Bring out the calculators: How to calculate your personal loan EMI and Eligibility
Two questions that most people have when they consider taking a Personal Loan are: How much loan can I get? How much will I have to repay every month? They may even wonder if there’s a way to know how to calculate Personal Loan Eligibility.
People take Personal Loans for a variety of reasons – a wedding, children’s education, foreign travel, medical emergency, home renovation etc. Regardless of the reason, the amount of loan people take is influenced largely by eligibility and EMI. So, let’s take a closer look and see how to calculate EMI for Personal Loan and how to check eligibility.
Personal Loan Eligibility
Before we show you how to check Personal Loan eligibility you should know what influences it. A variety of factors influence your Personal Loan eligibility but the most important is your repayment capacity. Your bank will evaluate whether you are in a financial position to repay the loan over the desired tenure. It will consider factors like your credit score, outstanding loans, current income and continuity of income.
If you have a good credit score and are financially stable, you will be eligible for higher loan amounts. In addition, if you happen to be an HDFC Bank customer, you may even get a pre-approved loan, which will need little or no documentation.
Banks have made it easier now for you to know how to calculate Personal Loan eligibility. HDFC Bank has an easy-to-use Personal Loan eligibility calculator that will tell you how much you can get in minutes. HDFC Bank extends loans up to Rs. 40 lakhs for tenures ranging from 12 to 60 months.
Personal Loan EMI
EMIs stand for equated monthly instalments and is usually a fixed amount you pay every month over the tenure of your loan. EMI is determined by your loan amount, the rate of interest and the tenure of the loan. Since the rate of interest is fixed by the bank, you can adjust the loan amount and tenure to arrive at a comfortable Personal Loan EMI.
How to calculate EMI for Personal Loan? To help you do just that, HDFC Bank has a simple to use Personal Loan EMI calculator. Here’s how you can use it:
- First, decide how much you can afford to pay out every month
- Now, estimate how much loan you need to meet your expenses.
- Visit the HDFC Bank website.
- Go over the easy steps on how to check Personal Loan eligibility.
- Enter the amount in the Personal Loan EMI calculator.
- Enter the rate of interest offered by the bank.
- Enter a tenure in years.
The calculator will show you your Personal Loan EMI. To adjust the EMI, tweak the values you have entered in the loan amount and tenure. If you can repay a higher EMI than what is shown, increase the loan amount if you are eligible for more, or decrease the tenure. If the EMI is higher than you can repay, decrease the loan amount, or increase the tenure. This is a simple and easy way on how to calculate EMI for Personal Loan.
Once you have got your calculations right, all you have to is click ‘Apply Now’ to start the loan process.
HDFC Bank gives Personal Loans at EMIs starting at Rs. 2,149 per lac*.
You can apply for a HDFC Bank Personal Loan online, via your NetBanking account, at an ATM or by visiting an HDFC Bank branch.
So use our Personal Loan EMI calculator and get the best of Personal Loan rates now!#Startdoing!
* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.