Taking a personal loan to pay off your credit card debt is a good idea when you have accumulated huge credit card debt, because the interest rates on personal loans are often lower. Hence, you can save money on the interest and get out of your credit card debt faster. Personal loans are available for interest rates starting from 10.50% and can be repaid it a maximum of 5 years.
If you are overburdened by your credit card debts, a personal loan might come to your rescue. Some of the reasons why you should consider taking a personal loan to clear your credit card debts have been listed below:
|Minimum Age||21 years to 25 years|
|Maximum Age||58 years to 65 years|
|Minimum Monthly Income||Rs.20,000|
|Job Stability||Should have worked continuously for 2 years out of which at least 1 year should be with the current employer|
|CIBIL Score||Above 750|
Applying for a personal loan to make your credit card payments is simple and can be done online or offline. In the online method, you can just visit the official website of the lender, fill up the application form and upload the relevant documents. Once approved, the loan amount will be credited directly to your bank account. You can also apply for a personal loan on the BankBazaar website. The greatest benefit that BankBazaar offers is that it gives you a list of all the lenders offering personal loans, along with the benefits and interest rates. This helps you to compare the lenders and choose the one that suits your requirements. Once you decide on a lender, you can use the ‘Apply Now’ button to make an application.
The offline method requires you to visit the nearest branch of the lender and submit the loan application, along with the hard copies of the relevant documents.
|Name of the Bank||Interest Rate (p.a.)|
|HDFC Bank||10.75% - 21.30%|
|ICICI Bank||11.25% onwards|
|Axis Bank||12% - 24%|
|State Bank of India||10.50% onwards|
|Citibank||10.50% - 18.99%|
|Yes Bank||10.99% onwards|
|Kotak Mahindra Bank||10.99% onwards|
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