1. What is HDFC Personal Loan EMI Calculator?

This calculator helps estimate Equated Monthly Installments (EMIs) for HDFC personal loans linked to credit card debt, with interest rates starting at 10.50% p.a. It uses the standard EMI formula to calculate your monthly payment obligation.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

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

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 your EMI helps in financial planning, ensuring the loan fits your budget and you can meet repayment obligations without strain.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (minimum 10.50% for HDFC), and loan term in months (up to 84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for HDFC personal loans?
A: Rates typically start at 10.50% p.a. for credit card holders, but actual rates may vary based on credit profile.

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

Q3: Are there any processing fees?
A: Yes, HDFC charges processing fees up to 2.50% 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 12 months of loan disbursement.

Q5: How does this differ from credit card EMI?
A: Personal loans typically offer lower interest rates than credit card EMIs and longer repayment periods.