Use the BankBazaar HDFC Personal Loan EMI Calculator to check your personal loan EMI within a minute. Follow the steps mentioned below to understand the usage of the EMI calculator:
Step 1: Use the slider under the ‘Loan Amount’ to set your loan amount. Alternatively, you can just type the exact loan amount that you are willing to avail in the field provided.
Step 2: Use the slider under the ‘Tenure’ to set your loan repayment tenure. Alternatively, you can just type the exact tenure for which you are willing to avail the loan in the field provided.
Step 3: Enter the rate of interest?in the field provided.
Step 4: In the next field, provide the processing fee percentage.
Step 5: Hit “Calculate” to view your EMI details.
Followed by this, you will also be able to see a detailed break-up of your repayment schedule via an amortisation table.
Opting for personal loan moratorium in the times of COVID-19 crisis can release some financial stress. However, it can weigh heavily on you in the near future. Interest will be accrued on the outstanding portion of your loan during the moratorium period, which essentially means that you will have to pay three EMIs and the interest compounded for three months. So, opt for HDFC personal loan moratorium only if you are going through financial crunch and planning to save cash as emergency fund.
The loan amount, tenure and interest rate are responsible for your loan repayment obligations. For instance, the longer the tenure, the lower the EMI, but it also means that you will end up paying more as interest. So, compare personal loans offered by different banks and consider the factors that may affect your loan EMI before cashing in on one.
Due to the ongoing coronavirus crisis, RBI has allowed all banks and financial institutions to extend the moratorium period for another 3 months. The new timeline is for EMI’s falling due between Jun 1st, 2020 to Aug 31st, 2020.
For the salaried, no pre-payment in part or full is permitted until you are done paying 12 EMIs. For the non-salaried, part-payment is allowed up to 25% of principal outstanding. However, note that HDFC allows partial payment only once in a financial year and twice during the loan tenure.
The penal interest rate is charged at 2% per month on EMI or the principal overdue.
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