Will HDFC Personal Loan Interest Rates Allow You to Buy a Trip to Maldives?

Will HDFC Personal Loan Interest Rates Allow You to Buy a Trip to Maldives?

So, you are deep into your thoughts of taking a flight to Maldives and thus making all the calculations. You have calculated the cost to reach Maldives and from there to New Delhi, the city you live in. After glancing at the cost and checking your wallet, you feel that the Maldivian expedition is not going to be fulfilled with the balance you have.

So, what is the recourse, buddy? In my view, it won’t be a bad idea if you opt for a personal loan to visit Maldives and explore the locales there. The most important thing to look at fulfilling your Maldivian wish is to figure out the amount of loan you would require. The prices of flight tickets can range from ₹15,000-60,000 per individual. So, assume if you are taking your love along with you to Maldives, the overall flight cost would range from ₹30,000-1,20,000. Adding the accommodation cost, shopping expenses and others, you could foot up the bill by another ₹70,000-80,000. So, a cost of ₹1-2.5 lakh is about to be expensed towards your Maldivian wish.

How Much are HDFC Personal Loan Interest Rates?

When it comes to a personal loan, HDFC Bank needs no introduction. With an extensive branch count that comes close to 5,000 across the country, HDFC Bank adds a lot to its list of customers looking for a personal loan, each year. HDFC offers a personal loan to all the eligible salaried applicants working in either a public or private sector firm. The loan can be granted for a maximum period of 5 years. But what about the interest rates? This is the question you would ask now, right! Well, the interest rates charged by the private lender ranges from 15.75%-20% per annum. Based on the income and repayment capability, the rates vary across the individuals.

How Much Loan HDFC Bank Can Disburse You?

The loan amount disbursal from HDFC Bank would depend on your income, savings and the repayment capability. It can be best understood with the help of an illustration.

Example-Suppose you are a quality engineer at a manufacturing firm, receiving a net monthly salary of ₹25,000 and generating a saving of ₹10,000. Interested to know the amount of loan that can come your way? If yes, then stay glued to the function of HDFC Personal Loan Eligibility Calculator. At the start, it computes per lakh EMI based on the prevailing interest rates and the maximum tenure it provides to the borrowers for the said loan type. In the current situation, the per lakh EMI would be ₹2,419- 2,649.

Loan Amount Eligibility- 1,00,000 x savings/per lakh EMI
– 1,00,000 x 10,000/2,419=4.13 lakh
– 1,00,000 x 10,000/2,649=3.77 lakh

HDFC Personal Loan EMI Calculator

The rates give rise to the situation of monthly repayments through EMIs, a constituent of principal and interest portion of the loan. How to check the flow of repayment? Any idea, No! The EMI calculator has an answer to your query. The modus operandi of the calculator is simple as the device requires an individual to enter the loan amount, interest rate and the loan tenure to arrive at the EMI.

If we go back to our earlier discussion of Maldivian cost, the loan that you require is ₹1-2.5 lakh. Suppose you are granted the loan amount of ₹1.50 lakh and want to know the amount of EMI to be paid over the tenure. At the existing interest rates of 15.75%-20%, the EMI and total interest repayment would be ₹3,628-3,974 and ₹67,669-88,445, respectively.

HDFC Personal Loan Interest Rates, I hope, is clear with the widest of the angles possible. Do make savings and ensure you do not have to rely only on the loan part to fulfill your dream. A small part of the savings can be used to reduce the amount of loan as well as the interest burden on your pocket.

An expert writer in the subject of finance, Vikas Das has been throwing his insights on personal loan regularly. The current topic of HDFC Personal Loan Interest Rates would guide you in the best manner possible.
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