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DHFL Personal Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The DHFL personal loan EMI calculator tool calculates the EMI value in no time. All you need to do is enter the principal amount borrowed, the interest rate of the bank, and the period of repayment. By adjusting the numbers, you can compare the variables and fix them as per your suitability. The calculator makes predictive calculations quite easily for you.

A personal loan is one of the market's most often-used unsecured borrowing options. It doesn't need any collateral. It can be used for anything, unlike product-specific loans such as those for a home or a car. There are different types of personal loans available in India, such as wedding loans, travel loans, home renovation loans, education loans, pension loans, festival loans, consumer durables loans, medical emergency loans, etc.

The EMI stands for Equated Monthly Installments and it is the amount you must pay every month until the end of your loan tenure. Your EMI includes two main components and they are the principal and the 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 Does The DHFL Personal Loan EMI Calculator Work?

The DHFL personal loan EMI calculator uses the below formula to calculate your EMIs.

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)

Where,

P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You plan to take a personal loan for ₹2.85 lakhs at an interest rate of 12% and a loan tenure of 2 years. Let’s calculate the EMI you need to pay every month using the calculator formula.

EMI = 2,85,000 x 0.12/12 x (1 + 0.12/12)^24 / [(1 + 0.12/12)^24 - 1]
EMI = 2,85,000 x 0.01 x 1.26973 / 0.26973
EMI = 3,618.7305 / 0.26973
EMI = ₹13,416 (approximately).

So, if you plan to take a personal loan for ₹2.85 lakhs at an interest rate of 12% and a loan tenure of 2 years, you will have to pay an EMI of around ₹13,416.

How Should You Use The DHFL Personal Loan EMI Calculator?

The DHFL personal loan EMI calculator is simple to use. Just by giving three inputs, the calculator will help you know your monthly EMI amount. The below steps can help you use the calculator properly.

  • Enter the loan amount you wish to borrow from the lender.
  • Type in the interest rate applicable for the loan.
  • Key in the tenure of the loan.

Once the details are entered, the calculator will show you the total amount, principal amount, total interest amount, and monthly EMI amount.

Example:

Ms. Diya wishes to apply for a personal loan for ₹7 lakhs. The interest rate of the loan is 15% and the tenure of the loan is 6 years. Here’s how she can use the calculator formula to calculate the EMI amount for the loan.

EMI = 7,00,000 x 0.15/12 x (1 + 0.15/12)^72 / [(1 + 0.15/12)^72 - 1]
EMI = 7,00,000 x 0.0125 x 2.44592 / 1.44592
EMI = 21,401.8 / 1.44592
EMI = ₹14,801 (approximately).

So, if Ms. Diya applies for a personal loan for ₹7 lakhs at an interest rate of 15% and the loan tenure is 6 years, she will have to pay an EMI amount of around ₹14,801.

Benefits Of Using The DHFL Personal Loan EMI Calculator

The online DHFL personal loan EMI calculator is a safe and simple tool. Some of its benefits are:

  • The personal loan EMI calculator speeds up the calculation process.
  • The calculator makes it convenient for users by avoiding manual efforts.
  • The calculator offers accurate results.
  • The calculator allows comparison between different loan amounts, tenures, and interest rates.

DHFL Personal Loan Calculator - FAQs

How is personal loan EMI paid?
You have to pay the personal loan EMI in cash, cheque, or through ECS (Electronic Clearance Services) facilities. Usually, payment of the EMI is automated, wherein your bank account is automatically debited with the amount of the EMI as and when it is due.
What if I skip my EMI?
If your EMI is skipped due to insufficient balance or any other reason, assuming EMIs remain the same, the tenure of the loan would increase. It is important to note that skipping EMIs doesn't reflect well on your creditworthiness and could affect your credit score. Hence, you should borrow wisely.
Can personal loans be used for anything?
As long as it's legal, anything may be paid for with a personal loan. Some lenders could inquire how the money will be used, while others may only check your capacity to repay the loan. While personal loans are not cheap, they might be a practical choice in various situations.