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Personal loans often come at a very high-interest rate, between 15 to 20%. This is where balance transfer can be a good idea. If you are paying high interest on a personal loan, a personal loan balance transfer can save some money for you. A balance transfer can also be used for other types of loans like home loans.
Banks and lenders can take the below-mentioned actions in case a borrower fails to repay a secured personal loan
Personal loans are unsecured loans that prove to be a convenient choice for many individuals. It comes with comfortable repayment terms. However, the current Covid situation has put immense pressure on borrowers in repaying personal loans.
HDFC Insta Jumbo Loan is a pre-approved loan available to HDFC Credit Card customers. In other words, it is a credit limit set for the cardholder that is higher than their current credit limit. This money is deposited into their HDFC savings account in one lump sum.
Yes, there are a number of lenders who offer personal loans to freshers and new employees. Your eligibility shall be determined based on your income and current liabilities. Your credit score will also be taken into account provided you have a considerable credit history.
Sometimes we overspend on a credit card since we do not see actual money changing hands, nor get a sense of our bank balance coming down. This is one of the drawbacks of dealing with virtual money and credit. So, what do you do when you have spent more than what you can pay and not feel trapped in the credit card debt cycle
Pledging a collateral when you have a low credit score can help you get a decent deal on loans. This collateral can act as a low-risk bearing factor not just for you but for the risk associated with lending to you. The collateral acts as a leverage for you to negotiate with the lenders to offer you lower interest rates.
Yes, personal loans can be restructured as per the relief plan offered by the RBI. The Reserve Bank of India recently announced a one-time restructuring plan to provide relief to individual borrowers struggling because of the pandemic. This restructuring option is available till the end of 2020 with some terms and conditions.
Yes, you can pay more than the regular EMI. The excess amount will not only decrease your principal outstanding, but also reduce your interest burden. You can pay one extra EMI (than the usual number of EMIs) every year. This is an effective way to reduce your loan tenure, and in turn to lower the interest cost.
You will have to pay the penalty with fees, a maximum of upto Rs. 750 for Electronic Clearing System (ECS) debit bounce on your HDFC personal loan account. You should take ECS very seriously because an ECS debit mandate is just like a cheque issued by you. This means, you need to ensure you have enough funds in the account, so that you get your ECS cleared.
Just because you are retired and drawing a pension, it doesn’t mean that your expenses come to a pause. There are plenty of financial commitments for pensioners like funding a child’s marriage, unexpected medical expenses, and finally going on the overseas vacation, that they have always dreamt of.
The first rule to clearing off your outstanding debts is not to take any more debts, until you settle all outstanding dues. You can follow either of these strategies to pay off your debts quickly.
Moratorium is offered by banks in the wake of COVID-19 pandemic to defer payment for up to 6 months. While you can stay away from making the repayment, interest charges apply during the moratorium period. If you plan to use the moratorium period for your personal loan, through the moratorium EMI calcultor, you can get to how much you will be paying additionally after the moratorium period ends.
HDFC Bank has announced an extension of the moratorium on loans to 31 August, 2020. You can avail loan moratorium up to 6 EMIs due from 1 March, 2020 and 31 August, 2020. If you take up the moratorium you wouldn’t have to pay your EMIs between the moratorium period given.
Netbanking is the easiest way to pay your HDFC Personal Loan EMI. Personal Loan EMIs are usually auto-debited from your bank account via NACH Mandate or ECS. However, if you want to make an overdue loan payment, you can do so from the HDFC Bank website.
Personal Loans are unsecured loans and your income proof is an important document to process your loan. However, if you are self-employed and don’t have documents for income proof, there are other documental proofs you can provide to avail of the personal loan.
Applying for a loan while being unemployed might not get you high approval chances for the loan you are looking for. Lenders would need to see a source of income, so that they will have an assurance that you will make your payments on time. Having a guarantor will give you a better chance of qualifying for the loan. But even though if you don’t sign a guarantor you can always go for a secured loan.
Personal loans are easy to avail and you wouldn’t need to pledge collateral as they are unsecured loans. Due to this reason, these loans have comparatively high interest rates, when compared to secured loans like home loans and gold loans. The loan amount that you get approved will depend on different factors: your monthly salary, your credit score, your repayment capability, etc. A lender will want to know your monthly salary, so that they have an assurance that you will make your monthly EMIs without any delays or difficulty.
There are a few factors that will be taken into consideration before you qualify for a personal loan. One of the main criteria that will be checked is your monthly salary. The minimum monthly salary you would need to apply for a personal loan will be approximately Rs. 15,000. People who have a salary below that might find it difficult to qualify for a loan. They might have chances of qualifying, but might not get high loan amounts and would have to pay higher interest rates. But banks usually prefer borrowers to have a monthly salary of Rs. 25,000.
A loan is itself a debt. To pay off your existing debt, taking a loan can increase your debt burden as a loan comes with interest payment. However, it also depends on the type of debt you have at the moment. For example, in case you want to consolidate all your debts and pay off as a single one, you can opt for a debt consolidation loan. This can help you make a single payment each month to one lender. However, you need to compare the interest rates on existing loans and the new loan. Higher interest on new loan means higher repayment.
For all types of loans (secured and unsecured), the applicant must show proof of income so that lenders can evaluate your repaying ability. Although a housewife works hard for the family’s well-being, she is still treated as a non-earning member. Despite this, there are options to become eligible for loans.
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