(Updated on 07.09.2017) HDFC Personal Loan EMI Calculator – Check your Monthly HDFC Personal Loan EMI with online EMI Calculator & Monthly Interest Rate.
WHAT IS EMI & EMI CALCULATOR ?
EMI (Equated Monthly Installment) is a fixed amount that a borrower pays on a specific pre decided date to the bank or any other Non Banking financial company.
EMI calculator is a tool, Amongst many benefits of technology, Through which a personal loan seeker can calculate his/her Monthly EMI, Total amount with interest, Total interest amount, Yearly interest amount etc.
BENEFITS OF USING EMI CALCULATOR
There are many benefits of using the Personal Loan EMI calculator. It helps to provide the customer with accurate information regarding the HDFC Personal Loan on an Individual level.
First of all ;
EMI Calculator is way too convenient. It gives the result in not more than a second. Up to any number the calculations can be done without in discrepancy.
The result on the EMI Calculator are purely electronic so there are No chances of error or any kind of confusion.
It gives the exact breakup of your Monthly EMIs with Total & Yearly Interest Amount.
HDFC Personal Loan EMI Calculator
For Example, Suppose a person wants to avail a loan amount of ₹ 3,50,000/- @ 12.99% p.a for a tenure of 48 months.
Monthly EMI – ₹ 9,387.89/-
Total Amount with Interest – ₹ 4,50,618.72/-
Total Interest Amount – ₹ 1,00,618.72/-
Likewise, Here is the Interest & Principal Component on a monthly basis for 1 year.
|Month||Principal Outstanding||Interest Component||Principal Component||EMI Amount|
CLICHE’ MODE OF CALCULATING EMIs
You must have seen people sitting and calculating their Loan EMI for hours. The cliche mode of calculating EMI is the formulae given below :-
E = P . r . (1+r)^n/((1+r)^n – 1)
E = EMI
P = Principal Loan Amount
r = Monthly Interest Rate
n = Monthly Loan Tenure
EMI calculator comes to the rescue in this above situation. You can easily & conveniently calculate your personal loan EMI without doing any lengthy calculations.
Here are the important things that you need to know before using the EMI Calculator* :-
- Loan amount
- Interest rate
- Loan Tenure or the time period for which you want to take loan.
(As illustrated in the calculator).