1. What is the HDFC Loan Repayment Calculator?

The HDFC Loan Repayment Calculator helps you estimate your monthly payments for personal loans from HDFC Bank. It uses the standard loan amortization formula to calculate your EMI (Equated Monthly Installment) based on the principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the PMT formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the life of the loan, spreading payments equally over each month.

3. Importance of Loan Repayment Calculation

Details: Calculating your EMI helps with financial planning, budgeting, and comparing loan offers. HDFC personal loans currently start at 10.50% p.a. interest rate.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (10.50% is HDFC's current starting rate), and loan term in years. The calculator will show your monthly EMI, total repayment amount, and total interest paid.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current interest rate for personal loans?
A: HDFC personal loans currently start at 10.50% p.a., but your actual rate may vary based on credit profile.

Q2: Are there any additional charges on HDFC loans?
A: HDFC may charge processing fees (up to 2.50% of loan amount) and other applicable taxes.

Q3: Can I prepay my HDFC loan?
A: Yes, but prepayment charges may apply depending on loan type and timing.

Q4: What is the maximum loan term available?
A: HDFC typically offers personal loans with terms up to 5-7 years, depending on loan purpose.

Q5: How accurate is this calculator?
A: This provides an estimate. Your actual EMI may vary slightly due to rounding and specific loan terms.