Benefits Of A Loan To Repay Debt Borrowed From A Friend

There could be many scenarios through which you may be under debt from a friend. Ideally, borrowing from friends and family is not a great idea. We have cited some reasons here why not.

However, due to some unavoidable circumstance if you find yourself in such a situation, it is crucial to repay any debt you owe your friends at the soonest. In case it is not possible for you to save enough funds, you may consider taking a Personal Loan or Loan on Credit Card to repay your debt to a friend.

  • Disbursal time – Most Personal Loans or Loan on Credit Card have a very quick disbursal period. Considering you would want to repay your debts at the earliest, this can help you with the same. You can check your eligibility online, and apply for a Personal Loan. Once you have submitted all necessary documents, it won’t be long before the entire amount is transferred into your account.
  • Disbursal amount – Depending on your eligibility, you can apply for a loan for an amount higher than what you owe to your friend. This will ensure that you repay what you owe, and keep some buffer amount in case you may need it for a rainy day.
  • Fixed EMI – You can pay back your Personal Loan and Loan on Credit Card in parts as a fixed monthly amount. You will not be burdened to pay back a huge amount all at once. In case you have any other debts to repay, you can take one single loan to pay them all off. This way, you will have to worry about only one repayment at a fixed interest rate.
  • Interest Rate – Personal Loans and Loan on Credit Card are available with a range of interest rates. You can discuss with your bank representative and arrive at the most suitable option. Additionally, it may be fixed or floating. In case of floating interest rates, your repayment amount can go down drastically.

These are just few of the benefits of choosing a Personal Loan and Loan on Credit Card to repay your debt to your friend. The most important benefit is saving the relationship from going sour.

To apply for HDFC Bank Personal Loan, click here. To apply for a Loan on Credit Card, click here.

* Terms & conditions apply. Loan disbursal at sole discretion of HDFC Bank Ltd.