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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Whether it is a basic expense like paying bills or a large amount required for home renovation, one thing that remains constant is that we require constant financial support.
Fortunately, along with expenses, financial resources have also evolved. Banks and non-banking financial companies are providing loans that cater to various needs. As a result, the number of borrowers has also increased significantly. Taking a loan is quite common and lots of people around us are paying the EMIs of the loan they have taken.
A credit card is one of the best financial tools owing to its multiple purposes. From rewards and discounts while shopping to earning loyalty points, a credit card owner gets to enjoy multiple benefits that come along with it. Many people misunderstand it as a source of back-up cash or tool for shopping. However, a credit card is a lot more than that.
Do you know that you can get a loan through your credit card?
A credit card loan is a personal loan that you can use to pay the outstanding balance of your credit card or for any other purpose. Banks offer attractive interest rates on credit card loans, that help you to save money. If the interest rate of your credit card loan is less than the credit card interest rate, you end up paying less interest. Furthermore, the tenure of your credit card loan can vary anywhere from 6 to 48 months for most banks. This means you get enough time to pay-off your credit dues.
Process of getting a credit card loan
Many banks give you credit cards with pre-approved loans. However, if it is not the case, you need to make an official application to get one from your bank. Generally, banks do not ask you to submit any documents while availing a credit card loan.
Read Also: Exploring Discount Offers with Myntra Credit Card
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