Rising Credit Card Bills? Take a Personal Loan To It Pay Off

Rising Credit Card Bills? Take a Personal Loan To It Pay Off

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In the days following demonetisation, there was a severe shortage of cash. To beat the cash blues, the public started using e-wallets, credit cards and online transfers. With credit cards being more popular, there was a surge in credit card transactions. As a result, most of you would have got pretty high credit card statements.

If you have not been able to clear off the bills in full, the outstanding balance can pose a big financial burden, as interest can run as high as 36%. It’s a prudent choice to take a Personal Loan in Nasik and settle the outstanding credit card bills

Applying for a Personal Loan

Banks have adopted to technology, making it easy and convenient for you to apply online for Personal Loan in Nasik. Fill in the application form and upload the documents required for Personal Loan in Nasik.

The bank verifies the documents and will approve the loan in 24 to 72 hour time band. Once the funds are credited into your account, you can pay off your credit card bills.

Firstly, banks need to determine your eligibility

 

 

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Your salary

How much you earn is a deciding factor on the quantum of loan you can avail. If your annual income is Rs. 5 lakh, you will not be eligible for a 30 lakh loan. The minimum salary required for Personal Loan in Nasik online Personal Loan application form is Rs.1.96 lakh. Higher your salary, higher will be your loan eligibility.

Your credit score

Your credit score reveals your credit history and creditworthiness. It is assigned by an independent rating agency like CIBIL. This score assumes importance to lenders who want to verify your credit history before advancing you a loan. Higher your credit score, better are your chances for a Personal Loan approval.

Employment history

An employee holding the current employment for the last 2 years is considered a safe candidate for a Personal loan. So is a self-employed person carrying on a business/profession continuously for the last 3 years.

Calculating your Personal Loan eligibility

It never happens that banks give a loan to the extent you apply. Banks factor some of your parameters before deciding the quantum of loan. For this purpose, online eligibility calculator is used to calculate your Personal Loan eligibility in Nasik.

Basically, the above factors reflect your repayment capacity. So, analysis of the above factors help the lender to gauge the risk associated with the borrower.

Documents Required for Personal Loan in Nasik

For availing a Personal Loan, the following documents are required

Income proof : Salary slips/Form 16, annual financial statements ( in case of self-employed)

Banking history: Bank statements of the past 3 months

Identity proof: PAN card/driving licence/passport

Address proof: Electricity bill/telephone bill

Credit card defaults burden you with high interest. They can also affect your credit score. This hampers your chances of getting loans in the future. A Personal Loan comes to your aid by assisting you to clear off your outstanding credit card dues. Ensure that you pay your Personal Loan EMI on time as well, as any type of loan default can bring down your credit score.

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