1. What is HDFC Personal Loan EMI?

The HDFC Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount you pay each month towards your personal loan. It includes both principal and interest components, calculated using a standard amortization formula.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 months)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for compound interest over the loan term, distributing payments equally across all months.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan finances, and compare different loan offers before committing to a personal loan.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (HDFC rates start at 10.50% p.a.), and loan term in months (1-84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What are HDFC's current personal loan interest rates?
A: Rates typically range from 10.50% to 21.00% p.a., depending on credit profile, loan amount, and tenure.

Q2: What is the maximum loan tenure available?
A: HDFC offers personal loans with tenures up to 84 months (7 years), subject to eligibility.

Q3: Are there any processing fees?
A: HDFC charges up to 2.50% of the loan amount as processing fee plus applicable taxes.

Q4: Can I prepay my HDFC personal loan?
A: Yes, but prepayment charges may apply if done within the first 12-24 months (varies by loan agreement).

Q5: How can I reduce my EMI burden?
A: You can opt for a longer tenure (reduces EMI but increases total interest) or negotiate a lower interest rate.