With increased income, improved air connections, and a variety of financial choices that are available to assist you, fantasizing about taking a vacation overseas and spending time with friends and family has been made easier than before and is no more a dream for many of us. With the rise of financial inclusion in the banking system, having a personal loan can help you live your dream vacations. Applying for a personal loan is no more a headache with features like hdfc personal loan status, where you will be able to see the progress starting from applying to getting your loan approved.
In case you wish to plan your trip but you are short of funds, you can call the hdfc personal loan customer care and get all the answers to your queries. For this, you must first apply for a personal loan because it does not require any security money or collateral, which is probably the cherry on the cake. Additionally, it offers quick disbursement and no restrictions on how the loan money can be used.
It goes without saying that a personal loan is the most popular alternative when people need funds immediately, including funds for their abroad trips. Several lenders have created a unique personal loan category for travel/holiday loans which has made it even easier for customers who are looking particularly for this category.
However, it is worth mentioning that personal loans are typically approved based on the applicant’s credit score, monthly income, employer profile, existing EMI commitments, location, and other factors. If you don’t meet one or more of these criteria, your chances of getting a personal loan become slim, which can be reflected in your hdfc personal loan status, and if you do receive one, you may be charged higher interest rates. This is done to mitigate the higher level of risk associated with applicants who have a poor credit history, repayment capacity, and so on.
But what happens if your personal loan application is turned down? In such circumstances, call the hdfc personal loan customer care to find out why the loan was denied and if there is a way to get through the loan. You can also look into other financing options for international travel. These are some of the alternatives:
Top-up On home loan: One of the finest and cheapest alternatives to a personal loan for existing home loan clients with a high credit profile and a disciplined previous repayment history is a top-up home loan. However, the loan amount cannot exceed the original home loan amount or the remaining outstanding balance, and the loan repayment term cannot exceed the original loan term.
Also, keep in mind that the reduced interest rates combined with the longer-term make this top-up house loan a good credit alternative for existing home loan clients. Once you have applied for this, you will be able to check the progress online just like you would check hdfc personal loan status.
Avail Loan Against Securities: Pledging your assets as collateral, such as stocks, bonds, life insurance policies, mutual funds, ETFs, NSCs, and KVPs, can also help you borrow money in the form of a secured personal loan. Even after pledging, you continue to receive interest, dividends, and other payments on the security.
This loan option, which is typically given as an advance, involves the credit limit being sanctioned based on the value of pledged securities and the lender’s appropriate LTV ratio. Keep in mind that you have the option of withdrawing the entire sanctioned amount or only a portion of it, depending on your needs. Not only that, but there’s a whole lot more. The interest rate is based on the amount drawn, not the total sanctioned maximum. Unlike a personal loan, this is much more secured, and therefore you must maintain a good credit score. For further information, you can contact hdfc personal loan customer care in case you have any doubts regarding the policies.
Using Credit Cards: Another way to pay for an international vacation is to use your credit card. The expenditure can be later converted to EMIs. Preferably cardholders can pay off their trip expense within 55 days from the time it has been used. You can also use a credit card EMI facility.
All you have to do is inquire about EMI conversion and any accessible incentives from your card issuer. It is advisable to call the hdfc personal loan customer care first and check if there is any offer that you can avail of, provided there is a decent gap of time ever since your application is rejected, which you can check from the hdfc personal loan status section. It is also worth mentioning that there is no need for new documentation, and the conversion is almost instantaneous if you choose this credit option. There are special offers on travel credit cards, which give better rewards on travel-related purchases. This can be availed on hotel stays, meals, transport services, and ticket bookings. You can win exciting rewards like complimentary meals, stays, cashback, vouchers, and more.
Loan Against Credit Card for existing users: A credit card loan is typically a pre-approved loan taken out against the credit limit of selected existing credit cardholders. Cardholders who have a strong payback history are preferable more than the other candidates. It is a pre-approved loan, and thus it is uncontrollable if the credit card issuer rejects it. You must also remember that the sanctioned loan amount will be deducted from your credit limit, thus reducing it to an extent. Therefore it is advisable to check with the hdfc personal loan customer care and take their valuable input. This usually takes a day to get your loan application sanctioned since this is pre-approved.
Finally, it is important for you to keep track of your hdfc personal loan status right after you have applied for it. However, it is advisable to not take a loan for your trips if it is avoidable so that you do not have any additional burden.
