It is a well-known fact that when it comes to celebrations, Indians enjoy going high. The ‘Big Fat Indian Wedding’ is a fact that each of us, at least once in our lives, has been a participant in. But major festivities also cost a lot of money. What are you going to do when you go over your wedding budget? It’s simple; to finance your extra wedding expenses, you can take out a Personal Loan. Let’s look at the benefits of having a personal loan for a wedding loan.
- To finance several expenses, you can use the loan amount: As we all know, there are endless expenses associated with weddings. The location, lighting, photography, decoration, catering and so on, you have to pay for it. You will even have to buy your trousseau, jewelry, and your honeymoon ride for your wedding. You will help cover all the costs associated with your big day with your wedding loan.
- The loan is quickly sanctioned: Banks sometimes penalize a personal loan within a few days and disburse it. You can withdraw the money and use it as you please until the money is credited to your account. You must also supply your loan application with limited documentation.
- This is one of the main benefits of taking out a personal loan for wedding expenses: you can apply for the loan online. A personal loan for weddings, which can also be taken online, is issued by HDFC Bank. To apply, you can simply log on to HDFC Bank. You will have to insert scanned copies of the documents that are mentioned. In certain instances, the bank also sends physical copies of the documents to its representative to receive them.
- In simple EMIs, you can pay off the loan over a defined tenure: The most important advantage of taking a personal loan for wedding expenses is that you can repay the loan over a flexible tenure of your choosing in manageable Equated Monthly Instalments (EMIs). A minimum and maximum tenure of 1 to 5 years is given by most banks, during which you can opt for low-cost EMIs. Depending on your salary, cash flow, and financial targets, you can also tailor your loan repayment plan.
- You don’t need to liquidate any assets: People are forced to liquidate their assets because weddings usually cost a lot. Until maturity, most individuals redeem their fixed deposits and revolving deposits or tap into their savings to pay for wedding costs. One must note, however, that redeeming any deposits before maturity will result in additional charges and penalties having to be incurred. A wedding personal loan protects you from liquefying your wealth or dipping into your savings.
Features of HDFC Bank Personal Loan
- HDFC Bank’s interest rate for personal loans starts at 10.50 percent.
- At the lowest interest rate of 10.50 percent at the longest loan term of 60 months, the lowest EMI per lakh on HDFC Bank’s loan is > 2,149.
- Loans for both salaried and self-employed professionals are available.
- Borrowers who are between the ages of 21 and 60.
- A minimum loan amount of 50,000 to 75 Lakh.
- 12 to 60 months of the loan term.
- Production Fees: Min Rs. 1,999, up to 2.50 percent.
- Foreclosure fees: personal loan prepayment is permitted by HDFC Bank with 2 – 4 percent
- Payment charges for part: Permitted at 2-4 percent
- Other penalties: late payment fees for EMI, bounce fees for EMI, cancellation fees for loans, which are reported by the bank at the time of signing the loan agreement.
- Special schemes: HDFC Bank provides tailored interest rates for personal loans and schemes for particular groups of borrowers, including borrowers working for reputable businesses, banks or government employees, etc. Any of the special HDFC personal loan programs are:
- Women Customers’ Personal Loan Diva
- Salaried Professionals Personal Loan
- Doctors’ Loan
- Personal Loan Golden Edge
- Personal Pensioner Loan
- Insta Loan from HDFC
- Jumbo Loan HDFC
- Pre-Approved Loan by HDFC
HDFC Bank Personal Loan Interest Rate
As of today, HDFC Bank’s loan interest rates range from 10.50 percent to 22.00 percent, with the lowest rates offered with a high CIBIL Score to current customers of the bank and for those employed with reputable businesses with a secure job background. HDFC Bank also operates special security, armed forces, and government employee schemes. The interest rate for personal loans for government employees and security workers varies from private salaried staff.
HDFC Bank Personal Loan Top-Up
HDFC’s Bank personal loan top-up is offered to those having a regular repayment track record on the bank’s operating personal loan. Top-up loans are available at interest rates close to those on your current personal loan. HDFC Bank’s personal loan top-up current interest rate begins at 10.50 percent.
Availing a personal loan for a wedding from HDFC Bank can be a good choice as it offers a range of schemes and options to choose from like HDFC Bank personal loan top-up (as mentioned above).