Why Personal Loan is Better than Credit Card?
Posted by quikkloan on February 13th, 2020
When it comes to choosing between a personal loan or credit card, it is surely a tough call for someone who doesn’t know the difference. If confusion is still going on your mind, this post is here to help.
Personal loan is better than a credit card in many ways. Let’s just get more clarity on the same.
Lower Interest Rates: If you are wondering what are the best personal loan interest rates, for your reference personal loan comes at a lower interest rate as compared to credit card. A personal loan can be availed at an interest rate starting at 10.99% per annum while credit cards come at 24%-36% per month (2%-3% per month). And, with a competitive interest rate, you can expect to have a reduced personal loan as your EMIs also decrease.
Maximum Loan Amount: Personal loans come with a higher loan amount as compared to credit cards which have a predefined limit. Yes, credit cards have a pre-approved limit which means a cardholder cannot spend beyond that. But in the case of personal loan, the maximum loan amount goes up to Rs.20 lakh. And also with a personal loan top-up facility, a borrower can also ask for extra/additional funds to fulfill his needs.
Flexible Repayment Tenures: With a personal loan, you have flexible repayment tenures hence can easily repay the loan from 1 year to 5 years. Whereas in the case with credit cards, a cardholder needs to pay the due amount in the next billing cycle.
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