1. What is HDFC Personal Loan Calculator?

The HDFC Personal Loan Calculator helps you estimate your monthly payments for personal loans from HDFC Bank. It uses the standard loan payment formula to calculate your EMI based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the 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 both principal and interest components of your loan payment, with interest being front-loaded in the early payments.

3. Importance of Loan Calculation

Details: Calculating your loan payments helps you plan your finances, compare loan offers, and understand the total cost of borrowing before committing to a loan.

4. Using the Calculator

Tips: Enter loan amount in INR, HDFC's current interest rate (starting at 10.50% p.a.), and loan term in years (1-7 years). All values must be valid (amount ≥1000, rate ≥10.5%, term 1-7 years).

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current personal loan interest rate?
A: HDFC personal loan interest rates currently start at 10.50% p.a. and can go up to 24% p.a. depending on your credit profile.

Q2: What is the maximum loan term available?
A: HDFC typically offers personal loans with terms from 1 year up to 7 years (84 months).

Q3: Are there any processing fees?
A: Yes, HDFC charges a processing fee up to 2.5% of the loan amount plus applicable taxes.

Q4: Can I prepay my HDFC personal loan?
A: Yes, but prepayment charges may apply if done within the first 12 months of loan disbursement.

Q5: What factors affect my personal loan interest rate?
A: Your credit score, income, employment history, existing relationship with HDFC, and loan amount all affect your offered interest rate.