Calculate your Equated Monthly Installment (EMI) for HDFC loans.
₹500,000
8.5%
15 Years
Your Monthly EMI:
₹0.00
Total Interest Payable:
₹0.00
Total Payment:
₹0.00
Understanding the HDFC Loan EMI Calculator
This calculator is designed to help you estimate the Equated Monthly Installment (EMI) for various loans offered by HDFC Bank, such as home loans, personal loans, and loan against property. Understanding your EMI is crucial for financial planning, allowing you to budget effectively and make informed borrowing decisions.
How EMI is Calculated
The EMI calculation is based on a standardized formula that considers the principal loan amount, the annual interest rate, and the loan tenure (duration). The formula used is:
EMI = P × r × (1 + r)^n / ((1 + r)^n – 1)
Where:
P = Principal Loan Amount (the total amount borrowed)
r = Monthly Interest Rate (Annual interest rate divided by 12 and then by 100, e.g., 8.5% annual becomes 8.5 / 12 / 100 = 0.007083)
n = Loan Tenure in months (Loan tenure in years multiplied by 12)
The calculator first converts the loan tenure from years to months and the annual interest rate to a monthly rate before applying this formula. It then calculates the total interest paid over the loan's life and the total amount payable (Principal + Total Interest).
Key Components Explained:
Loan Amount (Principal): This is the total sum you intend to borrow from HDFC Bank.
Annual Interest Rate: This is the yearly interest rate charged by HDFC Bank on the loan. It's important to note that interest rates can vary based on loan type, applicant's credit profile, and prevailing market conditions. HDFC Bank offers competitive rates across its loan portfolio.
Loan Tenure: This is the duration over which you will repay the loan in monthly installments. A longer tenure typically results in lower monthly EMIs but a higher total interest payout over the loan's life. Conversely, a shorter tenure means higher EMIs but less overall interest.
Why Use This Calculator?
Financial Planning: Accurately estimate your monthly financial commitment.
Loan Comparison: Compare EMIs for different loan amounts, interest rates, and tenures to find the most suitable option.
Affordability Check: Ensure the calculated EMI fits comfortably within your budget.
Loan Understanding: Gain clarity on the total cost of borrowing, including principal and interest.
This calculator provides an estimate. Actual EMI may vary slightly due to specific bank policies, processing fees, and precise calculation methods employed by HDFC Bank. It is always recommended to consult directly with HDFC Bank or their official representatives for precise loan details and pre-approval.
function formatCurrency(amount) {
return '₹' + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
function formatPercent(rate) {
return rate.toFixed(1) + '%';
}
function formatYears(years) {
return years + ' Years';
}
function updateSlider(inputId, sliderId, valueDisplayId) {
var inputElement = document.getElementById(inputId);
var sliderElement = document.getElementById(sliderId);
var valueDisplayElement = document.getElementById(valueDisplayId);
var value = parseFloat(inputElement.value);
if (isNaN(value)) {
value = parseFloat(sliderElement.value); // Fallback to slider if input is invalid
}
// Ensure value is within bounds before updating
var min = parseFloat(sliderElement.min);
var max = parseFloat(sliderElement.max);
value = Math.max(min, Math.min(max, value));
inputElement.value = value;
sliderElement.value = value;
if (valueDisplayId === 'loanAmountVal') {
valueDisplayElement.textContent = formatCurrency(value);
} else if (valueDisplayId === 'interestRateVal') {
valueDisplayElement.textContent = formatPercent(value);
} else if (valueDisplayId === 'loanTenureVal') {
valueDisplayElement.textContent = formatYears(value);
} else {
valueDisplayElement.textContent = value;
}
}
function updateInput(sliderId, inputId, valueDisplayId) {
var sliderElement = document.getElementById(sliderId);
var inputElement = document.getElementById(inputId);
var valueDisplayElement = document.getElementById(valueDisplayId);
var value = parseFloat(sliderElement.value);
inputElement.value = value;
if (valueDisplayId === 'loanAmountVal') {
valueDisplayElement.textContent = formatCurrency(value);
} else if (valueDisplayId === 'interestRateVal') {
valueDisplayElement.textContent = formatPercent(value);
} else if (valueDisplayId === 'loanTenureVal') {
valueDisplayElement.textContent = formatYears(value);
} else {
valueDisplayElement.textContent = value;
}
}
function calculateEMI() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("interestRate").value);
var tenureYears = parseFloat(document.getElementById("loanTenure").value);
var monthlyEMIElement = document.getElementById("monthlyEMI");
var totalInterestElement = document.getElementById("totalInterest");
var totalPaymentElement = document.getElementById("totalPayment");
monthlyEMIElement.textContent = "₹0.00";
totalInterestElement.textContent = "₹0.00";
totalPaymentElement.textContent = "₹0.00";
if (isNaN(principal) || isNaN(annualRate) || isNaN(tenureYears) || principal <= 0 || annualRate <= 0 || tenureYears <= 0) {
alert("Please enter valid positive numbers for all fields.");
return;
}
var monthlyRate = (annualRate / 100) / 12;
var tenureMonths = tenureYears * 12;
var emi = (principal * monthlyRate * Math.pow(1 + monthlyRate, tenureMonths)) / (Math.pow(1 + monthlyRate, tenureMonths) – 1);
if (isNaN(emi)) {
alert("Calculation resulted in an invalid number. Please check your inputs.");
return;
}
var totalPayment = emi * tenureMonths;
var totalInterest = totalPayment – principal;
monthlyEMIElement.textContent = formatCurrency(emi);
totalInterestElement.textContent = formatCurrency(totalInterest);
totalPaymentElement.textContent = formatCurrency(totalPayment);
}
// Initialize values on page load
document.addEventListener('DOMContentLoaded', function() {
updateSlider('loanAmount', 'loanAmountSlider', 'loanAmountVal');
updateSlider('interestRate', 'interestRateSlider', 'interestRateVal');
updateSlider('loanTenure', 'loanTenureSlider', 'loanTenureVal');
calculateEMI(); // Calculate initial EMI on load
});