Avail Multiple shopping loans at 0%* EMI from top brands with a Credit Line

Posted by amrina alshaikh on July 1st, 2021

Whatever one may say to the contrary, shopping is a therapeutic activity. Everyone loves a good bargain and owning shiny new things. But shopping can also drain your resources, especially if you decide to splurge in the middle of the month. You are days away from receiving your salary and your reserves dwindle due to your shopping jaunts.

Suppose there was a way to shop without guilt or thinking about how much money was left over in your account? Such a way exists: it’s called a credit line loan.

What are credit line loans?

A credit line loan is a sum of money borrowed against your existing credit limit with a lender such as a lending app. Leading loan apps in India offer both personal loans and instant credit line loans based on your credit score, salaried income and repayment ability. Essentially, the credit line loan lets you borrow money against your available credit limit multiple times, till the limit is exhausted. Suppose your credit limit is Rs 2,00,000 with the loan app, you can borrow multiple times against this amount till it is exhausted.

Once you repay the borrowed money, your credit limit is reinstated in full. If you keep repaying the borrowed money periodically, you will always have a revolving line of credit available to spend on the things you need.

How do these loans help?

The credit line loan offers an instant source of funds. Since your credit limit is already approved by the app, it hardly takes any time to approve the instant credit line loan and disburse it to your account. This takes a few minutes, and is a useful feature in case of financial emergencies.

At other times, if the loan app has a tie-up with e-commerce majors and grocery giants, it offers schemes like BNPL loans (Buy Now Pay Later). Using this tie-up, you can shop for whatever you need from the merchant partner in the present moment, and pay for it later. The Buy Now Pay Later option helps you shop for essentials without buying anything on EMIs. Instead of the monthly EMI bother, you can simply repay the shopping loan from your salary and reinstate your credit line in full.

These loans help by offering you instant access to cash that you don’t have, to buy the things that you need. They come without the baggage of EMI payments to vendors, and you can borrow multiple shopping loans against available credit limits without necessarily repaying the earlier borrowings in full. Thus, you have a revolving line of credit at your disposal 24/7.

Conclusion

Credit line loans can be used like multiple shopping loans with the additional benefit of 0% EMIs with top brands in India. If you need access to quick cash without immediate repayment to the lender, you must certainly explore this option.