1. What is HDFC Personal Loan EMI?

The HDFC Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to HDFC Bank every month until the loan is paid off. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment

Explanation: The formula calculates the fixed monthly payment required to completely pay off a loan over its tenure, accounting for compound interest.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly financial commitment, plan their budget, and compare different loan options before borrowing.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (HDFC rates start at 10.50% p.a.), and loan tenure in months (up to 60 months for personal loans).

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current personal loan interest rate?
A: Rates typically start at 10.50% p.a. and vary based on credit profile, loan amount, and tenure.

Q2: How does tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures mean higher EMI but lower total interest.

Q3: Are there any prepayment charges?
A: HDFC may charge 0-4% for prepayment/foreclosure, depending on loan type and tenure remaining.

Q4: What factors affect personal loan eligibility?
A: Income, credit score, employment type, existing obligations, and relationship with HDFC Bank.

Q5: Can I get a personal loan without salary slip?
A: HDFC may consider other income proofs for self-employed, but salaried individuals typically need salary slips.