If you don’t have any insurance to cover the hospital bills, apply for an HDFC Personal Loan. This product helps you borrow a lump sum amount. And the repayment will be in equated monthly installments (EMIs), so there won’t be much burden on you. To apply for the loan, you just need an internet connection and a smartphone. By visiting the bank’s website, you can apply for a HDFC Personal loan without any hassle. Keep reading this page to learn more about HDFC Loan.
How Much HDFC Personal Loan Can I Borrow?
Using the personal loan product of the bank, one can borrow a maximum of INR 40 Lakh. And as you know this is an unsecured loan, you won’t need any collateral. No asset is at risk and you can meet the hospital bills for the treatment.
The loan limit of the applicant is based on his/her monthly income. At least INR 25,000 per month income is needed to borrow an HDFC Personal Loan. If you meet this criterion, you can get the loan amount.
Note – The minimum income won’t be enough for applying for a high loan amount. So, ensure your income is enough to pay off the borrowed amount with ease.
What is the HDFC Personal Loan Interest Rate?
The interest rate charged upon the HDFC personal loan is 10.25% onwards. And the rate will apply annually to your loan balance. You can have a low-interest rate if you have shown a record of good repayment indicated by a credit score of 700 and above. You can thus check your credit report to know your credit score as well as your previous repayment history such as credit card bills, loan EMIs, etc. And if they’re paid off without any problem and the same is mentioned on your credit report, you can then negotiate with the lender for a lower interest rate.
Someone with more income and less obligations would inevitably save more and stand a great chance of maintaining a solid repayment track. The benefit of this would translate into a lower rate on your borrowed amount.
How to Repay the HDFC Personal Loan Post Disbursal?
Now that you have got the loan amount and meet your hospital bills, start planning for the repayment. You can pay off the loan amount in equated monthly installments over 12 to 60 months. The longer the tenure, the more affordable will your EMIs be. But you also have to take care of the interest payout.
Because the longer tenure may result in higher interest payments. Ensure your repayment is balanced with the help of an EMI calculator. As its name suggests, using this tool, you can find out your monthly installment for the borrowed amount. Plus, you can see the total interest paid. The tool helps you know which tenure results in affordable EMIs and interest payout.
Close HDFC Personal Loan Early If Have a Good Financial Year
If you have saved a lump sum amount and can pay the loan outstanding payment, do the same to get rid of the remaining interest amount. To plan the loan closure, take help from the HDFC Personal loan EMI calculator, and find the period when the loan balance you can pay off. Lock in the date and see the savings amount. Do add the prepayment fee while computing your savings.
The bank charges a prepayment penalty from 2-4% on your outstanding balance. Upon closing the loan, don’t forget to collect the no-objection certificate. As it will be the proof of your complete repayment. So, in case any issue arises in the future, you’ll have proof that you have paid off the loan.
So, borrowing an HDFC personal loan for paying off your hospital bills has numerous benefits as elaborated in this post.