Travel is always on the top of one’s mind. Maybe due to the hectic work schedule, one does not find the time to think about that. But every now and then, you feel for it owing to the relaxation and magnanimous experience that travel can bring to you. To experience the thrill and adventure of travel, you must have your pocket ready.

You may not have the savings or you do not want to use your savings for travel. That’s why a personal loan, available for travel and other purposes, comes to the picture. You can apply for a personal loan at several lenders including HDFC Bank. But, whether HDFC would prove a cheaper and convenient option or not, will be greatly decided by the extent of the repayment liability with the same. To help you calculate your loan cost, there’s HDFC Personal Loan Calculator. The article has thus concentrated its focus on the same to help you take a right call.

HDFC Personal Loan Calculator Download

You can download or find the calculator online, to sum up your task of calculating the repayment that’s likely on your personal loan. The calculator, for that matter, needs you to enter the loan amount, interest rate and tenure. The moment you enter these three variables, an indicative EMI, a short form of Equated Monthly Installment, would appear on the screen. As you would know an EMI consists of both principal and interest repayment, the calculator will also show the total interest outgo on a loan.

HDFC Personal Loan Interest Rate Details

HDFC Personal Loan interest rates come at 15%-20.99% per annum. You can grab a loan of as much as 25 lakhs if you are salaried and 15 lakhs in case you are self-employed. The loan tenure, on the other hand, can stretch to as long as 5 years.

What Do You Need to Introspect on While Using the Calculator?

While using the calculator, you must experiment with different figures of loan amount, interest rate and tenure to find out the repayment summary that you would find it comfortable. You should think long and hard about the tenure part, wherein most fumble and end up cursing their mistakes. Often a long tenure is tempting with an EMI that remains lower and affordable. But the sin that many commits while going for a long tenure is the massive interest outgo over the course of a loan. Therefore, a consideration of tenure is vital to the cause. You must not choose a very short or very long tenure as both can be counterproductive. And so, a reasonably shorter tenure would be the way forward. So, if you were planning a 5-year loan, cut it down to 4 years and save on the interest while not allowing the EMI liability to go out of your control.

If you don’t find the EMI suiting your budget even with constant rejig in figures, you can then part some savings and reduce the loan amount to get it easy to your pocket. Actually, this is what you should do so that you can enjoy your trip without burdening your budget once the repayment cycle begins. So, come, plan and set off to your dream destination using HDFC Personal Loan Calculator.