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Personal loans are unsecured loans that can be availed with minimal documentation and are disbursed fairly quickly by HDFC Bank. In recent years, HDFC bank has seen a surge in the number of individuals opting for personal loans to finance their travel, shopping, and other urgent financial needs.
These come with a flexible repayment schedule that ranges between 1 year and 5 years. HDFC Bank offers customers the option of choosing the loan tenure that is most convenient for them. These are some of the primary reasons why most people prefer personal loans over other types.
While customers have the option of selecting a repayment tenure and EMI options that are comfortable for them, there are many instances where the borrower could have trouble repaying the EMI for a particular month or time period. Missing on 1 or 2 EMI payments might not look like a big deal but it does have certain negative impacts.
About HDFC Bank Personal Loan EMI
A personal loan is also called ‘unsecured’ because unlike a house or a Car Loan, borrowers don’t have to pledge any of their assets as collateral. The lack of collateral also makes a Personal Loan an ideal choice of funding when one needs it urgently. Here are some of the ways in which a personal loan can act as a saviour during emergency situations:
Here are some of the consequences of missing out on HDFC Bank’s personal loan EMI payments.
What’s the big deal about missing EMI payments occasionally? It could be a problem if one is habitually careless about repayments. A missed EMI or an overdue on a personal loan EMI can spiral into a debt trap over time.
Here is why it could be bad for any individual who is looking to maintain a good credit reputation:
A Dwindling Credit Score - a Credit score is an indicator of one’s credit health and repayment capabilities. For a healthy debt profile, it is advisable to keep the debt records clear. Identify areas where there is a debt problem and try to work on them. For example, you may find yourself stretched thin on your monthly budget and may, therefore, have missed a payment deadline. To get an infusion of cash and comfortably make room for other purchases, you may wish to consider additional Personal Loans to ease your finances. Timely repayment of Personal Loans can energise your credit score.
Juggling Various Loans - Repaying a Car Loan, two Personal Loans, and two Credit Card bills each month could be painful for any individual! It can get exhausting to repay different loans at different times each month. One may want to consolidate all the loans under one loan umbrella; this can ensure a fixed rate of interest, a single repayment window every month, and peace of mind.
Lack of Savings - It is never too late to set a savings goal. Saving money for the future can help one achieve various financial dreams. Many low-risk investment avenues such as Recurring Deposits, Retirement Schemes, and Mutual Funds allow one to invest regularly. One can benefit from the advantages of compound interest by making periodic/monthly investments. Lack of savings could also be the primary root cause of missing on EMI payments.
Here are some of the ways in which a borrower can avoid loan defaults:
Active Financial Planning - It is advisable that borrowers plan their finances more efficiently and well in advance in order to avoid the chances of defaulting on a loan.
Opting for a Lower EMI – If there is a possibility of defaulting on a loan payment, the borrower must approach HDFC bank and inform them of his financial circumstances and request for a lower EMI. HDFC Bank can lower EMIs by either extending the existing loan tenure or converting an unsecured loan to a secured loan. When the loan is converted to a secured loan, the interest payable on the amount borrowed is also lower. Of the 2 options, converting an unsecured loan to a secured loan is ideal since the reduction in EMIs is significant when compared to extending loan tenures.
Part Payments – Another way of lowering the EMI payments and the interest rate is to go for part payments. This method helps in ensuring that the borrower is capable of making EMI payments for the entire loan tenure. When the borrower has surplus funds and an active personal loan, making a part payment can ease the financial burden.
EMI-free period Request- A borrower can approach HDFC bank and request for an EMI-free period in case he faces a crunch in the inflow of finances. Such requests are considered by the bank, especially if they have lost their job or are temporarily facing issues with business operations. The bank gives customers a 3 to 6-month waiver on EMI payments, following which the borrower must resume EMI payments.
HDFC Bank Personal loan comes at attractive interest rates and many people opt for it. However, one has to be careful about maintaining steady EMI payments to ensure that the credit standing remains unchanged. While HDFC Bank offers a lot of flexibility in repayment options, it must be used positively to ensure timely repayments.
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