1. What is HDFC Bank Personal Loan Interest Rate?

HDFC Bank offers personal loans starting at an interest rate of 10.50% per annum. The actual rate may vary based on the applicant's credit profile, income, and other factors.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( Principal \) — Loan amount (₹)
• \( r \) — Annual interest rate (10.50% or 0.1050)
• \( Time \) — Loan tenure in years

Explanation: The calculation shows the total interest payable over the loan tenure at the starting rate of 10.50% p.a.

3. Importance of Interest Calculation

Details: Understanding the interest cost helps borrowers compare loan offers, plan repayments, and assess affordability before taking a personal loan.

4. Using the Calculator

Tips: Enter loan amount in ₹ and tenure in years. The calculator uses the starting interest rate of 10.50% p.a. for estimation.

5. Frequently Asked Questions (FAQ)

Q1: Is 10.50% the final interest rate for all borrowers?
A: No, 10.50% is the starting rate. Your actual rate may be higher based on credit score, income, and other factors.

Q2: What is the maximum loan amount available?
A: HDFC Bank offers personal loans up to ₹40 lakh, subject to eligibility.

Q3: What is the typical loan tenure?
A: Personal loans are typically available for 1-5 years, with some cases up to 7 years.

Q4: Are there any processing fees?
A: Yes, HDFC Bank charges processing fees up to 2.50% of the loan amount plus GST.

Q5: How can I get a lower interest rate?
A: Maintain a high credit score (750+), show stable income, and consider existing relationships with HDFC Bank.