In simple terms, Personal loan is the loan amount which is borrowed by an individual for their personal uses. It is a kind of unsecured loan. It can be easily approvable in comparison to another loan like the car, education, gold, home loan, etc. It can be used by the various purposes like home renovation, marriage, holiday, tuition fees of children, medical treatment, tour, etc.


How to Get Quick Approval on Personal Loan?


There are many private and government banks which provide the loan, but HDFC banks are best for that. The reason is quite a simple instant approval in comparison to the other banks. If you are going to apply for the personal loan have a look at the benefits provided by HDFC bank.





Benefits Why to Take Personal Loan from HDFC Bank:


~ Quick Approval- Personal loan gets quick approval in comparison to another loan like the car, education, home loan, etc. One can get the approval of loan within the same day of applied.

~ Easy to Apply- It is easy to get the loan because there is no lengthy procedure. It only requires the complete application forum with matches eligibility criteria and needed documents.

~ Require Minimum Documents- Only some few needed documents required for the loan like address proof, id proof, salary slip, bank statement.

~ Online Calculator- There is an online free tool to calculate the EMI amount and to know the eligibility criteria for the loan. One can use HDFC Personal Loan EMI Calculator to calculate exact EMI amount to per month or per year.

~ Friendly Repayment- One can repay the borrowed amount in the form of EMI in installments. You can choose the time period or terms according to your requirements like monthly or yearly.

~ Online Procedure- The procedure for applying for personal loan is online. There is no need to stand in 2-3 hours in the queues for submitting the application. Go to the HDFC bank portal fill the form carefully and upload the documents as per requirement. Go through the quick review of the form and documents and click on the submit button for submission.


Basic Formula Used by Bank to Calculate EMI:

                          E = P x r x (1+r) ^n/ ((1+r) ^n – 1)



Here,
E= E is the actual EMI amount.
P= P is the actual Principal.
r= r is the rate of interest.
r is annually, so to convert it into monthly using
r = (annual interest/12) x 100
n= n is the duration of the loan in a year.