Personal loan for Credit Card Payment
Simply swiping the credit card helps you get your hands on the things of your choice. Be it paying off your restaurant bill, medical expenses or even doing a down payment for your new house, a credit card is one of the easiest ways to get access to instant funds. However, many times, this instant access to money proves to be fatal, landing you into a major debt-trap. Credit cards in a way make you lose track of your finances and induce you to overspend. In such cases, getting a personal loan for credit card payment can be a great way to get rid of credit card debt.
Why you should opt for a personal loan to pay off credit card debt?
Making timely payments of credit card bills is important as not doing so can affect your credit score, hurting your creditworthiness. Though you can always opt to pay the minimum balance due and utilize the rest of the amount, but if you are unable to make this required payment as well, then it can have a bad impact on your credit score. In such cases, if you don’t have enough savings in hand, then opting for a personal loan is an ideal option. The interest of a personal loan is effectively lower than that of credit card and you can pay off the loan in easy EMI options. Thus, a personal loan helps you manage your finances effectively, enabling you to stay free from credit card debt.
Below are few of the benefits of availing a personal loan for credit card debt:
- Pay off in EMIs: Instead of paying the minimum amount due each month, getting a personal loan for credit card payment allows you to pay off the whole outstanding amount at once and pay off the personal loan in easy EMIs.
- You don’t have to pay high interest: Even if you pay the minimum amount due, banks charge interest on the outstanding amount which is usually higher than that of the interest rate charged on a personal loan.
- Easy loan repayment: Getting a personal loan is an ideal option as it helps you choose the tenure and also the amount
Eligibility criteria for a personal loan for credit card
You should comply with the below eligibility requirements to avail a personal loan for a credit card.
- You should be above the age of 21 years
- You should have a good credit score
- You should be a salaried professional with a stable source of income
Documents required for a personal loan for credit card
- Passport size photographs
- PAN card
- Aadhar card, driving license, election card, passport
- Salary slip, bank statement, Form 16
Why should you avail a personal loan for a credit card from Upwards?
Availing a personal loan for credit card payment from Upwards can help you easily rid of credit card debt. With us, you can avail personal loan up to Rs. 2 lakh at EMI as low as Rs. 2500/lakh. You can apply for a personal loan ranging from Rs. 20,000- Rs. 2,00,000 through our app by submitting a few KYC details and documents.
Upwards only works with the best banks and NBFCs to get you the best interest rates in the quickest way possible. Here are some reasons why Upwards is your best personal loan provider in India:
- Simple and fast instant loan personal loan application process
- Low-interest rate for personal loans
- Online approval in just 24 hours
- Quick personal loan disbursal in 48 hours
- Flexible repayment tenures
- Low EMIs starting from Rs 2521 per Rs 1 lakh
- Online personal loan eligibility checker