In India, people aged between 21 to 60 uses a credit card. Salaried employees, self employed professionals and business persons use a credit card for multiple reasons. These range from paying utility bills, shopping, and travel and also to withdraw cash. Since payment via a credit card is accepted widely throughout India, everyone prefers to use it.
Although using the credit card generates a bill which needs to be paid every month. Either you can pay off the whole amount or else pay a “minimum amount due” in order to not get a penalty charged. In case you don’t repay your bills on time, the interest rate charged on the pending amount can go above 30%* which is very high. There is a solution to clear this debt i.e. Personal Loan.
A personal loan can be availed at a interest rate which is very less when compared to the interest rate of the credit card. Through this you can repay the credit card debt very clearly. An instant personal loan is very easy to avail in a city like Mumbai. All you need is to fulfill the personal loan eligibility and then compare personal loan interest rates.
There are few reasons why an instant personal loan can help you in sorting credit card bills;
- When you take an instant personal loan, the interest rates for these will range from 10-25%* in general. For a credit card the issuer can go as high as 30-40%*. Hence taking a personal loan can help you in repaying the credit card debts at a lesser rate of interest.
- One main advantage of a personal loan is that you can structure the repayment as per your convenience. Means you can decide how long and how much of EMI you want to repay per month. In credit card bill repayments, you need to pay back the bill on the due date or else you will be charged a penalty.
- With a personal loan, you can clear all your smaller debts and focus on repaying just one loan. Yes, this can also be termed as Debt consolidation. Once you choose to do this, repaying one personal loan becomes a less tedious task. Hence this helps in proper planning to repay your debt.
What we advise is that while this is a good option to gather all smaller debts and convert them into one large debt, it is still a debt which needs to be repaid. Hence choose wisely, plan your strategy and repay the debts on time.
Repay your credit card bills on time as failure to do so will incur a lot of penalty charges on you. Repay your personal loan EMI’s also on time as failure to default on any loan repayment will directly affect your credit worthiness. Hence in order to maintain a good credit history, pay all your bills on time.
In case you need help in any of your personal loan requirements