Loans
Healthcare has become increasingly expensive for many, especially in urban India. If you or your family member is ailing, it may not be possible to cover the high costs within the insurance amount or through your savings. In such cases, you may opt for a quick cash loan.
You can take some steps to speed up the loan disbursal process.
You must select the right kind of loan for your needs. While a bank offers several loans, Personal Loans are available more easily and quickly than the rest. At HDFC Bank, selected pre-approved customers can get loans within 10 seconds of completing the application.
Although Personal Loans are available by submitting minimal documents, you must ensure that you submit the right documents and have them readily available. Your bank’s executive can guide you through the list of the right documents. You may quickly check the same online. This will ensure there are no difficulties in your loan disbursal process.
Apply for a loan amount you are eligible for. You might be tempted to apply for a higher loan amount to fulfil several needs apart from the emergency at hand. However, if the amount is not within your eligibility, it might take a longer time to process your request. To ensure hassle-free disbursal, you can check your eligibility online within a minute using the Personal Loan EMI Calculator.
Frequent job switches can make it challenging to get a personal loan because lenders look for stable income sources. Switching jobs often can create uncertainty about your ability to repay the loan on time. Lenders prefer borrowers with a steady work history as it shows reliability in income. Changing jobs frequently may raise doubts about your financial stability and repayment capability.
Your credit score reflects your creditworthiness. A higher score indicates you're more likely to repay loans on time, which makes lenders more willing to approve your loan at better terms. To improve your score, pay bills on/before the due date, keep credit card balances low, and avoid opening multiple new accounts. Regularly review your credit report for erroneous information and dispute any inaccuracies.
Your debt-to-income ratio shows how much your monthly income goes towards paying debts. Lenders use this metric to gauge your capability to manage additional loan payments alongside your existing financial obligations. A lower ratio indicates you have more disposable income to handle new loan repayments comfortably. To improve your chances of loan approval, aim to keep your debt-to-income ratio below 40%. Paying down existing debts or increasing your income can help lower this ratio and strengthen your loan application.
Getting a Personal Loan is easy. If you are a selected pre – approved HDFC Bank customer, you can easily get the loan disbursed in your account within 10 seconds. For non–HDFC Bank customers, you can easily get a loan within 4 hours. Moreover, with EMIs at ₹2,162 per lac, you can also enjoy a stress-free repayment process.
To apply for HDFC Bank Personal Loan, click here.
Read more on how to tackle the rising cost of medical care.
* Terms & conditions apply. Personal Loan disbursal at the sole discretion of HDFC Bank Ltd.