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  • Personal Loan for Credit Card Payment

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  • 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.

    Why take a Personal Loan for paying off Credit Card Debt?

    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:

    • Affordable monthly payments: Taking a personal loan for debt consolidation will help you manage your finances more efficiently. Instead of paying off the credit card debt, you would be paying off your personal loan in easy equated monthly instalments (EMIs).
    • Avoid paying high interest: Although personal loans have higher interest rates when compared to other types of loans, they are usually lower than the interest rates on credit cards. Taking a personal loan with a lower interest rate to pay off your credit card debts will help you avoid paying very high interests.
    • Avoid paying penalties: You can avoid paying the additional penalties which are charged on your credit card debt if it is not paid off on time. The interest rate of your credit card along with these penalties and fines can add up to put you under heavy debt.

    Eligibility Criteria for a Personal Loan for Credit Card Payments

    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

    Documents Required for Personal Loans

    • Passport-sized photographs
    • Completed application form
    • PAN
    • Aadhaar card, Voter’s ID card, Driving Licence or Passport
    • Salary slips, salary certificate, and Form 16 if you are a salaried person
    • Bank statements for the past 3-6 months
    • Proof of business which could be the certificate of establishment, sales tax certificates, income tax returns, profit and loss statements, balance sheet, etc.

    How to Apply for a Personal Loan for Credit card payments?

    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.

    List of Banks offering Personal Loans and their Interest Rates

    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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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