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Nowadays, having one or more credit card is a very common thing as many people usually carry more than one card in order to fulfill their varied needs. In fact, many working people and professionals prefer to carry this plastic money instead of credit card as it comes with many remarkable features and benefits. When it comes to credit card, it is actually a substitute to cash and offers you higher credit limit. However, the best thing is that even if you don’t have enough balance, say zero balance in your account, even though credit card allows you to shop for your favorite product without any hassle.
Moreover, a credit card, apart from offering higher credit limit and plenty of other amazing offers, helps you in availing a loan whenever you are facing difficulties in life. Yes, it saves you from the rainy day by fulfilling your urgent need of money. Be it wedding expenses, medical emergency or travelling, a credit card can solve many purposes and lets you enjoy the life without any worries. So, without much ado, let’s get started and take a look below at the advantages of availing a credit card loan.
No Documentation Required: When you avail a credit card loan, in most of the cases, the lenders don’t ask for documents in order to give approval to your loan. Usually, a loan can be availed depending on your credit spending as well as repayment habit. However, in many, your loan is pre-approved by a lender upto a certain limit, thus in such a scenario you can easily avail the loan without even submitting the documents.
Pre-approved Loan:If you are a credit card user, you are surely aware with the fact that how plethora of banks offer you lucrative deals and discounts so as to grab your attention. Well, if you use your card very often for various purposes such as paying bills, shopping, dining for making other payments, depending upon the spending limit. However, in many cases, the pre-approved loan comes to you with higher credit limit, which is all in all good news for you.
Ease of payment:Credit card loans also give you the benefit of converting your higher loan amount into pocket-friendly EMIs so that your monthly budget will not get affected. In order to make this happen, all you can do is-make payment through ECS, cheque or auto deduction takes place through your bank account. Moreover, according to your choice and convenience, you can choose any of the payment system and can avail the benefit of converting your heavy loan amount into small chunks of EMIs.
Flexible Tenures:As far as credit card loan is concerned, different lenders offer different tenures for the same. So, you can easily choose a tenure that suits your repayment schedule well. Credit card loan tenures usually range between 6 months to 36 months being the maximum. However, there are few lenders who offer loan to the customers upto a maximum tenure of 24 months, so choose carefully while availing the loan.
Lower Processing Fee:With credit card loan also comes the processing fee that you need to pay to the lender. Processing fee is a one-time fee that is usually charged by the lenders on the total disbursed loan amount. Credit card loan processing fee is usually lower as compared to the fee or charges against the cash withdrawal via credit card. Yes, you are supposed to higher fee, if you withdraw the cash while using your card, which is not the case with credit card loan.
Pre-closure of Loan:Another benefit offered by credit card loans is the fact that they give you the opportunity to pre-close your loan any time during the set tenure. Yes, there are many lenders that don’t charge any sort penalty or charges, if you pre-pay your loan before the set repayment period. But, don’t forget as there are few lenders, which provide you this loan with a pre-closure charges, i.e. if you prepay the loan before your tenure, you need to give a fee on the same.