You always need cash for those diverse needs that are unaccounted for or are sometimes unexpected. Need cash to cover a medical emergency? Planning to renovate your home or need fund for your wedding? Planning a holiday that needs some extra cash to cover? Now, do not worry about arranging funds for such expenses.
You can now arrange funds easily with HDFC Personal Loan to address all your diverse financial needs. The process is convenient, seamless and practical to make things easy for you as a customer. The existing HDFC customers can avail of a loan in under 10 seconds while other borrowers can get a Personal Loan within 4 hours.
You can apply for the loan online or visit your nearest HDFC bank branch to do so.
How to Calculate HDFC Personal Loan EMI?
You can make use of Online EMI Calculator to find out how much monthly instalment you have to pay on your loan. All you need to do is enter a few details to get the final result.
- What is EMI?
EMI stands for Equated Monthly Instalment. It is the stipulated amount of money (that consists principal amount + interest amount) you must pay every month until the end of your loan tenure.
- How to Use the EMI Calculator?
The Personal Loan EMI calculator is very easy to use and accessible to everybody. Just enter three key inputs – loan amount, tenure, and interest rate in the calculator and the exact EMI will be automatically calculated. You only need to use the sliders to increase or decrease the rate and adjust the variables according to your requirement to get a fair idea of your monthly payments.
If you intend to take a loan of Rs. 1 Lakh at an interest rate of 11.25% per annum for a tenure of 5 years, your EMI will be Rs. 2,187.
The HDFC Personal Loan EMI amount depends on various factors including loan amount, loan tenure, interest rate, and monthly income.
A Few Tips to Know How Much EMI Amount is Best for You
- Assess the amount you need to borrow
Before requesting a bank for a loan, you need to make an estimate of the amount you wish to borrow. A Personal Loan comes at a comparatively higher rate of interest than secured loans and is an unsecured loan. It is always prudent to limit the loan amount to a minimum. It is advisable to choose a low tenure of loans as longer tenures could result in high interest.
- Evaluate your financial obligations
Review your monthly expenditure and any impending financial responsibilities you will have. This will help you in estimating the amount of EMI you can pay comfortably after all your necessary expenses.
- Always calculate EMI with the online calculator before taking a loan
By calculating the amount of EMI that you will incur, you can take a decision on the loan amount you wish to borrow. If you find that the monthly outflow is high, you could reduce the amount of loan. If you know the amount of EMI you will pay every month, you can adjust your expenses to save more. Based on the EMI amount, you can also opt for prepayment of the loan if you have surplus funds in the future. In any case, your monthly outflow for the loan instalment should not be above 50% of your total monthly income.
Things to Know Before You Apply For HDFC Personal Loan
- Salient Features of HDFC Personal Loan
- You can get a Personal Loan in no time especially if you are a pre-approved HDFC customer.
- Insurance cover is offered to cover personal accident and Personal Loan security
- Get a personalised product to suit your needs.
- Any time assistance anywhere via branch, web, SMS or Phone Banking.
- Criteria to be Eligible for HDFC Personal Loan
- You must be an employee from either the private or public sector organisation or a professional like doctor, chartered accountant, and so on.
- Applicant must be between 21 and 60 years of age.
- Any individual with a permanent job for the last 2 years, with an association of 1 year with the current employer can apply.
- Minimum net income of Rs. 15,000 per month ( Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad and Cochin).
- Documents Required
- Copy of passport/Voter’s ID/Aadhaar Card/Driving License as proof of identity
- Copy of passport/Voter’s ID/Aadhaar Card/Driving License as proof of address
- Bank statements of last the 3 months
- Recent salary slip along with Form 16
Are you aware that your Aadhaar Card can get you a Personal Loan easily? Now, with this widely-accepted KYC document, you can get a Personal Loan on Aadhaar Card. That is because this document acts as a proof of identity, age, photo ID, and residence.
Unmatched features of competitive interest rates, long tenure and swift processing of loans make the HDFC Personal Loan one of the best Personal Loan schemes available in India.