1. What is HDFC Personal Loan Part Payment Calculator?

The HDFC Personal Loan Part Payment Calculator helps you estimate your monthly EMI for personal loans from HDFC Bank, including scenarios where you make part payments. It uses the standard amortization formula with adjustments for part payments.

2. How Does the Calculator Work?

The calculator uses the standard amortization formula:

Where:

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

For part payments: The calculator adjusts the remaining principal and recalculates the EMI based on the reduced principal and remaining term.

3. Importance of Loan Payment Calculation

Details: Understanding your EMI helps in financial planning. Part payments can significantly reduce your total interest burden and loan tenure.

4. Using the Calculator

Tips: Enter principal amount (minimum ₹10,000), interest rate (HDFC rates start at 10.50% p.a.), loan term (1-7 years), and optionally any planned part payments with the month you'll make them.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from HDFC?
A: HDFC typically offers personal loans starting from ₹50,000 up to ₹40 lakhs, depending on eligibility.

Q2: How does part payment affect my loan?
A: Part payments reduce your principal, which can either lower your EMI or shorten your loan tenure, saving interest.

Q3: Are there prepayment charges?
A: HDFC may charge 0-4% for prepayment/part payment, depending on loan type and tenure. Check current terms.

Q4: What factors affect my interest rate?
A: Rates depend on credit score, income, employer profile, and relationship with HDFC Bank.

Q5: Can I change my EMI during the loan tenure?
A: Generally fixed, but you can request restructuring after part payments or through loan top-up.