HDFC Bank provides you tenure of twelve to sixty months for the loan repayment. And this is quite a flexible period for you to manage the same. To plan your repayment there is a tool called an EMI calculator that lets the borrower know the possible EMI amount. And there is a wide range of payment methods by which you can pay the EMIs. So, read this page and know more about the HDFC Personal Loan Payment Process.
Which Tenure is Suitable for HDFC Personal Loan?
Well, there isn’t an ideal tenure for each borrower; the tenure suitability may vary. Some may need a shorter tenure to avoid lengthy repayments. Or some may need a longer repayment tenure to make the EMIs accommodable. Choosing HDFC Personal Loan Tenure is the first step of your payment process. And in this, the EMI calculator will help you.
The tool is accessible on any smartphone or laptop. To use the HDFC Personal Loan EMI Calculator, follow the below steps –
- Visit the bank website
- Go to the ‘Product’ section
- Select ‘Personal Loan’
- You’ll see the calculator
- Insert details like loan amount, interest rate and tenure
You can change the tenure and see different EMI results. Now, see which one will be more affordable. Do consider your day-to-day expenses while choosing a tenure. Because you shouldn’t compromise on your day- to-day needs while paying the EMIs.
Take a look at the example below and see how the calculator works in HDFC Personal Loan Payment Process.
Kajal is a 26-year old entrepreneur who already has a credit card and has been paying the bills regularly. Due to her mother’s sudden diagnosis of Cancer, she needs a lump sum of money for chemotherapy. The total cost is about INR 9 Lakh. So she thinks borrowing a personal loan will help her. After searching from bank to bank, Kajal came across HDFC Bank. There she gets an offer of INR 9 Lakh at an interest rate of 1425% per annum.
Now, keeping the current expenses in mind, she decides to use the HDFC Personal Loan Calculator to find the EMI amount. So, she enters the tenure from 12 to 60 months to see different EMI results.
- For a one-year tenure, the EMI is INR 80,914 and the total interest is INR 70,972
- For a two-year tenure, the EMI is INR 43,318 and the total interest is INR 1,39,631
- For a three-year tenure, the EMI is INR 30,869 and the total interest is INR 2,11,293
- For a four-year tenure, the EMI is INR 24,707 and the total interest is INR 2,85,929
- For a five-year tenure, the EMI is INR 21,058 and the total interest is INR 3,63,495
Kajal chooses a tenure of three years wherein the EMI is affordable and the interest is also not too high.
What Payment Methods are Available?
In HDFC Bank, the customer will get the following personal loan repayment options to choose from –
- Internet Banking – Through an online mode simply pay the EMI amount using your HDFC Bank savings account.
- HDFC Mobile App – Pay the EMI using the mobile app. When you open the app, click on the ‘payment tab’, click on the ‘personal loan’. Now pay the EMI.
- UPI – Use any of your UPI-enabled apps and enter your loan account number to pay the due EMI.
- Cheque – There is also a post-dated cheque service by which the EMIs will be paid on the scheduled date.
- NEFT/RTGS – Using this method, you can do EMI payments using a bank account other than HDFC Bank.
Billdesk – Pay HDFC personal Loan EMI calculator through Billdesk, enter loan number, date of birth as per the seeded details to make EMI payments.