What does EMI stand for, and what does it mean?

EMI stands for equated monthly instalments. It is the amount you must pay every month till the end of your loan tenure.



How is EMI calculated?

EMI is calculated using the formula: P x R x (1+R)^N] / [(1+R)^N-1]

P= Principal or your loan amount

R= Rate of interest

N= Tenure (loan term in number of years)

Your EMI includes two main components – principal and interest. In the early part of your tenure, the interest amount is higher and that becomes progressively lower. Towards the end of the tenure, the principal amount forms a large proportion of the EMI.



How should I use the personal loan EMI calculator?

The personal loan calculator has been designed in such a way that it can be used by anyone. You do not need to know the complex formulae to calculate your monthly payments. Just enter three key inputs – loan amount, term and interest – and the calculator will automatically do the calculations for you. To increase or decrease any of the variables, just use the sliders. Increasing the interest rate or loan amount will increase your EMI, while increasing the tenure will reduce the EMI. Adjust the variables according to your requirement.



Is this calculator only for HDFC Bank personal loans?

You can use the calculator to calculate the EMI on a personal loan from any bank or financial institution. It is free to use, and you have no obligation to take a personal loan from HDFC Bank.



Why Choose HDFC Bank Personal Loan?

​​​​​​​Pocket-friendly EMIs (starting at just Rs 2162 per lakh)*

-Attractive interest rates

-Flexible loan tenures

-Maximum loan amount (check eligibility in 1 minute)

-Disbursal in 10 seconds**

*EMI amount is calculated for 1 lakh loan for period of 5 years

**For select HDFC Bank customers. Terms and conditions apply