Hdfc Personal Loan Part Payment Calculator India

Loan Payment Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Principal Amount (P):

INR

Annual Interest Rate:

Loan Term:

years

Part Payment (optional):

INR

After Month (for part payment):

months

Monthly Payment (PMT):

Total Payment:

Unit Converter ▲

Unit Converter ▼

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1. What is HDFC Personal Loan Part Payment Calculator?

This calculator helps you estimate your monthly payments for an HDFC personal loan in India, including scenarios where you might make part payments to reduce your principal amount during the loan term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( PMT \) — Monthly payment
\( P \) — Principal loan amount (INR)
\( r \) — Monthly interest rate (annual rate ÷ 12)
\( n \) — Number of months in loan term

For part payments, the calculator adjusts the remaining principal after the specified month and recalculates the payment schedule.

3. Importance of Loan Payment Calculation

Details: Understanding your exact monthly payment helps with financial planning and assessing affordability. Part payments can significantly reduce your total interest burden.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (HDFC typically offers 10.5% to 21% for personal loans), loan term in years. For part payments, specify amount and after how many months.

5. Frequently Asked Questions (FAQ)

Q1: How does part payment affect my loan?
A: Part payments reduce your principal, which decreases both your remaining EMI amount and total interest paid.

Q2: Are there prepayment charges on HDFC personal loans?
A: HDFC typically charges 0-4% prepayment penalty on floating rate loans, depending on when you prepay.

Q3: What's the maximum loan amount I can get?
A: HDFC offers personal loans up to ₹40 lakh, depending on income and creditworthiness.

Q4: What's the typical interest rate?
A: Rates vary from 10.5% to 21% p.a. based on credit profile, loan amount, and tenure.

Q5: How can I make part payments?
A: You can make part payments through HDFC's net banking, mobile app, or at branches after completing necessary formalities.