1. What is HDFC Personal Loan EMI?

The HDFC Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their personal loan. HDFC Bank offers personal loans with interest rates starting at 10.50% p.a. for eligible customers.

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 ÷ 12 ÷ 100)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment needed to fully repay a loan over its term, accounting for both principal and interest.

3. Importance of EMI Calculation

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

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (HDFC rates start at 10.50%), and loan term in years (1-7 years). All values must be valid (amount ≥10,000, rate ≥10.50%, term 1-7 years).

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's personal loan interest rate?
A: HDFC offers personal loans starting at 10.50% p.a. for eligible customers, with actual rates depending on credit profile.

Q2: What is the maximum loan amount from HDFC?
A: HDFC offers personal loans up to ₹40 lakhs, depending on income and creditworthiness.

Q3: What is the loan tenure available?
A: HDFC offers personal loans with repayment terms from 1 year up to 7 years.

Q4: Are there any prepayment charges?
A: HDFC may charge prepayment penalties depending on loan terms and timing of prepayment.

Q5: What documents are required?
A: Typically requires identity proof, address proof, income documents, and bank statements.