Home Credit Personal Loan is designed for emergency situations when you are short on funds. Available for amounts up to Rs. 2.4 lakh, this personal loan can be availed to get adequate funding for reasons ranging from marriage and payment of medical bills to a vacation, home renovation or purchase of consumer durables/household items, etc. Home Credit personal loan EMI calculator lets you know the EMI payable on a personal loan even before you apply for it and helps you manage your finances in a better way. Key aspects relating to Home Credit personal loan EMI including its calculation method, EMI payment methods, etc. are discussed in detail below:
How Home Credit Personal Loan EMI Calculator Functions
Are you planning to apply for Home Credit personal loan or have already applied for it? In either situation, you can check the EMI of your Home Credit Personal Loan anytime using the Home Credit personal loan EMI calculator. Alternatively, you can also use the Paisabazaar personal loan EMI calculator which is a free online tool that can help you plan your monthly expenses by helping you estimate the monthly personal loan EMI payout even before you apply for a loan. Based on this information you are better placed to make an informed decision regarding the personal loan amount and tenure that is suitable for you.
EMI Calculator is easy to use and instantly calculates the EMI payable on the basis of the following 3 parameters provided by the user:
- Loan Amount: It is the principal amount that you borrow from Home Credit. Generally, a higher loan amount leads to higher EMI payouts. Home Credit offers a personal loan amount of up to Rs. 2.4 lakh.
- Interest Rate: It is the rate at which interest is charged on the loan amount. A higher interest rate generally results in higher EMI payouts over the tenure of the loan. The interest rate offered by Home Credit on a personal loan starts from 24% p.a.
- Tenure: It is the period of time over which the loan can be repaid. A longer tenure usually results in lower EMI payouts, but may increase the total interest payout of the loan. The flexible tenure of Home Credit personal loan varies from 6 to 51 months and can be decided as per your repayment ability.
As soon as you fill these 3 parameters, the EMI is automatically calculated and displayed.
Monthly EMI Payment Comparison of Popular NBFCs in India
The following table gives a comparison of the monthly EMI payments of popular banks in India for varying loan amounts, tenure and interest rates:
|NBFC Name and Interest Rate||EMI Payout for Loan Tenure of 1 Year|
|Loan Amount of Rs. 50,000||Loan Amount of Rs. 1 lakh||Loan Amount of Rs. 2 lakh|
|Home Credit @ 24% p.a.||Rs. 4,728||Rs. 9,456||Rs. 18,912|
|EarlySalary@ 18% p.a.||Rs. 4,584||Rs. 9,168||Rs. 18,336|
|CASHe@ 33% p.a.||Rs. 4,948||Rs. 9,897||Rs. 19,794|
|Money View @ 15.96% p.a.||Rs. 4,536||Rs. 9,071||Rs. 18,142|
|MoneyTap @12.96% p.a.||Rs. 4,465||Rs. 8,930||Rs. 17,860|
Home Credit Personal Loan EMI Calculation
The table below shows different possible Home Credit personal loan EMI payable for various combinations of loan amount, tenure and interest rate:
|Loan principal @ interest||Tenure|
|24 months||36 months||48 months|
|Rs. 50,000 @ 24%||Rs. 2,644||Rs. 1,962||Rs. 1,630|
|Rs. 1 lakh @ 25%||Rs. 5,337||Rs. 3,976||Rs. 3,316|
|Rs. 1.5 lakh @ 26%||Rs. 8,081||Rs. 6,044||Rs. 5,058|
|Rs. 2.4 lakh @ 27%||Rs. 13,051||Rs. 9,798||Rs. 8,228|
Charges Levied on Non Payment of EMI
The following are the late payment charges levied by Home Credit on personal loan EMIs:
|Late Payment Penalty||Rs. 350, 1 day after due date|
|Rs. 800, 30 days after due date|
|Rs. 1350, 60 days after due date|
|Rs. 2100, 90 days after due date|
Factors Affecting Home Credit Personal Loan EMI
- Loan Amount: EMI increases if you choose a higher personal loan amount while keeping the loan tenure and interest rate constant. Therefore, it is necessary to choose a loan amount as per your repayment capacity to avoid being in debt trap in future
- Loan Tenure: As the tenure increases, the EMI decreases and vice versa. Home Credit offers flexible tenure ranging from 6 to 51 months which borrowers can choose as per their convenience
- Interest Rate: If you get a personal loan with high interest rate, your EMIs will also be high. The EMI payable on your personal loan also depends on the method of interest calculation adopted by the lender. EMIs calculated using the reducing balance method are slightly lower than those calculated using the flat rate method (if other loan parameters are kept constant).
Q1. How can I know my repayment schedule of Home Credit Personal Loan?
All the details of your repayment schedule are mentioned in the loan summary/sanction letter provided by Home Credit India at the time of loan disbursal. You can also download a copy of your repayment schedule from the Home Credit mobile app.
Q2. Can I pre-pay/foreclose my loan?
Yes, you can pre-pay/foreclose the loan before the tenure ends along with the applicable charges.
Q3. Is it possible to change my EMI date?
No. Since your first EMI date is system- generated to start 30 days from the date of signing the loan contract, your EMI would be due on the same date over the entire loan tenure.
Q4. If I have any queries, how do I get in touch with the customer care team of Home Credit?
- You can fill out the customer care query from on the Home Credit personal loan website
- You can send an email to firstname.lastname@example.org with your query
- You can call on +91-124-662-8888
- You can also get your queries/concerns answered by writing to “Customer Care Department, Home Credit India Finance Private Limited, DLF Infinity Towers, Tower C, 3rd Floor, DLF Cyber City Phase II, Gurgaon-122002, India”.