Borrow An HDFC Personal Loan to Meet Your Medical Emergency

In today’s world it is common that you will get sick or met with an accident. And to make sure that it won’t hurt your financial plan, you can apply for an HDFC personal loan. What is a personal loan? This is a type of a loan where you can borrow money from the bank without pending any kind of asset. So even if you fail to repay this loan, it will not cease any of your personal belonging for compensation. Read this article and find more about the HDFC personal loan.

How much can you borrow from HDFC Bank?

The loan limit will depend on the borrower income and credit worthiness. To find about this the bank requires all the income details of the borrower like salary slip, credit report, bank statement, form 16, etc. Once the bank knows how much you will save and what you spend on a monthly basis, they will decide your loan limit, up to which you can borrow from HDFC Bank without any collateral.

Is there any interest on my HDFC personal loan?

Yes, HDFC Bank charges an interest rate of 10.75-21.30% per annum. And this interest rate will be paid along with your borrowed loan in equated monthly installments. The lower the rate the better this will be for you to repay the loan faster.

To have a low HDFC personal loan interest rate, you need to make sure you save more than you spend, and pay all the credit card and loan dues on time. Because this will make your profile worthy of a low HDFC personal loan interest rate.

When do I pay the HDFC personal loan?

Loan repayment will start from the next month, once the disbursal has been made. You have a period of 12 to 60 months for the HDFC personal loan repayment. And to decide the best tenure, you can take help of the HDFC personal loan EMI calculator. This tool will help you estimate the appropriate EMI amount as per your budget. You just need to follow the instructions as mentioned below.

• Visit HDFC Bank official website

• Go to its ‘HDFC Personal Loan’ section

• On the page header you will see the ‘EMI Calculator’

• Enter your loan amount, interest rate and desired tenure

• Click the ‘Calculate’ button

When you do as mentioned above, your EMI will be displayed on the screen and interest and principal outgoing will be seen in a graphical representation.

When will you get your funds?

Taking care of your emergency situation HDFC Bank disburse the loan amount to your bank account within 10 seconds only, if you are an HDFC customer. Otherwise, it will take up to 4 hours to process the loan.

Additional security to the borrower

When you apply for the HDFC personal loan, the bank offers you an insurance policy like a Personal Accident Cover with which you can avail up to INR 8 Lakhs, and a Critical Illness cover of up to INR 1 Lakh that will help you in the hard times. You can pay the policy premium for these policies along with your loan EMI. But there are some applicable taxes and surcharge plus cess will be charged over it.

Your HDFC personal loan will be secured with Sarv Suraksha Pro that gives you a Credit Shield Cover which is equal to the outstanding loan amount. So apply for the HDFC personal loan today, if you are tackling any financial issues right now.