Personal Loans

Improve your credit score – A credit score of 700 or above can ensure that you get a personal loan at low-interest rates. It must be backed by a good credit track record. You can improve your credit score by ensuring timely credit card bill payments and loan repayments.

You must have a credit score of 640 or higher to qualify for a personal loan of Rs. 20,000. If you have a poor credit history, you may not qualify for low-interest rate personal loans. However, to rebuild your credit, you will have to pay higher interest rates and make timely repayments. 

Canara Bank Loan restructuring is available for personal loans, mid-corporate credit, MSME credit and large corporate credit. The benefit of loan restructuring is available to all the eligible borrowers of Canara Bank. 

The meaning of loan restructuring in the simplest terms is the modification of an existing loan. The recent pandemic has affected millions across the nation. Many have lost their livelihood i.e., their jobs and their businesses. In many cases, individuals have had to take salary cuts or pay cuts with the silver lining of at least keeping their jobs. 

Personal Loan restructuring is a way of helping the people affected by the recent Covid-19 pandemic. The restructuring provides relief in paying the EMIs due. Under this moratorium, relief can be provided in the following manner. 

The 2nd Covid-19 wave saw many borrowers facing financial crunch. To help borrowers meet their financial exigencies, RBI brought forth Resolution Framework 2.0, to be mandated by lenders including banks and financial institutions, on 5 May, 2021. 

The resurgence of the COVID-19 pandemic led to RBI announcing the Resolution Framework 2.0 on May 5, 2021 for helping small businesses, MSMEs and individual borrowers to tide over their financial concerns.

Personal loans often come at a very high-interest rate, between 15 to 20%. This is where balance transfer can be a good idea. If you are paying high interest on a personal loan, a personal loan balance transfer can save some money for you. A balance transfer can also be used for other types of loans like home loans.

Banks and lenders can take the below-mentioned actions in case a borrower fails to repay a secured personal loan

Personal loans are unsecured loans that prove to be a convenient choice for many individuals. It comes with comfortable repayment terms. However, the current Covid situation has put immense pressure on borrowers in repaying personal loans. 

HDFC Insta Jumbo Loan is a pre-approved loan available to HDFC Credit Card customers. In other words, it is a credit limit set for the cardholder that is higher than their current credit limit. This money is deposited into their HDFC savings account in one lump sum.

Yes, there are a number of lenders who offer personal loans to freshers and new employees.  Your eligibility shall be determined based on your income and current liabilities. Your credit score will also be taken into account provided you have a considerable credit history. 

Sometimes we overspend on a credit card since we do not see actual money changing hands, nor get a sense of our bank balance coming down. This is one of the drawbacks of dealing with virtual money and credit. So, what do you do when you have spent more than what you can pay and not feel trapped in the credit card debt cycle

Pledging a collateral when you have a low credit score can help you get a decent deal on loans. This collateral can act as a low-risk bearing factor not just for you but for the risk associated with lending to you. The collateral acts as a leverage for you to negotiate with the lenders to offer you lower interest rates.

Yes, personal loans can be restructured as per the relief plan offered by the RBI. The Reserve Bank of India recently announced a one-time restructuring plan to provide relief to individual borrowers struggling because of the pandemic. This restructuring option is available till the end of 2020 with some terms and conditions. 

Yes, you can pay more than the regular EMI. The excess amount will not only decrease your principal outstanding, but also reduce your interest burden. You can pay one extra EMI (than the usual number of EMIs) every year. This is an effective way to reduce your loan tenure, and in turn to lower the interest cost. 

You will have to pay the penalty with fees, a maximum of upto Rs. 750 for Electronic Clearing System (ECS) debit bounce on your HDFC personal loan account. You should take ECS very seriously because an ECS debit mandate is just like a cheque issued by you. This means, you need to ensure you have enough funds in the account, so that you get your ECS cleared. 

Just because you are retired and drawing a pension, it doesn’t mean that your expenses come to a pause. There are plenty of financial commitments for pensioners like funding a child’s marriage, unexpected medical expenses, and finally going on the overseas vacation, that they have always dreamt of.

The first rule to clearing off your outstanding debts is not to take any more debts, until you settle all outstanding dues. You can follow either of these strategies to pay off your debts quickly.

Moratorium is offered by banks in the wake of COVID-19 pandemic to defer payment for up to 6 months. While you can stay away from making the repayment, interest charges apply during the moratorium period. If you plan to use the moratorium period for your personal loan, through the moratorium EMI calcultor, you can get to how much you will be paying additionally after the moratorium period ends. 

HDFC Bank has announced an extension of the moratorium on loans to 31 August, 2020. You can avail loan moratorium up to 6 EMIs due from 1 March, 2020 and 31 August, 2020. If you take up the moratorium you wouldn’t have to pay your EMIs between the moratorium period given.