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What is the HDB Personal Loan EMI Calculator?
A personal loan comes in handy for several reasons, like buying a new house or car, for wedding expenses, a kid’s education, home reconstruction, emergency medical expenses and the list goes on. But before getting a personal loan, it is crucial to check if you can afford the monthly EMI. To calculate the personal loan monthly EMI, you can use an online EMI calculator. If you are looking at a personal loan by HDB Financial Services, get started by calculating the monthly EMI using HDB personal loan EMI calculator.
HDB personal loan EMI calculator on the Angel One website is available for everyone. The tool provides the monthly EMI in seconds.
How Does the HDB Personal Loan EMI Calculator Work?
On Angel One, the HDB personal loan EMI calculator is easy to use. You just have to enter the basic details with respect to the personal loan, i.e., loan amount, interest rate and tenure of the loan. The EMI calculator computes the monthly EMI along with the total interest and total loan you’ll be paying.
What is the HDB Personal Loan EMI Calculator Formula?
The HDB personal loan EMI calculator formula uses three important variables - the loan amount, the interest rate and the repayment period. And the formula is as follows:
EMI = [P * R * (1 + R)^N] / [(1 + R)^N – 1)]
Where,
P = loan amount you avail from HDB Financial Services
R = Interest rate calculated in months
N = tenure of the loan in months
How to Use the HDB Personal Loan EMI Calculator Online?
The usage of the online HDB personal loan EMI calculator is simple and quick. You just have to follow the steps below:
- Open the online HDB personal loan EMI calculator on the Angel One website
- Enter the loan amount
- Enter the interest rate on the loan
- Enter the tenure of the loan
That’s it! The online personal loan EMI calculator will calculate the results and display them in seconds.
Let us use an example to understand the usage of the online HDB personal loan EMI calculator.
Suppose you need a personal loan of Rs. 1,50,000 at an interest rate of 4% for 3 years tenure. Enter these details on Angel One’s HDB personal loan EMI calculator.
The online calculator computes and derives the following:
- Monthly EMI = Rs. 4,429
- Total interest = Rs. 9,430
- Total payable amount = Rs. 1,59,430
Benefits of Using the HDB Online Personal Loan EMI Calculator
Using the online HDB personal loan EMI calculator on the Angel One website has several benefits as follows:
- Planning finances: By determining the monthly EMI on your personal loan you can plan your monthly budget.
- Evaluate affordability: When you can understand how much EMI you’ll be able to afford monthly, you can apply for a loan accordingly.
- Free to use: The HDB personal EMI calculator on the Angel One website is free to use.
- Saves time: The HDB personal loan EMI calculator is quick and saves time. All you have to do is enter the basic yet important elements, and the calculator will calculate and display the EMI amount instantly. There are errors caused as there are no manual calculations involved.
- Easy access: You can use the calculator across devices. It works without any hassle on all kinds of devices and platforms.
FAQs
The HDB personal loan EMI calculator is an online financial tool on the Angel One website that can help you estimate your loan EMIs. You just have to enter the loan amount, tenure, and interest rate. Once you enter these variables, the EMI amount will be displayed in seconds.
Visit the Angel One website to access the online HDB personal loan EMI calculator. Enter the loan amount, tenure, and interest rate. The online calculator will display the EMI amount along with the total interest and total amount of the loan.
Yes, the HDB personal loan EMI calculator on Angel One is free of any charge. You can use it anywhere and anytime.
The minimum and maximum loan amounts you can get vary with each bank, your eligibility, and the bank’s underwriting policy. The maximum loan amount also depends on the applicant’s debt burden ratio. Contact HDB Financial Services to get more details on their personal loan.
The interest rate charged on a personal loan keeps changing according to the applicant’s income, age, profession, and other financial factors like previous loans, credit score, etc. Banks also consider economic factors while determining the interest rate. Contact the bank for details on the interest rate.
