Why Use HDFC Personal Loan EMI Calculator?

HDFC Bank has an online tool known as EMI Calculator. With this tool, you find the EMI amount. How? Just insert the loan details and click the ‘Calculate’ button. When you do the same, the EMI will display on your screen. With this information, you can start planning the loan repayment. A well-planned EMI helps in smooth repayment and there is less chance of default. To find out more about HDFC Personal Loan EMI Calculator continue reading this page below.

How Does the HDFC Online Tool Work?

The online tool uses the formula of – EMI = P × r × (1 + r)n/((1 + r)n – 1) to compute your repayment. As you insert the result the EMI display. But when you change the values, the EMI will also change. So, if you are not satisfied with the first result of the calculation, change the loan amount, tenure, or interest rate in the calculator and see which amount, tenure, or interest rate will provide an affordable repayment.

When you find such a result, see which tenure or loan amount will help you get the same. If the tenure and loan sound good to you, apply for the loan.

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What if I don’t Use the HDFC Personal Loan EMI Calculator?

If you don’t use the calculator, the following can happen –


The calculations make it easier for you to find which is the best tenure for the repayment. When you don’t have the numbers, there could be a problem and you could end up having a high EMI amount. How will it impact? First, it will make it difficult to afford the daily expenditure. Later you stop paying the loan and the interest keeps on increasing. Why? HDFC Bank charges a penalty interest of 24% per annum on personal loans.

Poor Credit Score

Well, the non-payment of an HDFC Personal Loan leads to a poor score. When you get a loan or credit card, a credit score starts building. This helps the lender know your creditworthiness. A score of 300 is the lowest and it happens when you don’t pay the loan EMIs or credit card bills. The same will happen to you just because you haven’t used the HDFC Personal Loan EMI Calculator before applying for the loan.

Not Eligible for Any Loan

A poor score means no loans for you. Whenever you try to apply for a loan with a poor credit score either your loan application is rejected or the interest rate is too high. And as of your previous record, you are not in a situation where you can afford a high-interest payment. 

Legal Issues

As there is no collateral the bank can possess to compensate for your repayment, it will summon you to the court.

How to Avoid These Issues?

You can avoid all these personal loan problems by using the HDFC Personal Loan EMI Calculator. So what if you haven’t used this tool before. You can still pay off the loan and reduce the interest charges. How to do it? Prepayment plan. When you see the HDFC Personal Loan brochure, you will see the bank allows prepayment after 12 successive EMIs. So, if you have done that, plan prepayment.

In this, you need to pay the loan balance in a lump sum. By doing so, you get rid of the remaining interest payment. For this, HDFC Charges a fee that ranges from 2% to 4% of the loan balance amount. Once you decide on a period for the prepayment using the online tool, start investing money in different products such as FD, mutual funds, etc. This way you will have enough money to pay off the loan balance. So, if you are in a financial situation, apply for a personal loan with HDFC Bank and meet your needs. 

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