1. What is HDFC Personal Loan Calculator?

The HDFC Personal Loan Calculator helps estimate your monthly payments for personal loans from HDFC Bank in India. It uses standard loan amortization formulas to calculate payment amounts based on principal, interest rate, and loan term.

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 divided by 12)
• \( n \) — Number of monthly payments (loan term in years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, calculating a fixed monthly payment that pays off both principal and interest.

3. Importance of Loan Payment Calculation

Details: Understanding your monthly payment helps with budgeting and financial planning. It allows you to compare loan offers and choose terms that fit your financial situation.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (without % sign), and loan term in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC Bank's current personal loan interest rate?
A: Rates typically range from 10.25% to 21% p.a. depending on credit profile, loan amount, and tenure.

Q2: What is the maximum loan amount from HDFC?
A: HDFC offers personal loans up to ₹40 lakhs, subject to eligibility.

Q3: What is the typical loan tenure?
A: HDFC personal loans typically have terms from 12 months to 60 months (5 years).

Q4: Are there prepayment charges?
A: HDFC may charge 0-4% for prepayment/foreclosure, depending on loan terms.

Q5: Does this calculator include processing fees?
A: No, this calculates only principal and interest. HDFC typically charges 0.5-2.5% processing fee.