Personal loan EMI calculator – HDFC

Personal loans are a necessity from time to time. The most important thing while taking a personal loan is to understand how much EMI is payable every month.

To do that, you can use an EMI calculator that can do the math in seconds.

What is the HDFC personal loan EMI calculator?

The HDFC personal loan EMI calculator is a tool that one should use before applying for a HDFC personal loan. This HDFC personal loan calculator calculates how much EMI needs to be paid every month based on several factors such as:

    1. HDFC personal loan amount


  • HDFC personal loan interest rate
  • Loan tenure
  • Processing fee for HDFC personal loan


The process of taking a personal loan becomes very transparent and easy with an EMI calculator. It can help you strategize and plan your repayment.

Why do you need a HDFC personal loan EMI calculator?

  1. Accurate: Calculations of this magnitude by hand can lead to several errors and this is not something you should be taking a chance with. If you make an error and then later realise that the EMI is not something you can afford, that can pose a huge problem. Using the EMI calculator gives you accurate results.
  2. Quick: The HDFC personal loan calculator can give you the EMI payable within minutes. Calculations by hand may take hours.
  3. Easy: If math is not your strong suit, this EMI calculation can get quite tricky. Using the HDFC personal loan calculator is very simple. All you have to input the values required and your work is done.
  4. Comparisons made easy: With the HDFC bank EMI calculator, you can do the same calculations several times to compare what EMI is right for you by changing the loan amount and tenure.

Some features of the HDFC personal loan EMI calculator:

  • Calculate your eligibility and optimum EMI within minutes online.
  • The HDFC’s Diva Personal Loan is especially designed for working women. The eligibility criteria and HDFC personal loan interest rate is slightly relaxed for working women.
  • Several affordable and convenient personal loans plans are available.


Personal loan EMI – EMI changes in case of prepayment

If you choose to pre-pay your loan, the EMI changes. The outstanding balance on your personal loan decreases. There are two options given by the HDFC Bank.

  • Reduce your loan tenure and keep EMI on your personal loan unchanged
  • Reduce the amount of EMI and keep your loan tenure same 


Calculate your HDFC Bank personal loan eligibility: 


  • Multiplier based loan amount eligibility – HDFC Bank applies a multiplier to your take home salary to come to a conclusion whether you are eligible for the loan amount or not. Here is the formula that is used to determine the loan amount eligibility:

Loan Eligibility = ( Net Salary) x (multiplier).

This multiplier depends on the bank’s internal categorization of your employer company based on its

  • reputation,
  • stability,
  • size and
  • growth in turnover.


  • FOIR based loan amount eligibility – HDFC Bank will also calculate FOIR which stands for Fixed Income to Obligations Ratio (FOIR). This is done to ascertain the maximum EMI you can pay every month given your current monthly income and other expenses. FOIR is calculated by taking into account the proportion of fixed income to the calculated fixed obligations. The maximum FOIR that can get you a personal loan is 0.45. You can try to calculate FOIR on your own but HDFC Bank’s assessment may be not the same as your own assessment. If there is a discrepancy, then you may need to change the loan amount.
  • The loan amount eligibility is calculated based on the aforementioned methods and the HDFC Bank will sanction a loan amount which is the least of the two.



  1. Is there any GST involved in personal loans?

Yes. From 1st July, 2017, 18% GST is applicable to personal loans.


  1. How does the HDFC personal loan calculator work?

After supplying the required information such as loan amount, loan tenure, current interest rate, the calculator uses 2 formulas to

  1. Calculate the monthly interest rate
  2. Calculate the EMI

Formula the calculator uses


HDFC Bank Personal Loan calculator formula

                  P*r* (1+r)^n/([(1+r)^n]-1)

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 50 Lakh

r = Rate of interest per month.

n = tenure in month. For HDFC Bank, this can be 60 months


  1. What is the current HDFC personal loan interest rate?

The current rate can be found on the bank’s website. The interest rate changes every year or so.

  1. Is the HDFC personal loan calculator accurate?

Yes. The calculator uses formulas to arrive at the EMI payable every month.

  1. Does the EMI differ for different loan tenures?

Yes, the EMI is higher for a shorter loan tenure of say 2 years.

  1. Will I get the personal loan from HDFC Bank if I have a bad credit score?

No, for taking a loan from HDFC Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

  1. How does a personal loan repayment happen?

You repay a loan in the form of Equated Monthly Installments or EMI. This repayment happens through the bank account. The loan borrower needs to sign a few post dated cheques and sign an ECS mandate at the time of loan disbursal.

  1. Can I have a co-applicant while applying for a Personal loan with HDFC Bank ?

Yes, you can. Opting to take a personal loan along with a co-applicant may help you increase your eligibility as the income of the co-applicant is also taken into account.  

  1. Is there any processing charge on personal loan from HDFC Bank?

Personal Loan from HDFC Bank charges a processing fee of Min 0.99%, Max 2.50% Up to Rs. 10,000.