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What is the lowest EMI per lakh offered by HDFC Bank on a personal loan?

Personal loans are one of the most popular financial tools due to the multiple benefits they provide. They will not only help you deal with any financial difficulties. But they will also ensure that you do not overextend your finances.  Because they are unsecure, HDFC Personal Loans are more flexible than secure loans and can be use for whatever you want. The lender does not require information about the money’s ultimate destination. An HDFC Bank Personal Loan has an average repayment time of 60 months, with interest rates starting at 10.5 percent. Thanks to increase integration, you may now apply for an HDFC Personal Loan online and receive funds in your account in as little as three days.

Why should you go with HDFC Bank for a personal loan?

  • EMIs that are easy on the wallet (starting at just Rs 2187 per lakh)
  • Affordable interest rates
  • Loan terms that are flexible
  • Loan amount maximum (check eligibility in 1 minute suing HDFC Personal loan Eligibility Calculator)
  • 10-second disbursement of loan amount
  • The amount of your HDFC Personal loan EMI is determined by the loan amount, loan term, interest rate, monthly wage, and the firm for which you work.
  • The HDFC EMI calculator is an online tool that calculates monthly EMIs and divides them into principal and interest over the repayment tenure of the loan.
  • The lowest monthly EMI on an HDFC bank personal loan is Rs.2137 per lakh, based on the lowest interest rate of 10.25 percent and the longest term of 60 months.

Eligibility Criteria for HDFC Personal Loans

  • When it comes to processing HDFC personal loan applications, HDFC Bank has flexible HDFC personal loan qualifying criteria.
  • A salaried federal, state, or municipal employee, or a compensated employee of a private or public-sector organisation, such as a doctor, accountant, engineer, or lawyer, must be the borrower.
  • At the time of application, you must be between the age gap of 21-60.
  • You must have a minimum of two years of work experience, including one year in your current role.
  • You must have a monthly net income of at least Rs25,000 to be eligible. Your monthly salary should be minimum Rs. 20,000 if you live in Delhi, Mumbai, Pune, Ahmedabad, Kolkata, Chennai, Bengaluru, Hyderabad, or Cochin.
  • Two years of income tax returns are required, as well as Form 16, six months of salary account banking statements, KYC papers, pay certificates, and salary slips.

What is the formula for calculating the EMI on an HDFC personal loan?

  • The most important element to understand is the EMI a borrower is ready to pay based on his or her repayment capabilities. Because personal loans are unsecured, they have high interest rates, and if the borrower does not pay his EMIs on time, he may wind up in a state of excessive debt.
  • The borrower’s EMIs can be quickly determined using an online Personal loan EMI calculator. Enter the amount you want to borrow, the lender’s monthly interest rate, and the payback time you’re willing to commit to. The HDFC personal loan EMI calculator will calculate your monthly payments based on your repayment capacity and your monthly income.
  • The formula to calculate your EMIs is – 

EMI = [P x R x (1+R)N] / [(1+R) X (N-1)]

Where p= principal loan amount

R = fixed monthly rate of interest 

N= fixed number of months in your repayment tenure

The Bottom Line

No one likes to pay high additional costs, thus everyone wants to get a loan with the lowest possible interest rate. As a result, you must look at the EMIs and the interest rates first. After conducting all of the necessary research and analysis, the borrower must choose which lender to work with. The best lender for you is one that gives the best HDFC personal loan interest rates, the lowest processing expenses, the simplest documentation, and a stress-free loan. Borrowers could use the simple and quick HDFC Personal loan EMI calculator to calculate their EMIs on their personal loan. Then, based on his repayment capacity, he should choose the most appropriate loan amount with the most cheap EMI.

 

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