1. What is HDFC Personal Loan EMI?

HDFC Bank offers personal loans in India with interest rates starting at 10.50% p.a. The Equated Monthly Installment (EMI) is the fixed payment amount a borrower makes each month to repay the loan over the chosen tenure.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (₹)

Explanation: The formula accounts for both principal and interest components of the loan payment, with interest calculated on the reducing balance.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly financial commitment, compare loan offers, and plan their budget accordingly before taking a loan.

4. Using the Calculator

Tips: Enter loan amount in ₹, annual interest rate (HDFC rates start at 10.50%), and loan tenure (1-7 years). The calculator will show EMI, total payment, and total interest.

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 salaried individuals, with actual rates depending on credit profile.

Q2: What is the maximum tenure for HDFC personal loans?
A: HDFC offers personal loans with tenures up to 7 years (84 months).

Q3: Are there any prepayment charges?
A: HDFC may charge 0-4% prepayment penalty depending on loan type and tenure. Check current terms before applying.

Q4: What is the minimum loan amount?
A: HDFC typically offers personal loans starting from ₹50,000, with maximum amounts based on income and eligibility.

Q5: How is EMI different from monthly interest?
A: EMI includes both principal and interest components, while monthly interest is only the interest portion of the payment.