1. What is HDFC Personal Loan Interest?

HDFC Bank offers personal loans with interest rates starting at 10.50% p.a. The interest is calculated using simple interest formula for the loan tenure. This calculator helps you estimate the total interest payable on your personal loan.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Annual interest rate (in decimal)
• \( t \) — Time period in years

Explanation: The formula calculates the total interest payable over the loan tenure based on the principal amount and annual interest rate.

3. Importance of Interest Calculation

Details: Calculating interest helps borrowers understand the total cost of the loan, compare different loan offers, and plan their finances accordingly.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage (HDFC rates start at 10.50%), and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current interest rate for HDFC personal loans?
A: HDFC Bank offers personal loans starting at 10.50% p.a., but actual rates may vary based on credit profile and other factors.

Q2: Is this calculator accurate for all HDFC personal loans?
A: This uses simple interest calculation. Actual loans may use reducing balance method - consult HDFC for precise calculations.

Q3: What is the maximum loan amount I can get?
A: HDFC offers personal loans up to ₹40 lakh depending on income and creditworthiness.

Q4: What is the typical loan tenure?
A: HDFC personal loans typically range from 12 months to 60 months (5 years).

Q5: Are there any processing fees?
A: HDFC charges processing fees up to 2.50% of the loan amount plus applicable taxes.