1. What is the HDFC Personal Loan EMI Calculator?

The HDFC Personal Loan EMI Calculator helps you estimate your monthly loan payments (EMI) based on the loan amount, interest rate, and tenure. HDFC Bank offers personal loans with interest rates starting at 10.50% p.a.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( PMT \) — Monthly EMI payment
• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 and converted to decimal)
• \( n \) — Loan term in months

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

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their repayment obligations, plan their finances, and choose the most suitable loan terms based on their repayment capacity.

4. Using the Calculator

Tips: Enter the loan amount in INR, annual interest rate (minimum 10.50% for HDFC), and loan term in years. The calculator will show your monthly EMI, total interest payable, and total payment amount.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum interest rate for HDFC personal loans?
A: HDFC Bank offers personal loans starting at 10.50% p.a. interest rate, subject to eligibility.

Q2: How does EMI change with loan tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: What factors affect personal loan interest rates?
A: Rates depend on credit score, income, employment stability, relationship with bank, and loan amount.

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

Q5: What is the maximum loan amount available?
A: HDFC offers personal loans up to ₹40 lakhs, depending on income and creditworthiness.