1. What is HDFC Bank Personal Loan EMI?

The HDFC Bank Personal Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their loan. HDFC offers personal loans with interest rates starting at 10.50% p.a. with flexible tenures up to 60 months.

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 and 100)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed monthly payment that will completely pay off the loan over its term, including both principal and interest components.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly repayment obligations, plan their finances accordingly, and compare different loan options before borrowing.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (starting at 10.50% for HDFC), and loan tenure in months (up to 60). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current personal loan interest rate?
A: HDFC Bank offers personal loans starting at 10.50% p.a., with actual rates depending on credit profile, income, and other factors.

Q2: What is the maximum tenure for HDFC personal loans?
A: HDFC typically offers personal loans with tenures up to 60 months (5 years).

Q3: Are there any prepayment charges?
A: HDFC may charge prepayment penalties depending on loan terms. Check with the bank for current policies.

Q4: What factors affect my EMI amount?
A: EMI depends on three factors: loan amount, interest rate, and loan tenure. Higher amounts/rates increase EMI, while longer tenures reduce it.

Q5: How can I reduce my EMI burden?
A: You can reduce EMI by opting for a longer tenure, negotiating a lower interest rate, or borrowing a smaller amount.