining tenure in the EMI calculator.

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FAQs

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

It is advised to calculate personal loan EMI in advance before 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 10.50% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,149. However, HDFC Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close HDFC Bank personal loan?

You can preclose your HDFC Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on HDFC Bank ?

HDFC Bank offers you an option of prepayment after 12 months at 2 - 4%.

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

Yes, HDFC Bank charges a certain amount of processing fee to process your loan application. Currently, HDFC Bank charges a processing fee of Upto 2.50% Min Rs. 1,999 on Personal Loan.

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 a 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 loan disbursal.

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 a personal loan from HDFC Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in HDFC Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my HDFC Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

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

HDFC Bank Personal Loan Reviews 4.5/5  by 1397 customers
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HDFC Bank Personal Loan News - Apr 2021
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2020-11-12 : HDFC Bank launched SmartHub Merchant Solutions 3.0
    HDFC Bank has launched a comprehensive banking and payment solution for merchants, SmartHub Merchant Solutions 3.0. The product offers the facility of instant account opening and merchant setup, applying for a loan like home, personal, car, two-wheeler, and gold loan along with business and mudra loans. In addition to this, it also offers credit cards.
  • 2020-10-12 : HDFC Bank introduced festive offers for rural India
    HDFC Bank is offering special festive offers for its rural and semi-urban markets. Customers will get special deals on all banking products from loans to bank accounts. This includes home loans, 2-wheeler loans, car loans, tractor loans, gold loans or business growth loans. Customers can avail of flat 5% to 15% off in various categories of products.
  • 2020-10-09 : HDFC Bank to give instant loans up to Rs 40 lakh for medical bills
    HDFC Bank announced a tie-up with Apollo Hospitals through which customers can opt for unsecured loans of up to Rs 40 lakh to pay for medical expenses incurred at the healthcare chain.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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