Tuesday, July 21, 2020

Should I take a personal loan to repay my credit card dues?


A personal loan is an unsecured loan provided by banks or financial institutions to the individuals having a good credit history even without collateral security mortgage. The funds are provided to the customer instantly to meet their immediate needs, This means personal loans are instant loans that may help in the financial crisis.

Personal loans are the best solution to that borrower which is not able to provide any collateral security to the bank as a guarantee. This leads to provide them instant loan without any strict verifications, just by reviewing the CIBIL score personal loan approval take place

On the other hand Credit card dues are already standing debt for which you want personal loan to repay. as credit cards debt charged on a daily basis with exponential personal loan interest rates and heavy fees.To get out of this credit card dues you must clear your credit card due by taking personal loan is considered as a better option.

If you are struggling to repay credit card dues and there are lowestinterest rates on personal loans available , you can avail this option to clear your credit card payments. The personal loan makes you instant funds to pay back the card payments and further you can go ahead with personal loan clearance by simple installments for a particular period. 

Before applying for an instant personal loan, please make sure you have valid documentation and have the eligible cibil score This will help in instant approval of the personal loan

Apply online for personal loan in following Banks

     HDFC Bank personal loan

     SBI Bank personal loan

 

Benefits of Personal loan

Some of the main additional benefits of Personal loan :

Easy Disbursal: There is a quick and instant disbursal involved in the process of Personal Loan. You can now get the instant Personal loan disbursed in just 24 hours and sometimes within one day only.

No need of any guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential and important papers or documents.

Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself or you must provide true original or valid documents.

Simple Application Process: Your few original documents, along with your passport-sized pictures, are required for filing your application form for a Personal Loan.

Hassle-Free Process: There is no need to get confused or tense while the process is ongoing as the bank executives help you with all your queries in one go. Just sit back and relax while the bank is doing all the necessary formalities and verifications.

Tips for all prospective Personal loan applicants:

    Compare the interest rates from various leading banks, check the lowest possible rate of interest on personal loan.

    Carefully Go through and Read the terms and conditions of loan offered by various Banks

    Select the appropriate fixed rate of interest over the floating interest rate

    Keep check on your CIBIL Score and improve it for the best deals and offers and additional benefits

 


Must read:- PERSONAL LOAN FOR WORKING CAPITAL


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