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- How do I calculate my elibility criteria for a personal loan
How to Calculate EMI for Personal Loan?
People take Personal Loans for a variety of reasons – a wedding, children’s education, foreign travel, medical emergency, home renovation etc. But sometimes they take loans at high interest rates, from friends, relatives or the local moneylender. After a point, they find the repayments impossible, and risk ending up in a debt trap. The only way out could be to take a Personal Loan at a lower interest rate and repay the high-interest debt.
Banks offer Personal Loans at reasonable rates of interest. The amount you can get is influenced largely by eligibility and EMI. So, let’s take a closer look and see how to calculate your Personal Loan EMI and eligibility.
Personal Loan Eligibility
There are several factors that can influence your Personal Loan eligibility. They include, your credit score, outstanding loans, current income and continuity of income. However, one of the most influential factors is the repayment capacity. In fact, when you first apply for a loan, your bank will first evaluate whether you are in a position to repay back the borrowed fund.
If you are financially stable, and also hold a good credit score, you will be eligible for high loan value. In addition to this, if you are an HDFC Bank customer, you may even be a select pre-approved loan, allowing you to get a Personal Loan, with little or no documentation.
You can also easily check your Personal Loan eligibility. Banks such as HDFC Bank offers a Personal Loan eligibility calculator, that will allow you calculate your eligible loan amount within second. With HDFC Bank, you can get a loan amount upto Rs. 40 lacs, with tenures ranging from 12 months to 60 months.
Personal Loan EMI
EMIs stand for equated monthly instalments. It is usually representing a fixed amount you will need to pay every month over a fixed loan tenure. EMI is determined by your loan amount, interest rate and the loan tenure. Since the rate of interest is fixed by the bank, you can adjust the loan amount and tenure to arrive at a Personal Loan EMI that is flexible for you.
How to calculate Personal Loan EMI? To help you do just that, you can simply use the EMI calculator tool. Here’s how you can use it:
- Fix the value of the amount you are ready to pay out every month
- Calculate the loan amount you will need to meet your loan expense
- Check for your eligibility for the calculated loan amount. You can do so through the eligibility calculator or by talking to your bank
- Enter the value in the Personal Loan EMI calculator
- Enter the rate of interest offered by the bank
- Enter the loan tenure in years
Once you’ve finalized your values, you will get your Personal Loan EMI. You can easily adjust the EMI value, by adjusting the values you have entered for the loan amount and tenure. To repay a higher EMI than what is shown, increase the loan amount if you are eligible for more. If the EMI is higher than you can repay, decrease the loan amount, or increase the tenure.
Once you have got your calculations right, click apply now to start the loan process.
HDFC Bank gives Personal Loans at EMIs starting as low as Rs. 2,162/lac*.
You can apply for a HDFC Bank 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