A loan is to be taken by the borrower to meet his/her financial needs. An HDFC personal loan allows you to use the borrowed amount for any purpose like medical emergency, marriage expenses, education, vacation, etc. There are many uses of a single loan. So, in this article you will learn when is the right time to borrow an HDFC personal loan.
Some Details of HDFC Personal Loan Which You Need to Know
- Loan amount depends on the salary and credit history of the borrower
- HDFC Personal Loan interest rate ranges from 10.75%-21.30% per annum
- You can repay the HDFC Personal Loan in 12 to 60 months of tenure in equated monthly installments
- HDFC Bank will charge a processing fee from NIL to 2.5% of your borrowed loan amount which is debited from your disbursed loan.
- You can pre or part pay the HDFC Personal Loan after 12 months of continuous EMI payments for which the bank charges a fee of 2%-4% of your outstanding balance.
- HDFC Personal Loan is disbursed in 10 seconds if you are a pre-approved bank customer. Otherwise, it will take up to 4 house post approval.
Situations When You can Use HDFC Personal Loan
Shortage in Wedding Expenses: It is quite common in Indian weddings that the budget goes above the estimated savings. At that time there is only one way by which you can stop falling this wedding: apply for HDFC Personal Loan. Using the loan you can meet your financial needs and pay it later in EMI without any hassle.
Accident or Illness Treatment: When you are not covered or if your insurance doesn’t cover an illness or injury in those situations HDFC Personal Loan is very useful. Using the loan you can pay the hospital bills, treatment charges and save a life.
Higher Studies Abroad: If you want your children to provide the best education, you need funds for it. And as you know education costs are increasing every year with the competition in the field. So with HDFC Personal Loan, you can beat the inflation rate and get the education you want.
Vacation Outside India: Your foreign trip is on hold because of lack of savings, don’t worry apply for HDFC Personal Loan and get lump sum funds with which you can manage the travel cost and shopping expenses. And you can pay for the loan in EMI which makes it an affordable deal to you.
Apply for HDFC Personal Loan:- You can visit your nearest HDFC Bank branch and ask for a personal loan to the bank representative who will give you a detailed information of HDFC Personal Loan. After that the bank representative will hand you an application form which you have to fill in and submit to apply for HDFC Personal Loan. the borrower needs to submit the form along with the appropriate ID, income and address proof. If your loan request is approved you will get a notification on the registered mobile.
An existing HDFC customer doesn’t have to go through this long procedure, he/she just has to visit the bank official website and check for the pre-approved offer. So, apply for your HDFC Personal Loan today and meet your financial needs with it.