Personal Loan to Pay off Credit CardOver the years, credit card users have increased drastically in India. This is mainly because a credit card simplifies anytime shopping and helps to support emergency financial situations. Though credit cards make life simple but it also incurs heavy debts if the credit card bills are left unpaid or delayed repeatedly. Credit card debts also majorly affect the credit score negatively. Hence, it is advisable to clear the credit card debts timely.
If you don’t have enough funds to clear the credit card bill, taking a personal loan of a limited amount is a good option. A debt consolidation loan is a type of personal loan that covers multiple debts into one and pays off the balance. The flexible repayment tenure and affordable EMIs make a personal loan for credit card payments an ideal thing to do.
Features of Personal Loan for Credit Card:Taking a personal loan to wave off hefty credit card bills is beneficial due to the following features:
Low-Interest Rate -Personal loan offers an attractive rate of interest to make loan taking an easier process. A low-interest rate is levied for both salaried and self-employed individuals based on their credit history.
Instant Approval -The online loan application, verification and disbursal procedure are quick. If all the submitted documents are authenticated, the disbursal is done instantly within 24 to 48 hours.
Easy Documentation -Personal loan involves paperless documentation if the application is done through an instant personal loan app. No physical documents are required unlike the traditional personal loan process.
Collateral Free -Personal loan is an unsecured loan that requires no submission of security or collateral against the loan. This reduces the time taken for loan approval.
Transparency -There are no hidden charges or high processing fees for a personal loan. Transparency in loan processing increases the trust of the financer for future loan consideration.
Eligibility Criteria for a debt consolidation loan for making credit card payments:
- The credit card holder taking a personal loan must be a citizen of India
- Required KYC documents include Aadhar Card number linked to a mobile number, PAN card or Smart Card Driving Licence
- Age limit must be 21 - 58 years old
- Must be stable professionally in a job or business
- Must earn a minimum income of Rs.15,000 per month
- 6 months bank statement of salary account for salaried and 6 months bank statement with most transactions for self-employed
Check the latest Simply Cash personal loan app launched by a trusted financial firm in India – HeroFinCorp. It can be downloaded in seconds from the Google Play store on your android phone. It is beneficial for credit cardholders willing to taking a personal loan on an immediate basis to pay off their credit card bills.
How to Apply for Personal Loan for Credit Card Holders via Simply Cash?1. Install Simply Cash Instant loan app from Google Play Store
2. Register with basic details – mobile number and email address
3. Set the desired EMI using the loan EMI calculator
4. Paperless verification of KYC details using a security code
5. Bank account verification through net banking; the credentials are never stored
6. Instant loan approved in minutes and transferred to the bank account