1. What is HDFC Personal Loan Calculator?

This calculator helps estimate monthly payments for HDFC-style personal loans, including the impact of part payments. It uses standard amortization formulas adjusted for additional payments.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

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

For part payments, the calculator adjusts the remaining principal and recalculates payments for the remaining term.

3. Importance of Loan Payment Calculation

Details: Understanding your monthly payment helps with budgeting and financial planning. Part payments can significantly reduce total interest paid and loan term.

4. Using the Calculator

Tips: Enter principal in INR, annual interest rate in percentage, and loan term in months. Optionally specify part payment amount and month to see adjusted payments.

5. Frequently Asked Questions (FAQ)

Q1: How do part payments affect my loan?
A: Part payments reduce your principal, which can either lower your monthly payments or shorten your loan term, saving you interest.

Q2: Is this calculator specific to Malaysia?
A: While designed for HDFC-style loans, the calculation method is universal. Currency is displayed in INR as per HDFC standards.

Q3: Are there prepayment penalties?
A: Many lenders charge prepayment penalties. Check with your specific lender for their policies on part payments.

Q4: How accurate is this calculator?
A: It provides estimates based on standard formulas. Actual payments may vary based on lender policies and fee structures.

Q5: Can I make multiple part payments?
A: This calculator handles a single part payment. For multiple payments, you'd need to recalculate after each payment.