HDFC Bank provides you access to an online tool called EMI calculator that can help you plan repayment of the amount you’re about to borrow. How does this tool work? Well, it uses the formulae EMI = P × r × (1 + r)n/((1 + r)n – 1) where P is the loan amount, r is the interest rate and n is tenure. So, know how to use this tool and its advantages on the page below.

## Steps for HDFC Personal Loan EMI Calculator Usage

You can use the HDFC Personal Loan EMI Calculator on your smartphone, laptop or desktop. Just follow these steps –

• Go to ‘products’ and select ‘Personal Loan’
• On the HDFC Personal Loan page, you can see the EMI Calculator
• So, enter your personal loan details such as loan amount, interest rate and tenure inside the calculator
• After that, click on the ‘Calculate’ button

Now, you will get to see the EMI on your screen.

## List of HDFC Personal Loan EMI Calculator Benefits

Using HDFC Personal Loan EMI Calculator helps you ensure these-

### Curtail Your Interest Payments

You can reduce the payable interest of your HDFC Personal Loan with the help of the EMI Calculator. Well, you just need to check the total payable interest for different tenures and compare them. Now, choose the tenure where the payable interest is low. The HDFC Personal Loan EMI Calculator will show the total payable interest and principal component in a graphical form.

### Affordable EMI

Look for affordable EMIs which can be ensured by using the HDFC Personal Loan EMI Calculator.

### Can Prepay the Loan with Planning

HDFC Bank allows you to prepay the loan after 12 continuous EMI payments. Using this facility, you can reduce the interest of your loan amount. And to find the perfect time for the prepayment, use the HDFC Personal Loan EMI Calculator. Because the prepayment charge will reduce as the tenure proceeds. Make all the calculations using the EMI Calculator and see when it will be more profitable for you to prepay the personal loan. Because when you pay an amount in a lump sum, the interest reduces and so does the tenure.

### Choose Suitable Tenure

Choosing the right tenure for your HDFC Personal Loan is important. If you choose a shorter tenure, EMI will rise and the lowest personal loan interest rate will be curtailed. Whereas, in a longer repayment, the interest will rise and the EMI falls. So, use the HDFC Personal Loan EMI Calculator to figure out the best repayment estimate for you.

## Illustration of HDFC Personal Loan EMI Calculator

Check out the example below to know the benefits of the HDFC Personal Loan EMI Calculator.

Ramesh is looking to borrow a loan, but he doesn’t want to put his asset at any kind of risk. So, he searches for an unsecured loan and sees the HDFC Personal Loan offer. After going through the loan brochure, Ramesh decides to apply for the loan. Well, he forgot to use the HDFC Personal Loan EMI Calculator and ended up getting a loan with a total payable interest of INR 4 Lakh and EMI of INR 23,268.

Let’s see how different Ramesh’s situation would have been if he had used HDFC Personal Loan EMI Calculator.

Ramesh enters the following details inside the EMI calculator –

• Loan amount – INR 10 Lakh
• Interest rate – 11.25% per annum
• Tenure – 60 months

The total payable interest will be INR 3,12,038 and the EMI will be INR 21,867. As you can see, if Ramesh used the EMI calculator, he could have saved almost one Lakh on his loan repayment with a slight difference in the EMI.