1. What is HDFC Personal Loan EMI?

The HDFC Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their loan. The EMI consists of both principal and interest components, calculated using the standard amortization formula.

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 ÷ 12 ÷ 100)
• \( n \) — Loan term in months
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, ensuring each payment covers both interest and principal repayment.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers understand their repayment obligations, plan finances, and choose loan terms that fit their budget.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical interest rate for HDFC personal loans?
A: HDFC personal loan interest rates typically range from 10.50% to 21.00% per annum, depending on credit profile and other factors.

Q2: What is the maximum loan amount available?
A: HDFC offers personal loans up to ₹40 lakhs for eligible customers through NetBanking.

Q3: What is the loan tenure range?
A: HDFC personal loans typically have tenures from 12 to 60 months (1 to 5 years).

Q4: Are there any prepayment charges?
A: HDFC may charge 0-4% foreclosure charges depending on the loan terms and repayment timing.

Q5: How can I apply for an HDFC personal loan via NetBanking?
A: Log in to HDFC NetBanking, navigate to the loans section, check eligibility, and follow the application process.