Factors Affecting Personal loan EMI
|Loan Tenure||2 years||3 years|
|EMI amount for loan amount ₹ 1 Lakh at 10.25%||₹ 4,626||₹ 3,238|
|Total amount you pay back to the bank including principal and interest||₹ 1.22 Lakh||₹ 1.35 Lakh|
|Interest you have to pay over loan tenure||₹ 22,436||₹ 35,476|
Secondly, how do I calculate interest rate?
The principal amount is Rs 10,000, the rate of interest is 10% and the number of years is six. You can calculate the simple interest as: A = 10,000 (1+0.1*6) = Rs 16,000. Interest = A – P = 16000 – 10000 = Rs 6,000.
Hereof, how is EMI calculated on loan?
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the personal loan.
How is HDFC EMI calculated?
Use the HDFC EMI calculator and know the exact EMI amount you are liable to pay for different loan amounts.
|E||Equated Monthly Instalment or EMI|
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs.
|Net Monthly Income (Rs.)||Home Loan Amount (Rs.)|
With a salary of ₹ 17,000, the maximum amount he is eligible for is ₹ 3.87 Lakh. The interest he has to pay for this amount for 48 months is 11.99%.
Consider – how much personal loan can I get on a 20,000 salary? Sans any other financial obligations, you can expect to be eligible for a loan of Rs. 5,40,000.
|Salary||Expected Personal Loan Amount|
|Rs. 30,000||Rs. 8.10 lakhs|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
HDFC Personal Loan Interest Rates
|Pre-Payment/Foreclosure Charges||Allowed after 12 EMI’s 13 to 24 months: 4% of outstanding principal balance 25-36 months: 3% of outstanding principle Above 36 months: 2% of outstanding principle|
|Overdue EMI Interest||2% per month on EMI|
How to Calculate EMI for 20 Lakh Personal Loan?
|Loan Amount (Rs.)||Interest Rate (p.a.)||Monthly EMI Payout (Rs.)|
Calculated Monthly EMI for 50000 of loan amount for 3 years at various rate of Interest :
|Loan Amount||Rate of Interest||Per Month EMI|
|Investment amount||Monthly interest||Cumulative interest for 5 years|
|1 lakh||Rs. 526||Rs. 37,009|
|5 lakh||Rs.2,629||Rs. 185,043|
|15 lakh||Rs. 7,887||Rs.5,55,130|