Credit Loan – All Information you want to know about the same:
This is a means of provision of services of deferred payments offered by a creditor to a debtor. In this situation, the bank is the creditor (or lender). When banks lend to a debtor (borrower), in most cases a credit card is issued to him to enable him make purchases and cashless transactions on credit and pay back later at a particular interest rate. Credit loans could be secured or unsecured, and most are issued with limits to its credit. This loan is not difficult to get and the procedure is fairly simple, if you know how to. Keep one thing in mind that once it is done in the right way you can even get this clear on the same day, it is that easy and will get transfer in your account on the same day.
There are lots of people who are not sure about this type of loan, if you are not then you should do some research and find out more and once you have the right information then you can go in for it. Though the process for getting one is not tough and once you have things in the right place then you can have a sigh of relief. There are also lots of people who need money quickly at various times for various reasons and you can be one of them and that time this will come in handy and help you to satisfy your needs. Depending on our type of credit loan your interest rtes will be decided and once you do that then things will be simpler.
Most credit cards do not require the presentation of collaterals and are unsecure credit loans. This is the best part about this loan and you can get this in quick time and also no documents are required and once you do that then things are very easy and you can have money in hand in quick time. Once you know the process well then things will be simple and most banks would you give you the loan in quick time. There are lots of good people around, who have a need of funds. This is one of the best options for getting quick money and then that will save you trouble of going to the bank and looking for things.
Some banks also provide this option from the comfort of your home with the help of online net banking and that is the best part about it, So you do not need to even move out, what better you can ask for. This is one of the best things that can happen.
- Established ability to pay and offset the credit on the credit card.
- A good credit history. Once you have that, then things will be much easier.
- The minimum amount required as income salaried and self-employed in order for banks to provide them with basic credit card in India is Rs 1,50,000-1,80,000 a year.
Calculation of loan eligibility amount:
Customers can get loans of up to Rs.5 lakhs.
Down payments are not necessary for procurement of credit loan by banks.
Multiple tenures for payments provided could range up to 36 months.
Interest rate bank wise:
1.17% per month and flexible tenures ranging up to 60 months
Top five banks providing credit loan:
- IDBI General Credit Card Loan (IDBI GCC)
- Standard Chartered Loan on Credit Cards
- HSBC Loan on Phone
- Kotak Mahindra Bank Personal Loan on Credit Cards
- ICICI Personal Loan on Credit Card