HDFC Personal Loan EMI Formula:
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The HDFC Personal Loan EMI Calculator helps you estimate your monthly Equated Monthly Installments (EMI) for personal loans from HDFC Bank in India. It uses the standard EMI formula with current interest rates starting at 10.50% p.a.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula calculates the fixed monthly payment required to repay the loan over the specified tenure, including both principal and interest components.
Details: Calculating EMI beforehand helps in financial planning, ensuring the loan fits your budget. It helps compare different loan offers and choose optimal tenure.
Tips: Enter loan amount in INR (minimum ₹10,000), interest rate (10.50% to 24% p.a.), and tenure (1-7 years). The calculator will show EMI, total interest, and total payment.
Q1: What is the minimum and maximum loan amount from HDFC?
A: HDFC typically offers personal loans from ₹50,000 up to ₹40 lakhs, depending on eligibility.
Q2: What are HDFC's current interest rates?
A: Rates start at 10.50% p.a. for salaried individuals, and may vary based on credit profile, ranging up to 24% p.a.
Q3: What is the maximum tenure for HDFC personal loans?
A: Maximum tenure is typically 7 years (84 months) for salaried individuals.
Q4: Are there any processing fees?
A: HDFC charges up to 2.50% of the loan amount as processing fee, subject to a minimum of ₹1,999.
Q5: Can I prepay my HDFC personal loan?
A: Yes, but prepayment charges may apply (usually 0-4% of principal outstanding) after 6-12 EMIs.