Tag: HDFC

Handle All Your Daily Expenses With Personal Loan

Every salaried person has fixed date of getting salary either in the form of cheque or in their bank accounts. They have to manage all day to day expenses with this income only. Everyone knows that life is unstable, and anyone can encounter with any financial difficulty anytime. Even the available income source cannot be so much helpful for handling all the daily expenses. Personal Loan is the best solution to resolve all the financial matters at once. If any individual faces any financial difficulty, then he / she can avail Personal finance instantly.

Personal loan is an unsecured debt which can be availed without pledging any belongings to the lender. This is the best form of credit which can be used to overcome all the financial issues in life. Various lenders like ICICI, SBI, HDFC are offering personal debt in every part of our country. A person can easily avail HDFC Personal Loan to cater all the personal requirements easily. Delhi is an urban city in which people are finding it bit difficult to fulfill all the basic necessities of life. Personal debt is getting very popular these days due to its significant features which are discussed below:

1.Multipurpose debt: Personal loan is a versatile loan which a person can use for multiple loan requirements. These needs can be paying all the pending telephone and electricity bills, funding for wedding of for going on a dream vacation with your family and so on.

2. Quick availability: Any individual can easily avail personal debt within 48 -72 hours. personal loan are unsecured, so there are not any lengthy procedures to trail for availing the personal debt.

3.No guarantee requirement: Being a unsecured finance one can easily acquire money because one do not need to pledge any property to the financial institution. Hence, this loan option is the better option for all the tenants and non homeowners for obtaining cash immediately.

4. Minimal documentation: Any individual who is applying for personal debt needs to offer only fewer documents such as income proof, residence proof, age proof and salary slips. A self employed professional need to submit an ITR of last 2- 3 years showing stability in his / her business.

While availing loan from a lender, every person examines every loan offer by considering a personal loan rates into account. Thus, a person should do a brief research work regarding the interest rates available in the market. Any person who is availing unsecured debt can easily avail loan mount ranging from Rs 50,000 to Rs 20 Lacs depending upon his / her necessity. There is an option make repayments in tenure period of 12- 60 months. A person can easily pay the entire loan in the form of Equated Monthly Installments (EMI) easily.

Thus, personal loan is like a boon for all the people who cannot handle all the daily expenditures at once.

The Gold Loan Verses The Personal Loan

You can use the financial support banks lend for almost anything from international travel to a medical emergency. So, there are several kinds of resources that you may have that come in handy while taking the loan for generic financial requirements. One of the resources is loan. However, it is important to know the purpose of taking a loan. You need to compare factors like interest rates, eligibility criteria, processing fees, prepayment penalties, etc. before applying for any one of these emergency loans. Many of the loans are easily available, which is basically divided into two types: secured and unsecured loans. The most common and popular secured loan is Gold Loan.

Gold Loan:

This type of loan against gold uses it as the collateral deposit, which needs to be kept with the bank in order to obtain a loan. This loan has lower interest rates but the risks are extremely high. In case a default occurs, you could risk the loss of ownership of the gold you have. However, the gold loan is the most favorable emergency loan in India.
As most Indians traditionally and culturally keep a lot of gold for various occasions like wedding gifts and investments. An emergency loan can be processed as the loan against idle gold. Most leading banks like provide gold loans for excellent interest rates that range between 12 – 16%. You can use gold to secure an emergency loan based on (Loan to value) LTV ratio. This may be higher than the other type of loans; however this proves to be very beneficial when a high amount of loan is needed.

Personal Loan:
In the personal loan, you need not pledge any security or collateral. Personal loans are easy to handle, fast and hassle free, thus proving to be an ideal option for emergency financial requirements. Since it doesnt require any collateral, one can get a personal loan as easily as clicking a button.

Compared to gold loan, personal loan has higher interest rate. Though, most banks offer competitive rate between 14 to 25%. However, it is processed much faster. If you provide all the documents necessary, organizations like HDFC bank sanction and credit the loan amount in your account within 24 hours. The most important thing it can do is to help you escape the crisis or the need. So, whether you have time to opt for gold loan or have a good credit score for the personal loan, these financial products are designed to evade the financial need.

Personal Loan Funds to Meet all Personal Needs

There are various types of loans that cater to the different requirements of a person. There are various people who do not possess any collateral and therefore does not get qualified for secured loans. For such people, a loan scheme has been designed that does not require any asset to pledge. This loan is known as -Personal Loan-. It is a convenient option for the people who do not want to risk their valuable assets.

A Personal Loan is tailored to meet the personal requirements of the people. It is an all purpose loan that can be availed to meet a variety of personal works. Usually a person applies for this loan for the following purposes:

Going for an expensive and luxurious occasion.

Wedding in the family.

Paying medical bills or electricity bills.

Purchasing a new vehicle.

Home renovations or improvements.

Higher studies.

Expanding the existing business and many more.

There are many financial firms that offer personal loan to the people at an attractive rate of interest. The major banks in India that provide unsecured loan are HDFC, SBI, PNB, Fullerton, Citibank and so on. So, there are various options that come up to a person. The person should have a good plan to get the best Loan in the market. One should check and compare the various deals and make a wise decision.

As a personal loan is unsecured in nature, the lender has nothing to authenticate in case of non repayment of the loan. Therefore, it is offered at a high rate of interest as compared to secured loans. In case, the person does not refund the loan in time the lender can easily avail the money through interest rates. But, it is a better opportunity for the people who are unable to provide collateral.

The basic requirements to apply for a personal loan are income and credit score of the person. The loan is sanctioned on the basis of the repayment capability of the person. A person with poor credit and low income cannot apply for this loan. The minimum credit rating required to avail this loan is 650. The tenure of the loan ranges from 5 to 10 years. This tenure can be extended by some lenders in case of a big loan amount. The person should always go through the details of the loan before applying for it. This is because it is the person who has to pay the loan in the future.