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

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

- in Finance
Comments Off on Rising Credit Card Bills? Take a Personal Loan To It Pay Off

In the days following the demonetization, 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.

Credit Card Bills

If you have not cleared 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 adapted to technology, making it easy and convenient for you to apply online for a 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 a 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


Your salary

How much you earn is a deciding factor on the quantum of loan you can avail of. If your annual income is Rs. 5 lakh, you will not be eligible for a 30 lakh loan. The minimum salary required for a Personal Loan in Nasik online Personal Loan application form is Rs.1.96 lakh. The higher your salary, the 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. The higher your credit score, the 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 in some of your parameters before deciding the quantum of loan. For this purpose, an online eligibility calculator is used to calculating your Personal Loan eligibility in Nasik.

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

Documents Required for Personal Loan in Nasik

For availing of 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 license/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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