EMI Calculation Formula:
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EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula calculates the fixed payment amount that includes both principal repayment and interest charges, amortized over the loan period.
Details: HDFC Bank's Jumbo Loans are large-value personal loans designed for high-value requirements with competitive interest rates and flexible repayment tenures.
Tips: Enter the principal amount in INR, annual interest rate (like 10.50%), and loan tenure in months. The calculator will show your EMI, total interest, and total repayment amount.
Q1: What is the maximum loan amount for HDFC Jumbo Loans?
A: HDFC Bank offers Jumbo Loans up to ₹40 lakhs, depending on eligibility criteria.
Q2: What are the interest rates for Jumbo Loans?
A: Interest rates typically range from 10.50% to 16% p.a., depending on credit profile and other factors.
Q3: What is the maximum repayment tenure?
A: HDFC Bank offers flexible tenures up to 60 months (5 years) for Jumbo Loans.
Q4: Are there prepayment charges?
A: HDFC Bank may charge 2-4% of the principal outstanding for prepayment, depending on loan terms.
Q5: What documents are required?
A: Typically requires income proof, address proof, identity proof, and bank statements.