Personal Loan FAQs
How is the Personal Loan interest rate calculated?
Interest on Personal Loan depends on various factors such as CIBIL score, Repayment History, Principal amount, Tenure.
Use the Personal Loan EMI calculator link.
What is the interest on a 1 lakh loan?
If you have taken a loan of 1 lakh at an interest rate of 12% for 12 months, then the interest for the first month will be:
= 1,00,000 x (0.12/12) = Rs.1000
What is the interest of a Personal Loan?
Interest is the amount a lender charges the borrower for availing of a loan. The amount depends on the interest rate, a specific percentage of the principal amount.
What is the EMI for a 20 lakh Personal Loan?
It will depend on the tenure and the interest rate. For example, if the given interest rate is 10.50% and the tenure is 60 months, the EMI for 20 lakhs will be Rs. 42,988. You can use the Personal Loan EMI calculator on the HDFC Bank website to check for yourself.
What is the minimum salary required to apply for a Personal Loan?
The minimum salary for Personal Loans is Rs. 25,000 net income per month.
What is a flat Personal Loan Interest Rate?
A flat Personal Loan Interest rate is an interest rate that is calculated on the total amount of the Personal Loan throughout its tenure. The calculation is done without taking into consideration that the monthly EMIs eventually reduce the principal amount.
What is a reducing Personal Loan Interest Rate?
The reducing Personal Loan interest rate is a method used to calculate the interest rate on the outstanding loan amount every month. The EMI here includes the interest payable on the total due loan amount.
Example: If an individual has opted for a personal loan of Rs.5 lakhs for 5 years on a 16% diminishing interest rate, then they would have spent Rs.2,29,542 towards total interest. Going by this calculation, the -
- Monthly EMI would be Rs.12,159
- Interest paid during the first month would be Rs.6,593 6,667
- Last month interest rate – which is to be paid – would be Rs.160
What is the stamp duty charge for a Personal Loan?
Stamp duty and other charges will vary from one state to another, as the laws of each state tend to differ.
What are Amortization Schedule Charges for Personal Loan?
Amortization Schedule charges for HDFC Bank Personal Loans are Rs.50/- per schedule for physical copy. Customer can also download from website free of cost.
