1. What is HDFC Credit Card EMI Calculator?

The HDFC Credit Card EMI Calculator helps you estimate your monthly installment payments when converting credit card purchases (especially auto purchases) into EMIs. It calculates the fixed amount you'll need to pay each month based on principal, interest rate, and tenure.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal amount (loan amount in INR)
• \( R \) — Monthly interest rate (APR/12 as decimal)
• \( N \) — Loan tenure in months
• \( EMI \) — Equated monthly installment (INR)

Explanation: The formula accounts for compound interest over the loan period, distributing payments equally across all months.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning, understanding total interest cost, and comparing different loan options before converting purchases to EMI.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (APR) in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the typical APR for HDFC credit card EMIs?
A: HDFC credit card EMIs typically range from 12% to 36% APR depending on the product, tenure, and customer profile.

Q2: Are there any processing fees for converting to EMI?
A: HDFC may charge a one-time processing fee (usually 1-2% of principal) when converting purchases to EMI.

Q3: Can I prepay my HDFC credit card EMI?
A: Yes, but prepayment charges may apply (usually 2-3% of outstanding principal).

Q4: How does this differ from regular auto loans?
A: Credit card EMIs typically have higher interest rates but faster approval and minimal documentation compared to auto loans.

Q5: Is GST applicable on EMIs?
A: Yes, GST (currently 18%) is applicable on the interest component of each EMI.