Medical emergencies are unavoidable and unpleasant realities of life. The impounding medical bills during times of stress are no less than an additional dose of financial burden, which keeps on increasing with every medical act performed on the patient. Those are times when mostly one is faced with a shortage of funds, and savings also are not enough to cater to the requirements. To manage such situations with ease, you can look up to Personal Loans for a quick and convenient mode of getting access to funds.
Since personal loans are multi-purpose loans, the funds availed from personal loans is not limited to specific users. Hence, it will act as immediate assistance to manage the situation with ease. It is a great way to deal with the escalating costs of medical expenses, which always are a major concern when faced with such situations.
Are you thinking, is personal loan the right choice to cover the medical costs? Let us discuss the benefits of availing a personal loan to cover medical costs.
- No Collateral – Since personal loans are unsecured loans, it can be availed without putting up any security. When faced with critical situations of medical emergencies, getting access to funds through personal loans can be a good solution.
- Covers a Wide Range of Treatments In some cases, the loan amount can be used to cover the entire treatment procedure, it can also be used to fund the initial payment for more expensive treatments. There are no restrictions on the kind of treatments or therapies that can be availed using a personal loan for medical expenses.
- Easy and simple application procedure – With the integration of technology in every sphere of life, applying for personal loans online seems to be the most viable option, to meet the demands of the temporary monetary shortfall. It only requires to fulfill the form online and submit a few KYC documents.
- Flexible Repayment options – A personal loan can be repaid as per the convenience of the applicant. It is available for a tenure of 12 months to 60 months and it is completely at the choice of the applicant to choose from, according to his repaying capability.
Personal loan eligibility
The most important factor for availing a personal loan is to evaluate eligibility for the same. Apart from the eligibility, various factors are also taken into consideration. Any individual who is an Indian citizen and has the source of income qualifies for the personal loan.
Below mentioned are the eligibility criteria for a few banks.
| Minimum Age limit | 21 years |
| Maximum limit of age | 58 – 68 years (It varies from bank to bank) |
| Employment Status | Employed/In-business for at least 2 – 5 years |
| Minimum Income | Rs.25,000 and above (It varies from bank to bank) |
| Work Experience | 1 to 3 years |
| Maximum Loan Amount | Up to Rs.30 lakhs |
| Credit Score | CIBIL score of 750 or more |
| Repayment Tenure | Up to 60 months |
Eligibility to apply for HDFC Bank Personal Loan
There are definite parameters laid out by the bank, which assists in deciding on the eligibility criteria. A loan searcher must come under the below-mentioned eligibility criteria:
Applicants who are eligible to apply for HDFC Personal loan:
- Individuals who are employees of private limited companies, salaried doctors, CAs, employees from public sector undertakings including central/state & local bodies.
- Age limit: individuals falling in the age group of 21 to 60 years
- Service: individuals who have had a job for at least 2 years, with a minimum of 1 year with current employer.
- Income: Individuals/Borrowers having a minimum income of 15,000 per month. (RS 20,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, Cochin).
- The maximum loan amount is 15 lakhs.
Few things to check before applying for Personal loan:
- EMI Calculator: You can easily calculate a personal loan EMI using a personal loan EMI calculator, This calculator will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at the bank portal is free and easy.
- Eligibility: You can easily evaluate and calculate your axis bank personal loan eligibility by using tools like personal loan eligibility calculator and personal loan EMI calculator.
- CIBIL score: Usually, an applicant’s creditworthiness is determined by evaluating his credit score and the previous financial history must need to be better to get a loan at the good interest rate and make it easily available. Otherwise, the loan application of the applicants having poor credit score may get rejected. A credit score/ CIBIL score is an important factor for the approval of your loan.
To cater to the requirements of unforeseen circumstances, availing a personal loan from HDFC Bank, can be a wise decision. The introduction of technology has made our lives hassle-free and more convenient for us to utilize it to our benefit. You can apply for the personal loan from HDFC bank by visiting the bank’s website and fill up the application form. You will have to submit the required necessary documents.
HDFC bank personal loans interest rate starts at 10.75% p.a and is available for a period of 12 months to 60 months. A pre-approved HDFC customer will have an added advantage. He/She need not furnish additional documents to the bank to get the loan approved instantly. For individuals other than HDFC customers, they can avail it in as short a time as 4hrs, with minimum document submission.
You can now apply for the Personal Loan, from the comfort of your home.
With just click, you can fill the application form and apply it.
Here’s a glance on how to apply for Personal loan in 5 easy steps
- Figure out how much loan amount you need and the period. Apply for the loan amount you need rather than the amount for which you are eligible.
- Once you are done figuring out the amount you wish to seek from the bank, you will have to evaluate whether you are eligible to borrow the amount or not.
- You can visit the website and calculate the monthly installments using the EMI calculator. It lets you have a fair idea, how much you will have to let the cash outflow to the bank, apart from your other expenses.
- Once you have figured out all the prerequisites, you can now approach the bank for your needs.
- You can either approach the bank personally or you can visit the website and submit the documents. The bank executive will get in touch with you for further process. If all the documents are in place and if you meet their criteria, the loan amount gets disbursed in 2-3 working days. If you are an existing account holder with HDFC Bank, you might even get an approval within a day.
Personal Loan from HDFC Bank
- EMI Starting at Rs.2187/lac
- Loan up to Rs 40lac
- Minimal documentation
Documents required for a personal loan
· Proof of Identity (Passport/driving license/Aadhaar/Voter ID).
· Proof of residence (passport/driving license/Aadhaar/Voter ID).
· Previous 3 months bank statement (Passbook of the previous 6 months).
· Income proof—salary slip, form 16,/ balance sheet, profit and loss account audited by CA, business documents.
Keeping well prepared ahead for unforeseen circumstances is a way out to deal with the critical situation, however, life doesn’t stop throwing challenges at every step of life. For such situations, personal loans can be counted on for immediate financial assistance. Since it, a multipurpose loan, the funds availed from a personal loan can be utilized for any emerging needs and tackle the difficult situation.
HDFC personal loans are designed to make the experience seamless and hassle-free for its customers, making it one of the best Personal loan offers. You can apply for a Personal loan either by visiting the HDFC bank branch or online by visiting the website. In just a few and easy steps, you will be able to apply for the Personal loan from the comfort of your home.
