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A Personal Loan is an unsecured loan which is issued by a bank or a non-banking financial company (NBFC). It is called ‘unsecured’ because unlike a house or a Car Loan, you don’t have to pledge any of your assets as collateral. The lack of collateral also makes a Personal Loan an ideal choice of funding when you need it urgently.
So, when should you apply for a Personal Loan? Here are some situations when they can be your financial saviour:
1. Medical emergency
Medical emergencies can take a serious toll on your finances. Even if you have medical insurance, it may not always cover all expenses. This is when you can apply for a Personal Loan. Money is usually disbursed quickly, and a Personal Loan is hassle-free when compared to the financial stress that can come with using up your savings to meet huge medical expenses.
2. Wedding
Weddings are usually a grand affair in a country like India. You may have dreamt of the perfect wedding, but to make this dream come true, you need to have adequate finances in place. Even if your budget goes a little overboard, worry not, you can get a Personal Loan in just a few hours from HDFC Bank. This loan comes with no restrictions on how you use the money. So, whether you need the funds to take care of the catering, the flower decoration or even your trousseau shopping, a Personal Loan can help.
3. Relocation
Moving to a new home can be exciting but daunting. You could be moving because of your job or other personal reasons. Either way relocating is stressful and can get expensive. In a situation like this, applying for a Personal Loan makes complete sense. It can take care of any urgent expenses that may arise due to your move.
4. Unplanned vacation
Who doesn’t love to travel? But due to financial limitations, it isn’t possible to take as many vacations as you would like to, especially if you haven’t planned it. Sometimes an unplanned vacation cannot be avoided. So how do you go about it? The answer is simple – apply for a Personal Loan, which can be disbursed to your account in a few hours! With minimal documentation you can enjoy a hassle-free holiday.
5. Home renovation
Very often, the actual cost of renovating your home exceeds the budget you have in mind. But that does not mean you have to put off revamping your home because of insufficient finances. With a Personal Loan from HDFC Bank you can get loans up to 40 lakhs, so you can renovate either the primary parts of your house, or simply change the fittings and furnishings, whatever you need.
6. Kids’ education
Education is constantly getting more expensive. Naturally, you can’t let this get in the way of your child’s aspirations. Apply for a Personal Loan and give your children the support they need through school and college. By applying for HDFC Bank Personal Loan, you are at the liberty to use this money to pay for things such as tuition fees, books, clothes etc. A Personal Loan also makes it easy for your child or even you to further your education by taking up a course.
7. Buying gadgets
It is not easy to keep up with the rate at which technology is progressing. Every day, new smartphones are launched. From entertainment units to home appliances, electronics are now integrated with ‘smart’ technology so that your work becomes easier. The good news is that you don’t have to fret over your bank balance to keep up with these changes. Apply for a Personal Loan to take care of such needs.
No matter what your reason, you can opt for a Personal Loan from HDFC Bank, especially if it is an emergency or an unplanned need. Applying is easy, and disbursal is quick. Pre-approved HDFC Bank customers enjoy the benefit of getting a Personal Loan in 10 seconds while others can receive it in less than four hours. If you can’t decide whether you should opt for a Personal Loan or Credit Card to meet your expenses, read this.
Need an HDFC Bank Personal Loan? Apply now here!
* 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.
