HDFC Bank provides a personal loan up to INR 40 Lakh to its customers. And if you want to avail of this loan, you need to have a steady income of INR 25,000 provided you have a salary account with HDFC Bank. If you don’t have the same, you’ll be eligible for the loan if your income is at least INR 50,000 per month. Now, during the loan process, there are various decisions that you have to make such as choosing the right tenure. For that, you can use the online tools of HDFC Personal Loan. We can let you know how to use such tools. Let’s begin learning the same.
Which HDFC Personal Loan Online Tools Help in Repayment?
HDFC Bank allows you to use an EMI calculator to see the approximate EMIs applicable to your personal loan. To use this tool, you’ll be needing the following –
- Loan Amount – Enter the amount you need, so that the calculator can compute your EMI amount accordingly.
- Interest Rate – HDFC Bank personal loan interest rate starts from 10.25% per annum, so enter the rate at which you want to borrow the amount. That too will help determine the EMI amount.
- Tenure – The repayment period you enter will show you how much EMI you will be paying throughout the tenure.
Let’s understand the working of this online tool with the below example.
Neha needs INR 9 Lakh loan for her house renovation. After going through a lot of loan offers, she came across an HDFC personal loan. Here, the bank offers her a loan of INR 9 Lakh at an interest rate of 11.25% per annum. She thinks it is a great deal compared to the offers other lenders have provided to her. So, Neha decides to go further with the HDFC personal loan.
But before proceeding with the application procedure, she decides to take a look at the EMI using the online calculator. So she enters the loan details and chooses a tenure of 3 years. Now, the tool generates an EMI of INR 29,572. Well, the EMI is going out of Neha’s budget, so she decides to change the tenure to 5 years. So now, her EMI falls to INR 19,681. As you can see with a little longer repayment, Neha saved INR 10,000 on her EMI payment.
That said, someone with higher income and increased affordability should choose a relatively shorter tenure to contain interest outflow.
Get Amortization Schedule from HDFC Bank
You can get the amortization schedule of your HDFC personal loan to see the repayment of principal and interest through the chosen tenure. For this, the bank will charge INR 200+GST. Using the amortization schedule, you get to know the total principal and interest you pay an EMI yearly. So, with the help of that information, you could plan your prepayment to shorten the tenure and reduce your interest burden. Check out the below example and see how the prepayment works.
Let’s continue with the above example, Neha has been paying an EMI of INR 19,681 for the past two years and because she had a good financial year, she thought of paying a lump sum. The loan balance is INR 6,26,712 and she has around INR 1.5 Lakh to pay in a lump sum. Now, the tenure would be reduced up to 10 months and Neha will save INR 1,15,305 on interest payout.
What is the Charge of Late HDFC Personal Loan Payment?
The bank will charge a 2% penalty on due EMI per month. So, if your EMI is INR 19,681, you will need to pay INR 20,074. And if the amount isn’t paid, the penalty keeps on adding to your due payment leading to unbearable EMIs. So, avoid this situation by choosing an automatic payment method such as standing instruction.
