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The EMI for 3 lakhs HDFC personal loan in will vary depending on the interest rate and tenure. For instance, if the interest rate is 10.5% and the tenure is 4 years, the EMI will be Rs. 7,681. If the interest rate is 10.5% and the tenure is 5 years, then the EMI will be Rs. 6,448.
How To Compute The Personal Loan EMI?
Using The Personal Loan EMI calculator on CreditMantri
You can use the personal loan EMI calculator on the CreditMantri website. Move the sliders for the loan amount, interest rate, and the loan tenure to the desired values. The result gets displayed instantly. The total interest payable and the total payment are also shown along with the monthly EMI payment.
Using The EMI calculator on the Bank’s website
You can use the EMI calculator on the HDFC Bank’s website. Place the sliders for loan amount, tenure in years, and interest rate to the desired values. The monthly EMI gets displayed instantly.
Using The Formula
You can compute your EMI amount with the help of the mathematical formula: EMI amount = [P*R* (1 + R)^N]/[(1+R)^N - 1]. Here P is the principal amount, N denotes the tenure, and R is the interest rate. These are variables, and the EMI amount changes as these variables differ. But, using this formula is quite cumbersome, time-consuming, and error-prone. So, it is ideal to use the EMI calculator.