1. What is Simple Interest?

Simple interest is a method of calculating interest where the interest is computed only on the original principal amount throughout the loan tenure.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Annual interest rate (in decimal)
• \( t \) — Time period in years

Note: For HDFC personal loans, interest rates start at 10.50% p.a. Actual rates may vary based on credit profile.

3. HDFC Personal Loan Details

Details: HDFC Bank offers personal loans with competitive interest rates starting from 10.50% p.a. Loan amounts range from ₹50,000 to ₹40 lakh with flexible repayment tenures.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage (default is 10.50%), and time period in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for HDFC personal loans?
A: HDFC Bank offers personal loans starting at 10.50% p.a. for eligible customers.

Q2: Is this calculator accurate for HDFC loans?
A: This provides an estimate using simple interest. Actual loan terms may use compound interest or other calculation methods.

Q3: What factors affect HDFC personal loan interest rates?
A: Rates depend on credit score, income, employment type, loan amount, and tenure.

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

Q5: How can I get the best interest rate from HDFC?
A: Maintain a high credit score (750+), have stable income, and compare offers through HDFC's official channels.