To meet the need of money in emergency, you can take a loan against the credit card. Short term option is also available in this. Not many documents are required to take this loan.
Know how to take loan against credit card
To meet the need of money during the Corona period, nowadays many loan schemes are being run by banks and different financial institutions. In such a situation, if you are confused about short term loan or personal loan etc., then there is another better option for you. That is loan against credit card. Through this, you can arrange money at the time of need. It is slightly cheaper than a personal loan.
The benefit of credit card is not only useful in paying EMI but also for meeting other needs. Nowadays many private banks and financial institutions provide loan facility on credit cards. For this too many documents are not required. You can also apply online for this while sitting at home.
On this basis, the loan is soon finalized
To take a loan from a credit card, the bank or financial company notices certain things of the cardholder. In these, we see good repayment history and credit score etc. Cardholders with a better credit profile can easily get a pre-approved credit card loan facility.
You can take loan without mortgaging anything
Those who want to take a short term loan can take advantage of this facility for 1, 2 years or a few months. The good thing is that there is no need to mortgage anything for this. You can get 3 to 12 months to repay the loan. In this loan is provided on the basis of 10-12 percent interest rate. Anyone in the age group of 21 to 60 years can take a short term personal loan. It gives more time to repay the loan as compared to the credit card.
Option to take more loan
Although every credit card company or bank provides loans according to the available credit limit of the cardholder, but sometimes you can take a loan more than the limit. However, you may have to pay more interest for this.
Also read: After SBI, now this private bank has changed the fee for withdrawing money from check book and ATM, know when the rule will be applicable
Important news for BOI customers! These services will not work today and tomorrow, know how many hours internet banking will be closed