# HDFC Personal Loan Tools ￼

HDFC Personal Loan helps you meet your financial needs. And to get this loan, you just need to fill in the application form. Well, in case you need any help during the loan process, do consider the HDFC Personal Loan tools such as EMI Calculator, Eligibility Calculator and Balance Transfer Calculator. Continue reading this article to know how these tools work.

## Which Tools to Use While Getting an HDFC Personal Loan?

If you’re considering the HDFC Personal Loan for your financial needs, do check your eligibility first with the HDFC Eligibility Calculator. You can find the link to this tool on the HDFC Personal Loan page.

To know your maximum loan amount, enter the following –

• Company name
• Take-home salary
• Work experience
• Existing EMIs
• Tenure

Now, the loan amount will be displayed on your screen.

After that, agree to the terms and conditions of HDFC Bank and click on the ‘Talk to Our Loan Expert’ button.

Let’s see the below example to know how this calculator helps you –

Tarun is an employee in a construction company with a salary of INR 50,000 per month. He’s looking to borrow a loan for his next vacation to the Maldives. While searching for loan products online, Tarun came across the HDFC Personal Loan offer. He gives it a try and checks his loan eligibility using the online tool available on the HDFC Bank website –

After entering details like company name, salary, work experience (3 years), EMI (NIL) and tenure (5 years), Tarun finds that he can borrow up to INR 12,50,000 from HDFC Bank.

When you use this calculator, you get the idea of the maximum loan amount and can apply for a loan accordingly. This way, your loan request won’t get dis-approved.

### How to Estimate the EMI of HDFC Personal Loan?

To know your HDFC Personal Loan EMIs, take the help of the EMI calculator. You’ll find this tool on the Personal Loan page. This calculator works on a formula of P × r × (1 + r)n/((1 + r)n – 1). Below are the steps to do when using the calculator –

• Visit the bank’s website
• And go to the ‘Personal Loan’ section
• Enter the loan amount, interest rate and tenure
• Click on the ‘Calculate’ button
• Now, the EMI amount will be shown on your screen

You also get to see a graphical representation of the EMI repayment over the chosen tenure.

#### What if I Already Have a Personal Loan with the Other Bank?

In such a case, you can transfer your loan to HDFC Bank provides lowest personal loan interest rate by at least 4-6% from the existing one. This way, you can reduce the EMI and total interest of your personal loan. To know the benefits of HDFC Personal Loan Transfer, use the Balance Transfer Calculator.

This HDFC Bank Personal Loan tool requires the following –

• Loan Amount – The amount you have borrowed from any bank or other financial institution
• Total Tenure – The repayment period you have chosen for your loan
• Current Outstanding Loan Amount – Your loan principal balance amount after a continuous period of repayment.
• Interest Rate on Personal Loan – Enter the rate of interest the current lender is charging on the personal loan
• Monthly Take Home Salary – provide your monthly income so that HDFC Bank can assess your repayment capacity.
• EMIs of your existing Loan – Enter the amount you have been paying monthly to your lender
• Number of EMIs Paid – Mention the total number of EMIs you’ve paid so far

When you insert the above details in the calculator, it will automatically generate the amount you’ll be saving from the balance transfer, a terminology used when one does an inter-bank loan transfer. You need to fill in the personal loan balance transfer application form and submit it to HDFC Bank. As the transfer request gets approved, you’ll need to pay the processing fee and other charges, if any.