After the push for digital transactions, most of us resorted to UPI apps, e-wallets, debit as well as credit card payments. With increased transactions on credit cards, the overall financial liability is bound to increase. In such cases, a lot of credit card holders find themselves facing a debt burden and a heightened risk of default in repayment.
A personal loan can be the best recourse for repayment of increasing credit card bills. These loans are an effective means for debt consolidation and can be availed easily from the comfort of one’s home.
Almost all major lending institutions in India allow individuals to apply for a personal loan online through their web portal. The loan application form can be filled online; many lenders even allow applicants to upload documents online. Approval and sanctioning of the requested amount takes place in just 2-3 days. This timeframe can vary depending on the lender chosen.
It is important for an applicant to check the personal loan eligibility criteria of different lenders as well as their lending terms. They can also check their eligibility using a very useful online tool called the personal loan eligibility calculator.
After availing the loan and clearing all credit card bills, the only installment left would be that of the loan which can be repaid as per the decided tenure.
