Blog #HDFC personal loan calculator

If you had to apply for a personal loan, your personal loan or even in offline mode application was brutally scrutinized by most banks, any bank and non-banking or any financial institutions. Most of the applications were rejected and the ones who were shortlisted had to prove their repayment capability by providing extra proof in terms of more documentation. The scenario has changed now. With the increase in competition in personal loans banks and lenders are interested in increasing their sales or even making personal loans accessible to more people trends in personal loans.

Digital personal loan business:-

You had to go to the bank many times in the hope of getting your personal loan approved. It can be online or it can be offline. Now, everybody has a mobile phone and the fintech boom has made it possible for a personal loan to apply online. Making the personal loan or trends in the personal loan process digital has helped the sales to soar high. Time-consuming and tedious loan application trends in personal loan processes are the things of the past. The present scenario allows you to apply for a personal loan online or either offline for a personal loan. Trends in the personal loans you can easily compare the features of different loans and complete the entire application process in a few minutes it can be approved.

Increasing flexibility in EMIs for a personal loan:-

The latest trend in personal loans that can be online or offline is the flexibility it offers the borrowers in increasing or decreasing their EMI amounts and paying it on time depending on their financial situations.

Repayment modes in personal loan:-

Waiting in a queue to make a payment like EMIs is now passé. You now have options like Standing Instruction, net banking apply online, etc. Personal loan calculator is used in estimating EMIs.

Online Lending Platforms for a personal loan:-

Considered the biggest change in personal loans to affect the personal loan market in India, the online lending platforms have given people a higher level of comfort related to any personal loan and convenience. These platforms offer instant personal loans apps and websites or even offline mode. 

Wondering why are the first choice for instant personal loans in India?

Personal loans or any other loan now are not restricted to traditional banks. There is a surge of online lending platforms or even offline mode. MoneyTap is one such online lending platform where people can get personal loans or personal loans or any other loan of credit score ranging from ₹40,250 up to ₹6 Lakh. MoneyTap offers a number of benefits to its customers. Some of them are:

• Lower interest rates in personal loan
• Easy approvals of any loan
• Quick disbursal in personal loan

With increasing digital, personal loans or any other loan are largely being used. This is pushing Banks like HDFC personal loan to encourage less paperless and more automation for any personal loan and tools like HDFC personal loan calculator. Now, you have to submit just as many documents as countable on your fingertips; it must be for everyone who will take any loan that includes address proof, ID proof, bank statements, or anything else. All the processes have been turned to AutoFill in online mode. The app gathers/collects information already stored on the system about the applicant and autofill’s required fields of personal loan.

Conclusion:-

A larger number of individuals are financially conscious now and do not take personal loans or any other loan as a liability. There has been a found love in learning new means to digital and how it affects the financial market or related to personal loans. This is a great way to explore opportunities in trends for personal loans.

Also Read:- How To Take Help Of Co-Applicant In a Personal Loan 

The pandemic has affected our economy badly. It is one of the most deadly pandemics after the Great Influenza pandemic of 1918-1919. It was the worst natural disaster in US history, with an estimated 675,000 deaths. And during these challenging times, the only hope that people have is loans. 

What is a Personal Loan? 

It is an unsecured loan that is used by individuals to get instant fund assistance. You don't have to pledge any asset as collateral to get funds from this loan. Many banks and NBFCs (Non-Banking Financial Companies) provide the facility of personal loans. Personal loans have relatively low interest rates than other types of borrowing. There are a lot of benefits that you can get from applying for a personal loan. 

Some of the common benefits are: 

1) Hassle-free processing:- The entire personal loan process is speedy and hassle-free. The process will only take 2 to 5 days to get processed. A lot of banks will approve your application quickly if you have a high credit score. 

2) Unsecured:- Personal loan is an unsecured loan. So you don't have to pledge any assets to get funds from this loan. 

3) Flexibility:- Customers have the flexibility to use the funds they get through this loan freely. Banks don't monitor the end usage of the fund. So you can use the funds for various purposes. 

4) Credit Score:- If you're someone who has a bad credit score, then you can use this loan as an opportunity to increase your credit score by paying the instalments on time. 

5) Documentation:- The entire documentation process of a personal loan is very quick and easy. You'll have to attach the application form along with some essential KYC documents required for verification. Unlike any other loan, you don't have to submit a bundle of paperwork to get your loan approved. 

Essential factors of Personal Loan

1) Credit Scores:- It is a three-digit number that will determine your creditworthiness. A lot of banks will use your credit score as a primary criterion to accept your application process. A high credit score can help you to get a lot of benefits. Your credit score will be a factor to build trust between you and your lender. 

2) Employment:- Personal loans only accept the application of employed individuals. So you'll have to be employed in order to get your loan approved. Your employment status will play a significant role in determining your loan approval. A work experience of a minimum of one year in your profession is required. 

3) Income:- A minimum income of INR 10,000 is required to get your loan approved. Your income will also plays a vital role in determining your application approval. If you're applying for a high loan amount, then you should have an income capacity to repay the loan amount. So be sure to check your income before making a decision regarding the loan amount. You can use some online tools like the HDFC personal loan calculator.

The personal loan application process

1) Firstly you'll have to apply for a personal loan facility. You can use either online instant personal loans or offline methods.

2) You'll have to fill the entire application form. Complete all the necessary details required by the bank. 

3) Then you'll have to submit some essential KYC documents along with some documents like: 

a) Address proof - Banks will ask you for address proof like Electricity Bill, Telephone Bill, Postpaid Bills, etc.

b) Income proof - Payslip, Form 16, ITR, Tax Challan, etc.

c) Employment status - You'll have to show a confirmation of your employment. For that, you'll have to submit an Employer Certificate, Offer Letter, Certificate of Experience, etc.

d) Identity proof - An identity proof like Aadhar Card, Pan Card, Passport or Driving License.

4) After you've submitted all the documents, the bank will verify your documents to check whether or not the application should be approved. 

5) Once the bank approves your application, the loan amount will be instantly disbursed to the borrower's bank account. 

This entire process of personal loan will take 2 to 5 business days. A lot of banks provide the facility of personal loans. To compare all the options and then choose an ideal bank for a personal loan. 

Also Read:- HOW TO CHECK THE CREDIBILITY OF A LENDER BEFORE AVAILING A PERSONAL LOAN