A personal loan is a great blessing when you need money without much trouble or borrowing from friends or family. Whether it is for medical expenses or marriage, travel abroad or studying abroad, home improvement or temporary income, you can get a Personal Loan quickly and easily. A personal loan is easy because you can repay it for a period of time with pocket-based installments and you can get quick cash with small bills or not.
Here are some of the key benefits of a personal loan:-
- Loan processing without the hassle: You can apply for HDFC Personal Loan online on the website or through NetBanking, at an ATM, or by visiting your nearest branch. The application process is fast and the documents are small
- Automatic Disbursement: While mortgages and home loans can take at least a month to close, you may have applied for a personal loan online and have a response the next day. If approved, the money will be credited to your bank account within a few days. You can get an HDFC Personal Loan pre-approved in 10 seconds if you are an HDFC Bank customer. Some can get one in 4 hours.
- It's free to spend money for any purpose: One of the great benefits of a Personal Loan is that you can use your money for whatever purpose you want – be it a wedding, a holiday, a gadget, a business investment, a home renovation, etc. A Car Loan or Car Loan must be used to borrow it.
- There is no requirement to provide collateral: A personal loan is a non-guaranteed loan – this means you do not have to cooperate with money like your home or shares to get a loan.
- Monthly payments are always the same: The interest rate on your loans is fixed, so your payment is the same every month.
- Simple documents: The paperwork and processing time required for an HDFC personal loan is much lower than for most other loans. You can get a loan with the following documents: ID proof, address proof, and proof of income. If you have previously been approved for a Personal Loan, you may not even need to submit any documents.
- Pocket Payment: You can repay your Personal Loan in simple installments or by EMI. Payment terms are often flexible, and you can choose a position that allows you to increase your monthly outbursts depending on your needs. HDFC Bank offers a 12 to 60 months stay for low EMIs like Rs 2,162 per lac. Use the HDFC Personal Loan EMI calculator to figure out the monthly installments for your personal loan.
A few Cons of Personal Loans-
- There is a possibility of you getting caught up in the debt cycle:
If you use a personal loan to cover your financial debt, just remember that you still have your old debt, it just looks different. If you clear your credit card debt with a personal loan and start charging large balances again, you are digging into a hole that you may feel empty.
- They have higher interest rates than certain loans:
Personal loans are usually advertised at very low prices, but the advertised rate is usually the best rate available to applicants with the best credit. Secure loans, such as home loans, are usually cheaper because you have to set up your home as collateral.
