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Most of us tend turn to our friends and family when we need money urgently. We may not like it, but we do it because we believe we hardly have any other choice. But borrowing money from friends and family can put a strain on our personal relationships and put you in an awkward position of obligation, especially if we are unable to repay the loan amount on time. Some of us also borrow from money-lenders who may charge us a high interest rate along with collateral. If you can identify with any of these scenarios, it is time to consider taking out a Personal Loan to repay your debt. There are several benefits of doing so.
You can pay back the loan in affordable EMIs: Personal Loans are one of the best products offered by banks. They are often unsecured in nature i.e. you do not have to provide any collateral against the loan. The loan amount is typically sanctioned and disbursed in a just a couple of days. There is also no restriction on how you choose to use your loan amount, so long as you repay it. You can repay the Personal Loan in affordable EMIs, by selecting a tenure that suits you. Banks generally offer a minimum tenure of 1 year and a maximum tenure of 5 years for loan repayment.
You do not have to take on any obligations: While your friends and family can lend you money in times of crises, borrowing from them can put you into an obligation that you may want to avoid. Being indebted to people you know, can also affect your relationships if you are unable to repay the loan within the time promised. Also, there is the added pressure of repaying the money borrowed from your loved ones in a single instalment. A Personal Loan allows you to pay off your existing debt without going into any obligation. You can repay the entire loan amount borrowed from your loved ones and pay off the Personal Loan in EMIs.
Personal Loan helps you manage your high cost debts: High cost debts can often put a damper on your financials. They can affect your monthly budgets since you would be spending a large chunk of your income in paying off these high cost debts. A Personal Loan helps you pay off this high cost debt within a single payment. Once you have paid off this high cost debt, you can pay off your personal loan in affordable EMIs.
Personal Loan helps you settle your Credit Card debt: Most of us use our Credit Cards to make big and small purchases. If we are not judicious in using this plastic money, we may end up accumulating a lot of debt. Failure to repay Credit Card debt within the stipulated time can result in you having to incur high penalties. A Personal Loan, also known as an easy EMI Credit Card Loan can be taken to settle your Credit Card debt. You can pay off your Credit Card dues in a single instalment, so that you do not incur any additional penalties. The Personal Loan in turn, can be settled in EMIs.
Know more about the different Personal Loan benefits.
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* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.
