1. What is HDFC Personal Loan Interest?

The HDFC personal loan interest is calculated using simple interest formula based on principal amount, annual interest rate (starting at 10.50% p.a.), and time period in years.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( P \) — Principal amount (INR)
• \( r \) — Annual interest rate (decimal, e.g., 0.1050 for 10.50%)
• \( t \) — Time period in years

Explanation: The formula calculates total interest payable over the loan term based on HDFC's personal loan rates.

3. Importance of Interest Calculation

Details: Accurate interest calculation helps borrowers understand total loan cost, compare loan options, and plan repayments effectively.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate as decimal (e.g., 0.1050 for 10.50%), and time period in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current personal loan interest rate?
A: HDFC personal loan interest rates start at 10.50% p.a. (0.1050 as decimal) and vary based on applicant profile.

Q2: Is this simple or compound interest?
A: This calculator uses simple interest formula. Actual loans may use reducing balance method.

Q3: How accurate is this calculator?
A: It provides basic estimation. For exact EMI calculations, consult HDFC's loan officers.

Q4: Can I use this for other banks' loans?
A: While formula is universal, interest rates differ. Use specific calculators for other banks.

Q5: What factors affect personal loan interest rates?
A: Credit score, income, employment type, loan amount, and tenure influence final rates.