HDFC Personal Loan EMI Calculator

• Penal Rate: 1.50% per month (18% p.a.) plus applicable taxes on the overdue instalment amount.
• This charge is applied if the instalment remains unpaid after the expiry of the grace period of 7 days after the instalment due date.

• Make Prepayments Whenever Possible: Paying a portion of your personal loan early gives you two options:-
  • Either reduce your EMI or
  • Shorten the loan tenure.

Borrowers should note that lenders levy prepayment charges on personal loans offered at fixed interest rates. Additionally, some lenders have a lock-in period of 1 year after which you can make partial or full prepayments.

• Choose lower EMIs: If you are struggling to repay your existing EMIs, contact your respective lender to reduce EMI. But note that this can lead to an increase in your repayment tenure and thereby higher interest cost.
• Transfer Your Personal Loan: Opting for balance transfer of your personal loan to another lender offering a lower interest rate can help reduce your EMI and save on interest cost. Borrowers should note the following before transferring the loan:-
• The new lender may charge processing fees, administrative fees, etc., for the balance transfer.
• Ensure that the savings on interest are significantly higher than the costs incurred during the loan transfer process. Use the personal loan EMI calculator to check how much you can save on EMIs before you opt for the balance transfer.

• Instantly calculate your EMI, total interest payable and interest cost based on the loan amount, interest rate, and tenure.
• Instead of manual EMI calculation, the online calculator does the work in seconds, saving you valuable time.
• Allows you to compare multiple loan options, interest rates, and tenures across multiple lenders, helping you choose your best deal.
• By knowing your EMIs upfront, you can make informed decisions about the loan amount and tenure based on your repayment capacity.
• Provides clarity on your monthly payments, helping you plan your budget and manage your finances better.