Getting a HDFC Bank personal loan is easy for good credit record holders
A personal loan (PL) is an unsecured, guarantor-less borrowing that helps an individual finance a sudden and urgent need for money. An individual may require money for a marriage in the family, sickness of a dear one or to pay admission fees for their kids.
An Online EMI Calculator is a handy tool available online so that borrowers of HDFC Bank personal loan can find out their exact EMI well in advance.
Advantages of HDFC Bank personal loan
HDFC Bank personal loans offer several benefits such as simplified documentation, quick loan disbursal in 2 days, competitive pricing and transparency of its paperwork.
HDFC Bank provides easy personal loans to its customers. These loans are available at highly competitive interest rates. You can find out your personal loan eligibility in 1 minute online and across all HDFC Bank branches. The bank also has special offers, interest rates and charges for HDFC Bank account holders.
Women employees have exciting loan offers from the bank. The bank also allows you to walk into few select branches with your documents and get personal loan in a day. You can also track your loan application online. Customers have the convenience of contacting the bank through web chat, SMS, Click2Talk, phone banking and across all branches.
HDFC personal loan has an Online EMI Calculator is an online tool that can let you know how much EMI you would pay for a particular amount borrowed for a certain term.
How does HDFC Bank personal loan EMI Calculator work?
HDFC Personal Loan EMI Calculator
Parameters required for using the HDFC Bank personal loan EMI calculator:
- By filling in the amount as you seek as loan, prevailing rate of interest and number of installments you plan to make the repayment, HDFC personal loan Online EMI Calculator tells you exactly what your Equal Monthly Installments will be like. Suppose you choose to apply for a personal loan for Rs.5 lakh and at interest rate of 15 percent and repayment period of 60 months, your EMI will stand at Rs. 11,895.
- Sliders and input boxes provided in the calculator are helpful to provide various parameters of lending.
- After you fill in the details, let the calculator display the total interest you pay EMI, amortization table and the timelines of your loan repayment etc. and help you decide.
The functionality of the different loan parameters are helpful to know the total cost of loan and in case the applicant chooses to prepay the personal loan as they display the outstanding interest and principal at any point during the loan term. HDFC bank’s personal loan EMI calculator thus is a very practical tool for personal loan aspirants.
How a better credit track record makes personal loan application easy?
The Credit Information Bureau of India Limited (CIBIL) maintains a database of people accessing credit in India. This database is shared across subscribing banks and financial lending institutions so it is very difficult for an individual to default on loan and get credit from another source. Since your CIBIL score is linked to your PAN card, banks can immediately see what your other financial commitments are and refuse or grant credit to you.
While the HDFC bank personal loan Online EMI calculator will tell you in advance exactly how much EMI you are going to pay and whether you can afford it, it is also important to maintain a good credit history and keep paying your other loan installments in time so that you maintain a good CIBIL score. Your personal loan from HDFC Bank has a higher chance of being processed if your CIBIL score is consistent and in good standing.