1. What is the HDFC Credit Card Payment Calculator?

This calculator estimates how long it will take to pay off your HDFC credit card debt when making fixed monthly payments. It considers your current balance, monthly payment amount, and annual interest rate (APR).

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• \( P \) — Principal balance (INR)
• \( D \) — Monthly payment (INR)
• \( R \) — Monthly interest rate (APR / 12, as a decimal)
• \( T \) — Time to pay off (months)

Explanation: The formula calculates how many months it will take to pay off the debt when making fixed monthly payments that exceed the monthly interest charges.

3. Importance of Payment Calculation

Details: Understanding how long it will take to pay off credit card debt helps with financial planning and motivates debt repayment strategies.

4. Using the Calculator

Tips: Enter your current credit card balance, the fixed monthly payment you can afford, and your card's annual interest rate (APR). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What if my payment is too low?
A: If your payment doesn't cover the monthly interest, your debt will never be paid off and the calculator will show an error.

Q2: Does this account for minimum payments?
A: No, this assumes fixed payments. Minimum payments typically extend payoff time significantly.

Q3: How accurate is this calculator?
A: It provides a good estimate but actual results may vary slightly due to rounding in real credit card statements.

Q4: Should I include new purchases?
A: This calculator assumes no new purchases are made on the card during payoff period.

Q5: How can I pay off debt faster?
A: Increase monthly payments, reduce spending, or consider balance transfer options with lower interest rates.