EMI Formula:
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EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For HDFC personal loans via netbanking, EMI payments are used to pay off both principal and interest each month.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified tenure.
Details: Calculating EMI helps borrowers understand their monthly repayment obligations, plan their finances accordingly, and compare different loan options before applying through HDFC netbanking.
Tips: Enter the principal amount in INR, annual interest rate (e.g., 10.50 for 10.5%), and loan tenure in months (12-120). All values must be positive numbers.
Q1: What is the minimum loan amount for HDFC personal loans?
A: HDFC typically offers personal loans starting from ₹50,000 for existing customers via netbanking.
Q2: What is the maximum tenure for HDFC personal loans?
A: The maximum tenure is usually 60 months (5 years), but may vary based on customer profile.
Q3: Are there any prepayment charges?
A: HDFC may charge 0-4% of the principal outstanding as prepayment charges, depending on when you prepay.
Q4: How accurate is this calculator?
A: This provides an estimate. The actual EMI may vary slightly due to rounding or additional charges.
Q5: Can I get a lower interest rate?
A: Existing HDFC customers with good repayment history may negotiate better rates via netbanking.