Most probably you would be aware of personal loans, which you can be availed from banks, NBFCs or fintech lenders to meet any of your appropriate personal needs. They conventionally come unsecured; means you do not require to promise any of your assets in order to get the loan.
There is an ample number of moneylenders in India who extend the instant personal loans with alluring features and HDFC Bank is considered as one of them who is among the leaders in India in the similar segment. Recently, the bank has also got the title of India’s No. 1 Bank by Forbes.
As the days are passing, personal loans are attaining more popularity due to several reasons and HDFC Bank personal loan is one of the most popular personal loans in India. In this post, you will get to know about the top 5 ways, which you can avail the HDFC Bank personal loan for.
1. To aid your credit score
When your credit score is assessed by the credit agencies, 10-20% of your credit score is dependent upon your “credit mix,” or the varying kinds of credit you possess like loans, credit cards, etc. By including another sort of credit, you may enhance your credit mix and potentially boost your credit score.
Taking a personal loan from HDFC Bank will help you gain your CIBIL score if you pay your EMIs on time.
2. To make payment for planned expenses
If you are in need of funds for some personal purpose such as you want it to repair your car, purchase new tires, shop for a wedding or to go on a trip, a personal loan from HDFC can be an appealing source of money with the lower rate.
If you possess a good CIBIL score, you may get an attractive HDFC Personal Loan Interest Rate. You can also use the HDFC personal loan interest rate calculator to figure out what your payments and interest amount could be on a personal loan from HDFC.
3. To refinance your high-interest debt
If you possess a debt with high interest rate such as a car loan that you availed prior to having a good credit score then you may consider repaying that high interest debt with HDFC personal loan.
After all, with less money going to interest segment every month, you will be able to make much swifter progress repaying your high-interest debt balance.
4. To merge multiple debts
You might be feeling so frustrated if you are encircled with multiple debts such as credit cards, medical bills, etc. as you have to remember and arrange funds to pay off each of them before their respective due dates and perhaps you might come across missing one and pay even more in interest factor alongside penalties.
But by availing a personal loan from HDFC, repaying your debts in a single payment makes you feel hassle-free and reduce a lot of your stress; thus, you can choose the debt consolidation alternative and pay only once per month.
In other words, you would not need to be aware of the due date of every debt you have, you would have to make a single payment every month as a consolidated EMI for all of them and the consolidated EMI will be lesser than the total payment of all the debts.
5. To get rid of risking your asset against funds*
A personal loan is so popular due to its one of the core features and that is its unsecured nature. You may prefer to avail a personal loan from HDFC Bank without risking any of your assets.
*Note: Although, it doesn’t mean that if you do not pay off the availed loan amount, the loan will be written off by the lender. You might have to undergo the legal consequences and this can also ruin all your chances to get another fund assistance from any other lender.
Summing up
The aforementioned 5 ways to use the HDFC Bank Personal Loan will stand out handy along with you. They are the proven and the ideal ways to go for a personal loan from the best bank in India viz. HDFC Bank.
A personal loan fills the space between one’s hopes and his or her financial needs. But alongside this, while borrowing loans, opting for a trustworthy and sheer financial institution is a vital thing to anticipate.
The ways stated above clarify that taking out a personal loan from the best bank in India (HDFC Bank) is an attentive decision because of the sheerness, rapidity, and adhesiveness of the bank towards customer service.
Thus, if you want to avail a personal loan, the largest private sector bank in India – HDFC Bank can stand out along with you as an ideal companion to help you out in times of financial crisis.
