When you plan to borrow a loan, one of the first questions that comes to mind is – How much EMI will I have to pay and what salary is required to get approval? If you are considering a ₹21 Lakh HDFC Loan, this guide will help you understand the monthly EMI calculation, interest rate factors, and salary eligibility in detail.
What is an EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month towards repaying your loan. It includes both principal and interest. The EMI depends on:
- Loan amount (₹21 Lakh in this case)
- Interest rate offered by HDFC
- Loan tenure (in years)
A longer tenure reduces the EMI but increases total interest, while a shorter tenure increases EMI but saves on interest.
HDFC Loan Interest Rates
HDFC Bank offers personal loans, home loans, and car loans with different interest rates. Typically, HDFC personal loan interest rates range between 10.5% – 21% p.a., while home loans are lower, starting from 8.5% p.a.
For a ₹21 Lakh loan, your EMI will vary based on the loan type and rate of interest applied.
EMI Calculation for ₹21 Lakh HDFC Loan
Here’s a sample EMI breakdown for ₹21 Lakh loan at different tenures (assuming an average 10.5% interest rate):
| Loan Tenure | Monthly EMI (Approx.) | Total Interest | Total Payment |
|---|---|---|---|
| 5 Years | ₹45,000 – ₹47,000 | ₹6–7 Lakh | ₹27–28 Lakh |
| 7 Years | ₹35,000 – ₹36,000 | ₹8–9 Lakh | ₹29–30 Lakh |
| 10 Years | ₹28,000 – ₹29,000 | ₹11–12 Lakh | ₹32–33 Lakh |
(Note: Figures are approximate and will vary based on actual HDFC loan rate at the time of approval.)
Salary Requirement for ₹21 Lakh HDFC Loan
Banks use your monthly salary to decide eligibility. For HDFC, your EMI should not exceed 40–50% of your take-home salary.
Approximate Salary Guide:
- If EMI is around ₹30,000 – ₹45,000, your minimum salary should be between ₹60,000 – ₹90,000 per month.
- A higher salary improves chances of approval and better interest rates.
Other factors considered:
- Credit score (750+ preferred)
- Employment type (salaried or self-employed)
- Work experience and stability
- Existing EMIs or loans
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Benefits of Choosing HDFC Loan
- Quick approval and fast disbursal
- Competitive interest rates
- Flexible tenure options (up to 10 years for personal loans, 30 years for home loans)
- Prepayment and foreclosure facilities
- Easy online EMI calculator for planning
How to Apply for a ₹21 Lakh HDFC Loan
- Visit the official HDFC Bank website or nearest branch
- Check eligibility with the online loan calculator
- Submit KYC documents (ID proof, address proof, income proof)
- Get instant approval (if eligible)
- Loan amount is credited directly to your account
Final Thoughts
A ₹21 Lakh HDFC Loan can be a smart choice if you plan well. Use the HDFC loan EMI calculator before applying to get a clear idea of monthly payments. Always borrow within your repayment capacity, maintain a good credit score, and choose a tenure that balances EMI affordability with total interest savings.
FAQs
1. What is the EMI for a ₹21 Lakh HDFC personal loan?
Depending on tenure (5–7 years) and interest rate, the EMI ranges between ₹35,000 – ₹47,000 per month.
2. What salary is required for ₹21 Lakh loan?
At least ₹60,000+ per month salary is generally required, depending on EMI and other financial commitments.
3. Can I prepay my ₹21 Lakh HDFC loan?
Yes, HDFC allows prepayment and foreclosure with applicable charges.
4. Does credit score affect approval?
Yes, a credit score of 750+ increases the chance of quick approval and lower interest rates.
Disclaimer: This article is for general information only. The interest rates and terms mentioned in it depend on the policies of the bank . These may change from time to time. Before taking any type of loan, get complete information from your bank.