HDFC Personal Loan EMI: Calculation, Formula and Payment Online

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Updated: 23-01-2020 07:26:53 AM

Do you want to plan your finances better and know how much you have to pay for your HDFC personal loan EMI? Check the EMI amount in seconds with online EMI calculator for free. Read this article to understand how your HDFC loan EMI is calculated; what factors affect it; how can you pay the EMIs online. Moreover, find answers to the most common queries regarding HDFC personal loan EMI.

 

HDFC Bank Personal Loan EMI Calculator

Equated Monthly Installments (EMIs) refer to the monthly amount that needs to be paid by a borrower in order to repay a loan taken from a bank or non-banking financial company (NBFC). HDFC Bank personal loan EMI calculator is a handy tool to help you complete this complicated calculation instantly. However, instead of opting for a bank-specific EMI calculator, you can use the Paisabazaar personal loan EMI calculator to check your loan EMIs for free. Just specify a few key personal loan parameters such as loan principal, interest rate and tenure to get instant EMI results. You can also try various combinations of these loan parameters to arrive at the most suitable EMI for yourself.

How an EMI Calculator Functions?

An EMI calculator functions on the basis of following 3 parameters:

  • Loan Amount: This refers to the personal loan principal borrowed from HDFC bank. Generally, a higher loan amount results in higher EMI. HDFC Bank offers personal loan for amounts as low as Rs. 50,000 and as high as Rs. 40 lakh.
  • Loan Tenure: The duration over which a personal loan is paid off is called loan tenure. For HDFC personal loan, the tenure currently varies from 12 to 72 months. In practice, a shorter tenure leads to higher EMIs, but it helps you save on the total interest payout of the loan.
  • Interest Rate: HDFC personal loan interest rate varies from 10.75% to 21.25% p.a. A higher rate of interest typically translates into higher EMI payouts over the loan tenure.

Personal Loan EMI Calculation Formula

The formula used to calculate personal loan EMIs depends on the method of interest calculation namely – flat rate method and reducing balance method. Let us understand the 2 methods of EMI calculation in the following section.

  • Flat Rate Method: In this method, the EMI amount remains same throughout the loan tenure. This is because the personal loan interest is charged on the entire loan principal amount borrowed by the applicant. The formula for EMI calculations using this method is as follows:

EMI by Flat Rate Method = (Principal + Interest)/ Loan Tenure in Months

For example: Mr. A took a loan of Rs. 10 lakh at a flat rate of interest of 15% for a period of 24 months.

Interest for year 1 = 15% per annum of Principal = 15% of Rs. 10 lakh = Rs. 1.5 lakh

Interest for year 2, i.e., the loan tenure = Rs. 1.5 lakh

Total interest payable over the loan tenure = Rs. 1.5 lakh + Rs. 1.5 lakh = Rs. 3 lakh

Monthly EMI payouts for Mr. A = (Rs. 10 lakh + Rs. 3 lakh)/24 = Rs. 54,167

  • Reducing Balance Method: In this method, the EMI payment amount keeps decreasing over the loan tenure. This is because the personal loan interest is charged on outstanding loan principal (which decreases as the loan is paid off) and not the entire loan amount initially borrowed. Hence, this method allows you to save on the total interest payable using the following formula

EMI by Reducing Balance Method = [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where,

P refers to the loan principal;

R refers to the rate of interest on a monthly basis;

N refers to the loan repayment tenure in months.

For example: Mr. B took a loan of Rs. 10 lakh at a reducing balance interest rate of 15% p.a for a period of 24 months.

Monthly interest rate = Annual interest rate/ 12 = 15/12 = 1.25% per month

Monthly EMI payout for Mr. B = [10 lakh x 1 x (1+1.25)^24]/(1+1.25)^(24-1)] = Rs. 48,487

HDFC Bank Personal Loan EMI Calculation

HDFC Bank uses reducing balance method for EMI calculation of its personal loan. The following table shows the possible HDFC personal loan EMIs with various combinations of loan amount, interest rate and the repayment tenure.

Loan Amount (Rs.)Interest Rate (p.a.)Tenure (months)EMI (Rs./month)
50,00015%481,392
3 lakh12%369,964
7 lakh14%2433,609
12 lakh15%7223,374
15 lakh11%6032,614

Comparison of EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate

The following is a comparison of the difference in EMI payouts for different loan amounts and tenure when using the flat interest rate method as compared to the reducing balance method:

Loan Amount (Rs.)Loan Tenure (months)Interest Rate (p.a.)EMI using Flat Rate method

(Rs.)

EMI using Reducing Balance method

(Rs.)

10 lakh6017.50%31,25025,122
7 lakh4811.50%21,29218,262
5 lakh7212.00%11,9449,775
3 lakh2413.00%15,75014,263
1 lakh3610.75%3,6743,262

How to pay HDFC Personal Loan EMI?

Following are the various modes of payment for HDFC personal loan EMI:

  • Standing Instruction (SI): This feature allows the bank to directly debit the EMI payable from your HDFC bank account on due dates. You can avail the SI facility by filling out the NACH e-mandate form. Alternatively, you can fill out HDFC standing instruction request form and submit it to set up a SI.
  • Electronic Clearing Service (ECS): You can use ECS facility to pay off your monthly installments directly from your non-HDFC Bank account on due dates. To avail this service, you can either fill out HDFC ECS mandate form or you can apply online for ECS Debit Clearing.
  • Post Dated Cheques (PDCs): You can also pay your HDFC personal loan EMIs by submitting post-dated cheques in favour of “HDFC Bank Ltd Loan Account Number <your loan account number>” at HDFC retail service center.

Steps to pay an overdue EMI Online

If you missed a due EMI payment of your HDFC Bank personal loan, then follow the below steps to pay the overdue EMI online:

Step 1: Visit the HDFC overdue EMI payment portal.

Step 2: Provide details of your HDFC Bank loan account.

Step 3: Enter authentication details to make the payment.

Step 4: Receive an online confirmation for the payment of your HDFC overdue EMI amount and note the transaction reference number.

Charges levied on Non Payment of EMI – Penal Interest Charges and Cheque Bounce Charges

Penal Interest Rate for late EMI paymentPenal interest rate is 2% per month on the EMI overdue till payment is made.
 

Cheque Bounce Charges

Rs. 550 per instance of cheque bounce.

Note: The charges may change periodically and GST is applicable as per Government regulations.

Factors Affecting HDFC Personal Loan EMI

Following are the key factors that affect HDFC Bank personal loan EMI:

  • Loan Amount: HDFC personal loan amount varies from Rs. 50,000 to Rs. 40 lakh. Generally, the higher the loan principal amount results in a greater EMI.
  • Loan Tenure: The time period over which you pay off the loan is called loan tenure. A longer tenure means you have to pay EMIs for a longer period, which generally results in a smaller amount. However, longer tenure increases the overall interest payout.
  • Rate of Interest: It refers to the rate at which interest is charged on the loan. A high rate of interest means greater amount of interest is to be paid which may lead to higher EMIs or longer loan tenure. The method of rate calculation also affects the personal loan EMI amount. Generally, EMIs calculated using reducing balance method are lower than those calculated using the flat rate method.

Benefits of Using an EMI Calculator

An online EMI calculator comes with a host of advantages. Some of the major ones are listed below:

  • It helps you know your monthly EMI payout before you actually avail the loan. This helps you to plan your finances better, so that you can ensure timely EMI payment as on time.
  • You can use the online EMI calculator for free at anytime of the day from anywhere. Moreover, you can use it for any number of times you want to compare EMI amounts for personal loan offers from different lenders.
  • It saves you from the time-taking process of calculating EMI dues by hand. You can get instant results for the personal loan EMI amount, once you specify the loan amount, tenure and interest rate.
  • The calculator always gives you instant and accurate Hence, you have access to a reliable tool to calculate EMI amounts to help you compare various loan offers.

Frequently Asked Questions (FAQs)

Q1. How to pay HDFC personal loan EMI online?

You can avail (Electronic Clearing Service) to digitally transfer the EMI from your non-HDFC account. Alternatively if you have an HDFC Bank account, you can use the standing instruction facility via NACH (National Automated Clearing House) to pay off your personal loan EMI.

Q2. How to autopay HDFC personal loan EMI online?

You can activate the autopay your HDFC Bank personal loan EMI by using the SI (Standing Instruction) facility. SI means that you allow the bank to automatically deduct the EMI on due date from your HDFC Bank account.

Q3. Does the EMI calculator also show the prepayment charges?

No, the EMI calculator only shows the EMI amount. You can check the prepayment charges in the loan agreement provided by the lender.

 Q4. What is float rate EMI calculation? Is personal loan interest calculated this way?

Every EMI includes both the principal and the accrued interest. When a bank/NBFC uses floating interest rate that depends on an external benchmark like repo rate to calculate EMIs, it is called floating rate EMI calculation. In this case, the rate of interest applicable to the loan changes periodically, however, currently this method is not applicable to personal loan interest calculation.

Q5. How to use EMI calculator?

You can use Paisabazaar personal loan EMI calculator in the following steps:

Step 1: Specify the loan amount, tenure and interest rate using the sliders.

Step 2: Check the EMI amount displayed instantaneously on the right hand side of the page.

Q6. How to arrive at the right EMI amount?

You can use the EMI calculator to check various combinations of loan amount, tenure and interest rate to arrive at the most suitable EMI as per your monthly budget. Ensure that you consider all your outstanding debt and monthly expenditure to avoid any hassle at the time of repayment throughout the loan tenure.

Q7. What is the penalty for missing an EMI for my HDFC Bank personal loan EMI?

A penal interest at the rate of 2% per month is charged on the overdue amount till the time payment is made, if you fail to pay your HDFC personal loan EMI on time.

Q8. What method of EMI calculation does HDFC Bank use?

HDFC Bank uses the reducing balance method for calculating personal loan EMIs. As a result, interest is charged only on the outstanding loan principal and not on the loan principal amount that you borrowed initially.

Q9. Can I change my HDFC Personal loan repayment mode? What are the charges for changing the repayment mode for HDFC Bank personal loan EMI payment?

Yes, service charge of Rs. 500 is applicable when you swap the repayment mode to either PDC (Post Dated Cheque) or ECS (Electronic Clearing Service). However, no such swap charges are applicable if you change your repayment mode to PDCs of your HDFC Bank account.
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