Blog #HDFCPersonalLoan

SITUATIONS IN WHICH A PERSONAL LOAN CAN BE YOUR SAVIOUR - A personal loan is an unsecured loan, which can be issued by a money lender or a bank or any other financing company. It is unsecured because you do not have to pledge any of your assets as security to the bank. HDFC personal loan is also an unsecured loan. The fact that there is no collateral required makes a personal loan suitable to avail in case of an emergency.

Following are some of the situations in which a personal loan can be your life savior-

Medical emergency- There are the emergencies that are the most serious ones and that can take a really serious toll on your finances. Sometimes, a medical insurance may not cover all the expenses and at that time, you can apply for a personal loan. When you will apply for a personal loan, the amount of money will be disbursed in your account in such a short period of time after the successful verification of your details and documents. Also, a personal loan is hassle free and can help you save up money too.

Wedding- Wedding is the one of the main life events of a person and everyone wants their wedding to be grand. A Wedding comes with a lot of financial stresses and not everyone can easily cope up with them. Here, a personal loan can help you as you just need to provide your details and no security and after the verification of the documents, the money will be transferred in no time in your bank account.

Relocation- If you are moving to a new house, you know that it can be stressful physically, mentally and financially too. Personal loan stands there for you in a situation like this. By availing for a personal loan, you can fill up all your expenses easily.

Unplanned vacation- Everyone loves to travel but due to the financial limitations and restrictions, not everyone can for a vacation every year. You can even enjoy unplanned vacations with the help of a personal loan. The money will be disbursed in your bank account in no time and the documentation is minimal and easy. The whole personal loan eligibility is really simple.

Home renovation- Most of the times, the expenses in renovating a home exceeds the original budget and we have no option left but that does not imply that you do not renovate your house or stop it because of the insufficiency of the funds. You can take some financial help by availing a personal loan and you are good to go.

Education of kids- As we all know that the education is getting more and more expensive with the passage of time. However, education loans are also available but some people may not be eligible to avail an education loan. Here, you can apply for a personal loan and provide the support and education to your children that they require. You do not have to see the financial instability as a burden rather you can take help by applying for a personal loan. A personal loan will also make it easier for your child as he/she can take up more courses and continue further education.

Buying gadgets- Today is the age of technology and it is really not easy to match up the pace with the rate at which the technology is progressing. New smartphones are getting launched everyday. From home appliances to the entertainment units, electronics and the technology have become an integrated part of our everyday routine. It has made our work easier. You can avail a personal loan to purchase the new things and keep yourself updated with the system without spending all your savings at once.

CONCLUSION - A personal loan can help you in a lot of ways and especially during the emergencies. It is an unsecured loan and it means that you do not have to provide any security to the bank at the time of applying for that loan.

Must Read:- What should you know before taking a Personal Loan? 

Many banks and financial institutions offer a personal loan without the requirement of collateral being used as the security for the loan. These loans are unsecured, so the rate of interest for these loans is usually high compared with other loan schemes. Several banks charge fees for personal loans and The money borrowed by the applicant must be paid overtime and typically with interest.

Personal Loan eligibility and EMI calculators are available online to check one’s ability and probability of approval in the selection process. The EMI calculators can help in estimating the amount that needs to be paid by a person based on details like tenure of the loan, loan amount that needs to be borrowed, and rate of interest charged by the lending bank.

Where you can find personal loans?

You can apply for a personal loan from your current bank and credit unions. You can also apply for a loan online as many lenders provide loans through online mediums. If you apply for the personal loan through online mode then you get a decision in few minutes and, in some cases, get funding in as little as 24 to 48 hours after your loan gets approved from the Bank.

It has become easy to apply for Loans nowadays, Several options are available for the application process of loans. These options can be discovered through both online and offline modes. Applicants should pay attention while comparing the loan schemes especially online. Some factors affect the loan application for a Personal Loan.

Here are few things that should be considered before the application process of a personal loan-

1. The rate of Interest rate.
2. Fees charged by the lending bank.
3. Repayment terms offered by the lending bank.
4. Borrowing limits (minimum and maximum) offered by the lending bank.
5. The requirement of collateral (if any).

Eligibility criteria

The personal loan amount that you get from the lender depends on your salary, age and city of residence, and other eligibility criteria. Few extra criteria can be imposed as per the guidelines of the Bank or the financial institution. Personal Loan interest rate also varies according to the Bank you wish to apply for the Personal Loan.

How you can qualify for a personal loan in India?

1. You should be a residing citizen of India then only you can apply for a personal loan.
2. Your age should between 23 to 55 years to apply for a personal loan.
3. You should be self-employed or employed by a government or private limited company.

Some of the popular bank schemes for personal loans offered in India are as follows 

1. State bank of India personal loan schemes.
2. Bank of India personal loan schemes.
3. Bank of Baroda personal loan schemes Axis Bank Personal Loan schemes.
4. HDFC Personal Loan schemes.
5. Punjab national bank personal loan schemes.
6. ICICI Bank personal loan schemes.

Documents required for personal loans

1. Identity proof (copy of passport/voter ID card/driving license/Aadhaar) of the applicant.
2. Address proof (copy of passport/voter ID card/driving license/Aadhaar) of the applicant.
3. Bank statement of previous 3 months (Passbook of previous 6 months) of the applicant.
4. Two latest salary slips/current dated salary certificates with the latest Form 16 of the applicant.
5. Few Passport sized photographs of the applicants.
6. Documents of employment of the applicant.
7. Credit Score of the applicant.

Some Banks demand few extra documents according to the policies and guidelines of the bank. The Loan gets approved by Bank or the financial institution within 7-15 days after the verification process of the application is completed. Follow the required steps, submit the required documents, and wait for the verification and approval notification from the bank. The loan amount after being sanctioned by the lending bank gets transferred to the Bank account of the borrower with few days from the date of approval.

Read More:- Guide For A Personal Loan