Reasons to opt for HDFC personal loan
HDFC Netbanking, HDFC Personal Loan
Your financial requirement does not always appear when you expect it. In fact, you might require money at times when you least are ready for it. In older times, borrowers visited money lenders. Today, all the personal money needs are met by personal loans through HDFC personal loan, SBI, PNB etc. Designed as an instant solution, a personal loan does not require security or collateral like a mortgaging house, jewellery, etc. There might be distinct circumstances that make you opt for a loan. Whatever is the requirement, availing of a personal loan is simple. Let us closely look at the crucial 6 reasons why individuals like you should opt for the personal loan through any lender like HDFC personal loan or other or through HDFC net banking if you are an existing HDFC Bank customer.
Debt consolidation
Many of the applicants have loan issues. Such issues are not in terms of loan repayment. The issue lies when holding too many loans. Having several loans convert to many EMIs. To avoid it, you may apply for personal loans. A personal loan helps consolidate all debts in a single loan, with a fixed rate of interest and repayment tenure. In such a manner, you can simply avoid the inconvenience involved in servicing many loans.
Repaying credit card loans
Credit card loans are extremely expensive. It is a fact. It can be for shopping in times of festivities, emergencies or for meeting costs incurred in overseas trips. Spending a lot from your credit card, timely repayment can be a major issue. With the annual finance charges of up to 52 % p.a., it is a massively costly debt to carry for a long time. Thus, using a personal loan, which holds an annual rate of interest of 12 to 15 %, is a smart option. You can save a lot on interest costs, which helps keep your credit history intact.
Cannot ask family or relatives for funds
Many of the applicants come from well-off families. For them, availing of a loan is not a big problem. The problem is linked with the social pressure of availing a loan from family. Loans taken from parents or siblings are usually free with zero interest. However, relationships might become extremely uncomfortable after availing loan. Few relatives can talk publicly about lending you funds, causing embarrassment. Opting for a personal loan from a top-class financial lender like HDFC personal loan means nobody knows about a personal loan. It is a secret.
When purchasing a home
It is a known fact that a home loan covers about 80% of the home cost. Thus, homeowners are expected to bear 20 % from their own pocket. Additionally, legal or registration fees and other taxes might cost another 15 to 20 %. If you spend your savings corpus for a few other reasons, you will require a loan to cover additional funding needs. Your annual bonus might be adequate to repay the small loan; however, the bonus is around 8 months away. Here is where opting for a personal loan makes full sense. With limited documentation norms, you can apply for a personal loan and avail of it.
Medical emergency
You might have a pragmatic hospital insurance policy, but this does not mean you are covered 100 % completely. Hospitalization expenses are exorbitant. As this happens, the sum assured limit of the policy is generally breached owing to the healthcare expenses. A crucial surgery that can be life-saving might require you to instantly deposit money at the front desk of the hospital within 24 hours. When people witness this issue, they avail themselves of a personal loan. With instant turnaround time, applying for a personal loan and availing disbursement can take place within hours during exigencies. Thanks to the attractive personal loan rates, the EMI would be affordable. In this manner, the healthcare of your family will not be compromised.
Wedding purpose.
Parents save a lot for their daughter’s wedding. But with the double-digit inflation and various other issues, at times, the marriage corpus may not be enough. For the grooms, there may be hardly any funds saved, particularly if they are marrying at a younger age. With the expense of marriage today higher as compared to 10 years back, financial assistance during a marriage is required. Many of the individuals do not ask for fund assistance from their friends and family. Instead, they opt for personal loans. Opting for a good personal loan amount helps them in utilizing it for wedding costs, honeymoon trips and for setting their new place. For borrowers with a regular income stream, opting for a personal loan for a wedding & repaying the debt from their salary makes good sense. Using a credit card or opting for a loan from a neighbouring lender is a costly proposition. In place, applying for a personal loan with a repayment tenure of 5 years and slowly repaying the loan based upon your convenience and comfort is a better option.
Reasons to avail HDFC personal loan
∙ Can check the eligibility for a personal loan in just a minute and choose the branch at your convenience.
∙ Avail the funds in ten seconds in case you are a pre-approved HDFC customer.
∙ Other customers can avail of a loan with four working days, which is subject to verification and documentation according to the bank’s needs.
∙ They come with a simplified personal loan application process. Personal loan online applications can be made with just a few clicks.
∙ For nominal premium, you can opt for personal accident cover of around Rs 8 lakh and the critical illness of up to Rs 1 lakh. The premium for such policies will be reduced from the loan amount during the disbursal. Surcharge/cess and applicable taxes are charged additionally.
∙ You can secure your personal loan with the Sarv Suraksha Pro. Major advantages are:
1) Credit shield cover equals the outstanding loan amount
2) Accidental permanent/death disablement cover of up to Rs 1 lakh*
3) Accidental hospitalization cover of up to Rs 8 lakh*
*Terms and conditions of the insurer might apply. The policy is offered by the HDFC Ergo GIC ltd.