1. What is the HDFC Personal Loan Calculator?

The HDFC Personal Loan Calculator helps you estimate your monthly payments for personal loans from HDFC Bank in India. It uses the standard loan payment formula with HDFC's current interest rates starting at 10.50% p.a.

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 ÷ 12)
• \( n \) — Total number of payments (months)
• \( PMT \) — Monthly payment amount (INR)

Explanation: The formula accounts for compound interest over the loan term, spreading payments evenly over each month.

3. Importance of Loan Calculation

Details: Calculating your monthly payments helps with financial planning, comparing loan offers, and ensuring the EMI fits your budget before applying.

4. Using the Calculator

Tips: Enter loan amount in INR (minimum ₹10,000), interest rate (10.50% to 24% p.a.), and loan term (1-7 years). All values must be within HDFC's personal loan parameters.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current personal loan interest rate?
A: Rates typically start at 10.50% p.a. for salaried individuals, but may vary based on credit profile and other factors.

Q2: What is the maximum loan amount from HDFC?
A: HDFC offers personal loans up to ₹40 lakhs for eligible customers, depending on income and repayment capacity.

Q3: What are the processing fees?
A: HDFC charges up to 2.50% of the loan amount as processing fee, subject to a minimum amount.

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

Q5: What documents are required?
A: Typically includes identity proof, address proof, income documents, and bank statements.