1. What is HDFC Bank Personal Loan?

HDFC Bank offers personal loans with interest rates starting at 10.50% p.a. for eligible customers. Loans can be availed for various purposes with repayment tenures up to 7 years.

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 (term in years × 12)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula calculates the fixed monthly payment required to fully repay a loan over its term, including both principal and interest components.

3. Importance of Loan Calculation

Details: Understanding your monthly payment helps in budgeting and ensures the loan is affordable. It also helps compare different loan offers.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (10.50% is HDFC's starting rate), and loan term in years (1-7). All values must be valid positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC Bank's personal loan interest rate?
A: Rates start at 10.50% p.a. for eligible customers, with actual rate depending on credit profile, income, and other factors.

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

Q3: Are there any prepayment charges?
A: HDFC may charge 0-4% prepayment penalty depending on loan tenure and prepayment timing.

Q4: What documents are required?
A: Typically need identity proof, address proof, income documents, and bank statements.

Q5: How long does approval take?
A: For existing HDFC customers, approval can be instant. For others, it may take 1-3 working days.