Personal Loan Benefits You Need to Know
14 May, 2025
Synopsis:
Personal Loans are a hassle free way to fulfil emergency expenses.
Personal Loans offer various benefits like instant disbursal and no requirement of collateral.
You have free use of the funds and need to give minimal documentation.
A Personal Loan is a great boon when you need money without too much of a hassle or borrowing from friends or family. Whether it’s for medical expenses or a wedding, foreign travel or study abroad fees, home renovation or short-term cash, you can get a Personal Loan quickly and easily. A Personal Loan is convenient because you can repay it over a period of time in pocket-friendly instalments and you can get quick disbursal with little or no paperwork.
Here are some of the key advantages of Personal Loans.
- Hassle-free loan processing: You can apply for personal loan online on the website or via NetBanking, at an ATM or by visiting your nearest branch. The application process is quick and the documentation is minimal.
- Instant disbursal: You could get a personal loan in 10 seconds* if you are an HDFC Bank customers. Others can get one in 4 hours*.
- Free to use the funds for any purpose: One of the biggest advantages of Personal Loans is that you can use your funds for any purpose you like – be it a wedding, a holiday, a gadget, business investment, home renovation etc. A Home Loan or a Car Loan must be used for the purpose that you borrow it.
No need to provide collaterals against the loan: Personal Loans are unsecured loans – this means you do not have to mortgage collateral such as your home or shares to get the loan.
Easy documentation: The paperwork and the processing time required for a Personal Loan is much lower than for most other loans. You can get a loan with the following documents: ID proof, address proof and income proof. If you are pre-approved for a Personal Loan, you may not even need to submit any documents.
Pocket-friendly repayment: You can pay off your Personal Loan in easy instalments or EMIs. The payment terms are usually flexible, and you can choose a tenure that allows you to optimize your monthly outgo according to your needs. HDFC Bank offers tenures of 12 to 60 months with EMIs as low as Rs 2,162 per lac. You can check your Personal Loan EMI calculator.
With so many benefits, a Personal Loan offers the ideal financial assistance, to Jio Shaan Se! Apply now!
Know What is the best way to choose a best Personal Loan?
FAQs
What is a Personal Loan and its importance?
Banks and financial institutions offer a Personal Loan to cover a variety of personal expenses, including medical emergencies, home renovations, weddings, or travel. Unlike secured loans, it does not require collateral and is approved based on your creditworthiness, income, and repayment capacity. Personal loans are significant as they offer quick access to funds, minimal documentation, and flexible repayment terms. They empower you to manage financial shortfalls without liquidating savings or investments.
Can an unemployed person apply for a Personal Loan?
While most lenders require stable income proof for Personal Loan approval, unemployed individuals can still apply under specific circumstances. They may qualify if they have alternate income sources, such as rental income, a part-time job, or a guarantor with a good credit profile. Additionally, lenders may offer loans based on assets like fixed deposits. However, these loans often come with higher interest rates due to the associated risk. It’s essential for you to evaluate your repayment ability before applying to avoid financial stress.
What are the advantages of Personal Loans in India?
Personal Loans in India come with several benefits, including:
No Collateral Needed: You don’t need to pledge assets as security.
Flexibility of Usage: Funds can be used for various personal expenses.
Quick Disbursement: Loans are approved and disbursed quickly, often within 24-48 hours.
Minimal Documentation: Simplified application process with basic document requirements.
Flexible Tenure: Repayment options range from 12 to 60 months, offering convenience.
Improves Credit Score: Timely repayments boost creditworthiness.
These features make personal loans a popular financial solution for urgent needs in India.
Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
