A bank disburses loans on the basis of your repayment capacity. But to check your own affordability, a loan calculator is used. This tool helps in checking monthly installments by keeping into account some basic details which you will get to know in this article. For now, we will focus on personal loan offered by HDFC Bank.
You must have heard about loan EMI calculators in general. But, HDFC personal loan EMI calculator is specially designed to calculate monthly installments on your personal loan. At present, the interest rate on HDFC personal loan starts from 10.99% per annum. Below is an example showing payments based on this rate.
HDFC Personal Loan EMI Calculator
Suppose your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 10.99% p.a. by HDFC Bank that is:
- Loan Amount- ₹15,00,000
- Tenure-5 years
- Interest Rate- 10.99% p.a.
The payments from your end will be as follows:
Total Interest Outgo- ₹4,56,369
Total Amount (Interest + Principal) – ₹19,56,369
HDFC Personal Loan Eligibility
If your profile matches the criteria set by the HDFC Bank, the chances of getting desirable loan amount and interest rates are higher for you, so let us have a look:
- The minimum age of the loan applicant is 21 years age
- The maximum age of the applicant is 60 years
- An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
- The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin
Personal Loan Eligibility Calculator
Suppose you are working in a renowned company and earning an attractive salary of ₹80,000 monthly. So, after deducting all your necessary monthly expenses, you are able to save around 50% of your monthly income. Now, you want to know your eligibility for the personal loan.
Here, the bank would take into account your monthly saving of ₹40,000 which can be used to repay the EMIs of your personal loan. Now, if you can calculate your amount, tenure, and rate of interest, you can easily know the EMIs that you will have to pay every month.
Amount- ₹1 Lakh
Loan Tenure- 5 years
Rate of Interest- 11.29%-24%
Your monthly EMI will be- ₹2,189– 2,877
So, your calculation for personal loan would be-
₹1 Lakh x 40000/2189 = ₹18.27 lakhs and 1 Lakh x 40000/2877 = ₹13.90 lakhs
So, your personal loan amount eligibility will range between ₹13.90 lakhs- ₹18.27 lakhs.
As you can see, there is a loan EMI calculator to calculate your monthly installment. There is a special calculator for eligibility as well. You can use HDFC personal loan EMI calculator to know your payments in advance and manage your finances accordingly.