Hdfc Personal Loan Part Payment Calculator

HDFC Personal Loan Payment Formula:

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

Principal Amount (P):

INR

Annual Interest Rate:

% p.a.

Loan Term:

months

Part Payment (Optional):

INR

Part Payment Month (Optional):

month number

Monthly Payment (PMT):

Total Interest:

Total Payment:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is the HDFC Personal Loan Calculator?

The HDFC Personal Loan Calculator helps you estimate your monthly payments for personal loans from HDFC Bank, including the effect of part payments. It uses the standard loan amortization formula adjusted for part payments.

2. How Does the Calculator Work?

The calculator uses the loan payment formula:

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

Where:

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

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

3. Importance of Loan Calculation

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

4. Using the Calculator

Tips: Enter loan amount (₹10,000+), interest rate (10.50%-24%), loan term (1-84 months). Optionally specify part payment amount and month.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current personal loan interest rate?
A: Rates typically start at 10.50% p.a. for salaried individuals, but may vary based on credit profile.

Q2: How do part payments affect my loan?
A: Part payments reduce principal, which decreases total interest and may shorten loan term or reduce monthly payments.

Q3: Are there prepayment charges?
A: HDFC may charge 0-4% for prepayment, depending on loan terms. Check your specific loan agreement.

Q4: What is the maximum loan amount and tenure?
A: HDFC offers up to ₹40 lakh for salaried individuals with tenures up to 7 years (84 months).

Q5: How accurate is this calculator?
A: It provides estimates. Actual payments may vary due to processing fees, insurance, or rate changes.