5 Debt Consolidation Loan Schemes Offered by HDFC Bank
Get out of debt now with these HDFC Bank loan schemes
5 Consolidation Loans from HDFC Bank
HDFC Bank Ltd, simply known as HDFC Bank, is a subsidiary of Housing Development Finance Corporation (HDFC). It is one of the fastest-growing private sector banks in India and won the “India’s Best Bank” Award at the Euromoney Awards in 2020. HDFC Bank offers a wide array of financial products to its retail and corporate customers, consolidation loans being one of them.
The bank only refers to its Loan Against Property as a consolidation loan but there are a few more loan schemes that can be repurposed into consolidation loans even though they are not directly labelled so.
Let’s take a look at 5 of the popular consolidation loan schemes offered by HDFC Bank.
This loan is designed to meet the personal financial needs of permanent/confirmed salaried employees of Public Sector Undertakings; Central Government and State Government units; and reputed national and multinational companies, who are drawing their salary through the HDFC Bank account. This is an unsecured loan and can be repurposed into a consolidation loan to pay off debts.
This loan is meant to help self-employed professionals such as doctors, CAs, architects and physiotherapists get funds to meet their urgent financial needs. They can also use this loan to pay off their high-interest debts, thereby consolidating their debts. This is a collateral-free loan.
This secured loan scheme helps borrowers get funds by pledging their gold jewellery or gold coins (sold by banks) to meet their financial needs. This loan can be used to meet any personal financial needs including wedding expenses, overseas travel expenses, higher education fees and debt consolidation. Borrowers can avail of this loan scheme as a term loan as well as an overdraft facility depending upon their needs.
If you want to get funds to consolidate your debts or meet other financial needs, you can easily do so by pledging your securities such as shares, mutual funds, bonds, life insurance policies, etc. to HDFC Bank under the Loan Against Securities. The loan amount you can get depends on the Net Asset Value and your repayment capacity in addition to other factors.
The HDFC Bank Loan Against Property helps borrowers get access to funds by mortgaging their property to HDFC Bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies and debt consolidation. This is a secured loan and the bank accepts both residential and commercial properties as collateral for this loan.
The All Important Interest Rate
As of September 2020, the interest rate applicable to these loans may range anywhere from 9.4% to 18.0%.
A Final Word
If you are interested in learning more about consolidation loans, you can check out our consolidation loans page. We cover the debt consolidation loan schemes offered by other major Indian banks. We also share tips to help you get started on your debt consolidation journey.