A Personal Loan is one that is provided by a bank to fund a financial need or immediate cash requirement, be it for business, family wedding, studies or foreign trips. The bank will not question you about the end use when you are applying for aPersonal Loan.
However, one of the best things about a Personal Loan is that it does not require any collateral or security such as property, shares or gold.
What determines my eligibility for a Personal Loan without security?
You credit rating and worthiness determines youreligibility for a Personal Loanwithout collateral. It helps if you are a long-standing customer of the bank. if you have a disciplined repayment history and high credit worthiness, you are likely to get a Personal Loan on favourable terms. HDFC Bank offers loans up to Rs 40 lakh.
Forget collateral, focus on financial stability
Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan. HDFC Bank customers can get Personal Loans with minimal or no documentation. Visit the HDFC Bank website to know more about our Personal Loans.
How soon can I get a Personal Loan without security?
Pre-approved HDFC Bank customers can get a Personal Loan in as little as 10 seconds*. Others can get a Personal Loan in under 4 hours*.
Does a Personal Loan without collateral come with higher interest rates?
Personal Loans are usually offered without security. If you have a good credit history, strong income proof, and a long relationship with the bank, you should be able to get good terms.
How can I use the funds from a Personal Loan without collateral?
That’s entirely up to you. You can use it for business to fund a trip abroad to buy a gadget or to meet a medical emergency.
How is the repayment to be made?
Personal Loans are short to medium term (12 to 60 months) loans with a flexible repayment structure. You will typically repay the loan in equated monthly instalments. You can adjust your repayment tenure to make your EMIs pocket-friendly.HDFC Bank offers loans with EMIs starting at Rs 2,149 per lac. Check thePersonal Loan EMI Calculatorto plan your repayment better.
Getting a Personal Loan without security is easy. You only need to apply for it. So what are you waiting for?Apply now!
* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd. Loan disbursal is subject to documentation and verification as per Banks requirement.
