Loan Singh Explains – What Is A Credit Card Loan?

credit-card-loan

Introduction

At time of financial needs, Loan Singh’s digital lending platform provides personal loan to credit worthy, and under-served, but salaried individuals. At Loan Singh, the application process is quick & easy, approval is given instantly, and funds are disbursed in 2 days. Many people own credit cards, and wonder why to apply for a personal loan, when you can pay for expenses with your credit card. The problem with this is that credit cards come with a credit limit, and over-shooting the limit can lead to penalty – which will affect your credit bureau score. Although availing a personal loan from a digital lending platform like Loan Singh is the best alternative for quick and seamless funds, did you know that you can also apply for a loan via your credit card?  Let’s look at personal loan first, and then learn more about credit card loan.

 

Personal Loan

A type of unsecured loan which can be availed for just about any personal finance need. The needs can include home improvement or repairs, medical emergencies, wedding, travel, purchasing high-end gadgets, debt consolidation, etc. A personal loan is provided by Loan Singh or a bank based on eligibility criteria, such as current income, repayment history and credit bureau score. A personal loan is not secured against any assets or collaterals, such as vehicle or home loans.

Since no collateral is required, your credit worthiness is the only requirement that can mitigate the risk of defaults. A personal loan is a fixed debt which you pay off in equal monthly installments (called EMIs), over a fixed tenure. The main reason why Loan Singh is the best option for personal loan is because

Easy and swift – At Loan Singh, everything from application to disbursement happens online. With only PAN and bank statement/net-banking credentials, you can apply for a personal and pay for your emergency requirements.

No collateral – As mentioned earlier, personal loan is an unsecured loan. All you need for a personal loan is a clean credit repaying capability.

Loan amount and tenure – The loan amount for a personal loan at Loan Singh can range from Rs.50,000- Rs.5,00,000. The repayment is done via EMIs, with interest rates on reducing balance method. The personal loan tenure can be of 3 to 36 months.

 

Credit Card

A type of unsecured credit, a credit card is a rectangular piece of plastic or metallic alloy that identifies your financial credit account. It is a card issued by banks or credit card companies to cardholders, for payments to merchants. The card issuer creates a revolving account, and grants a line of credit to the cardholder. The cardholder makes payments via his/her card based on a credit limit assigned by the card company. The cardholder is then required to pay-back the amount spent along with the agreed interest and charges.

All credit cards contain a magnetic strip on the back which identifies your financial credit account. Also present on the card is an RFID chip (protection against fraud) along with your name, credit card number and card validity.

Billing cycle – It is a period within which all purchases and payments are accounted for and billed. It usually consists of 30 days. A grace period of 15-25 days is added to the total number of days of the billing cycle. No charges are incurred by the cardholder if the payment of previous month balance is done before the end of the grace period.

Minimum balance – It is the minimum amount to be paid to the credit card company, in case the card holder cannot pay the total outstanding amount by the due-date. It usually is 5% of the total balance.

credit-card-loan

Credit Card Loan

Credit cards also provide you with an option for a pre-approved credit card loan either within or over their credit limit. You have to repay the loan at the pre- approved date while being charged an interest fee. Every card issuing company has their own eligibility criteria for a loan on credit card. The interest rates are generally high for credit card loan and if not paid on time, is levied with a penalty. A processing fee is charged for application of a credit card loan. At most times a prepayment penalty is charged towards the foreclosure of credit card loan. No documentation or collateral is required for credit card loan.

The benefits of credit card loan are that you can break your expensive purchases into affordable installments. Some card companies offer a balance transfer feature on the credit card loan EMI wherein you can transfer the outstanding balance on multiple credit cards to a single credit card and pay the EMI. The amount of loan depends upon the credit limit. Credit card loan do not require a loan guarantor or any post-dated cheques.

Credit card loans are different compared to cash withdrawal from a credit card. The credit limit on cash withdrawals is lower than that provided as a loan.

The interest rate charged for cash withdrawals using credit card is higher than that for credit card loans.

 

Difference between Personal & Credit Card Loan

Both loans are provided after assessing your credit worthiness. Credit card loans are available easily because the credit card company already knows your income and your monthly bill payment behavior. To avail a credit card loan all you need to do is contact the customer care of the card company and request a loan. If eligible, the amount is credited to your account within 2-3 days.

You can avail a personal loan from Loan Singh and get the amount in your bank account within 2 working days. Credit card loan comes with 0.5 – 1% processing fee. They have pre-closure charges between 2-5% of the principal outstanding amount. Credit card loans come with an option for lower tenure – as low as 6 months. At Loan Singh you don’t have to pay any prepayment penalty in case you want to close the loan before the end of tenure.

So what are your thoughts on credit card loans? If you have any views or pointers of your own do comment below.

 

87 thoughts on “Loan Singh Explains – What Is A Credit Card Loan?

  1. wonderful put up, very informative. I ponder why the other experts of this sector do not notice this. You should proceed your writing. I’m sure, you have a great readers’ base already!

  2. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You obviously know what youre talking about, why throw away your intelligence on just posting videos to your blog when you could be giving us something informative to read?

  3. Hi there! Would you mind if I share your blog with my twitter group? There’s a lot of folks that I think would really appreciate your content. Please let me know. Cheers

  4. Hi, I think your site might be having browser compatibility issues.

    Ꮤhen I look at yοur wewbsite in Firefox,
    it lopks fine but when opening in Internet Explorer, it hаs some overlapping.
    Ӏ just wanted to give ʏoս a quick heads
    uρ! Other then thɑt, very good blog!

  5. Exxcellent blog! Do you have any suggestions for aspiring writers?
    I’m planning to start my own site soon but I’m a little lost
    oon everything. Would you suggest starting with
    a free platform like WordPress or go for
    a paid option? There are so many options out thesre that I’m totally overwhelmed ..
    Any suggestions? Appreciate it!

  6. I am commenting to let you know what a exceptional experience my wife’s child enjoyed viewing your webblog. She picked up many details, with the inclusion of what it is like to have an amazing giving mindset to make a myriad of people effortlessly have an understanding of a variety of specialized subject matter. You honestly inspired her. Thank you for offering the important, safe, edifying not to mention easy pointers regarding your subject to Evelyn. Thanks,

  7. Great weblog right here! Additionally your web site rather a lot up fast! What web host are you using? Can I am getting your affiliate link to your host? I desire my website loaded up as fast as yours lol

  8. Thanks for giving your ideas on this blog. Additionally, a delusion regarding the financial institutions intentions whenever talking about property foreclosure is that the loan company will not take my repayments. There is a certain amount of time in which the bank requires payments in some places. If you are as well deep within the hole, they’re going to commonly require that you pay the payment completely. However, i am not saying that they will have any sort of repayments at all. In case you and the traditional bank can find a way to work a little something out, this foreclosure process may halt. However, should you continue to pass up payments under the new system, the property foreclosures process can just pick up exactly where it left off.

  9. I was just searching for this information for some time. After six hours of continuous Googleing, at last I got it in your website. I wonder what’s the lack of Google strategy that don’t rank this kind of informative web sites in top of the list. Normally the top websites are full of garbage.

  10. you are in reality a just right webmaster. The site loading pace is incredible. It sort of feels that you are doing any distinctive trick. Moreover, The contents are masterpiece. you’ve performed a excellent task on this topic!

  11. Wow, marvelous weblog format! How lengthy have you been blogging for? you made blogging glance easy. The full look of your site is magnificent, as smartly as the content!

  12. Another thing I’ve noticed is the fact for many people, below-average credit is the results of circumstances past their control. Such as they may be really saddled with illness so they have excessive bills going to collections. It can be due to a job loss and the inability to work. Sometimes divorce process can send the budget in a downward direction. Thanks for sharing your opinions on this web site.

  13. Thanks for your article. Another element is that to be a photographer will involve not only problem in capturing award-winning photographs and also hardships in getting the best digicam suited to your needs and most especially problems in maintaining the caliber of your camera. That is very true and apparent for those photography addicts that are in capturing the particular nature’s engaging scenes : the mountains, the particular forests, the actual wild or perhaps the seas. Going to these amazing places unquestionably requires a photographic camera that can surpass the wild’s tough areas.

  14. Most of whatever you assert happens to be supprisingly precise and that makes me ponder the reason why I had not looked at this with this light previously. This piece really did turn the light on for me personally as far as this subject goes. But at this time there is one issue I am not too comfortable with so while I try to reconcile that with the central idea of your point, allow me observe just what all the rest of your visitors have to point out.Nicely done.

  15. Thanks for expressing your ideas. One thing is that college students have a solution between fed student loan and also a private education loan where it’s easier to choose student loan debt consolidation loan than over the federal student loan.

  16. I and my pals were found to be reviewing the excellent tips on the website and then all of a sudden developed a terrible suspicion I never thanked the web site owner for those strategies. All of the people came consequently warmed to see them and have in effect in truth been making the most of these things. Appreciate your really being indeed kind and then for settling on this kind of awesome topics most people are really needing to be informed on. Our sincere regret for not expressing gratitude to you sooner.

  17. Thanks for your intriguing article. One other problem is that mesothelioma cancer is generally caused by the inhalation of fibres from asbestos fiber, which is a carcinogenic material. It’s commonly viewed among laborers in the structure industry who’ve long contact with asbestos. It’s also caused by residing in asbestos insulated buildings for some time of time, Genetic makeup plays a crucial role, and some persons are more vulnerable on the risk than others.

  18. The very heart of your writing whilst appearing agreeable initially, did not sit very well with me personally after some time. Someplace within the paragraphs you actually were able to make me a believer unfortunately just for a while. I however have got a problem with your leaps in assumptions and you would do nicely to help fill in those breaks. In the event you actually can accomplish that, I will definitely be fascinated.

  19. Great work! This is the type of information that should be shared around the internet. Shame on the search engines for not positioning this post higher! Come on over and visit my web site . Thanks =)

  20. Aw, this was a very nice post. In idea I want to put in writing like this additionally – taking time and actual effort to make an excellent article… but what can I say… I procrastinate alot and by no means seem to get one thing done.

  21. Thanks for your post. One other thing is that if you are disposing your property all on your own, one of the issues you need to be mindful of upfront is just how to deal with household inspection reports. As a FSBO supplier, the key to successfully shifting your property and also saving money on real estate agent revenue is information. The more you already know, the softer your home sales effort will probably be. One area when this is particularly essential is information about home inspections.

  22. hello!,I really like your writing so a lot! proportion we keep in touch extra approximately your post on AOL? I require a specialist on this space to solve my problem. May be that’s you! Having a look forward to peer you.

  23. Hey there, I think your site might be having browser compatibility issues. When I look at your blog in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, awesome blog!

  24. You could certainly see your expertise within the paintings you write. The arena hopes for more passionate writers such as you who are not afraid to mention how they believe. Always go after your heart.

  25. Thanks a ton for your post. I want to write my opinion that the cost of car insurance differs from one insurance plan to another, since there are so many different facets which play a role in the overall cost. One example is, the model and make of the vehicle will have a massive bearing on the price. A reliable older family auto will have a more economical premium than just a flashy fancy car.

  26. fantastic submit, very informative. I ponder why the other specialists of this sector do not realize this. You must continue your writing. I’m confident, you have a huge readers’ base already!

  27. Thank you for any other fantastic post. Where else could anyone get that kind of information in such an ideal approach of writing? I’ve a presentation next week, and I am at the search for such information.

  28. Aw, this was a very nice post. In thought I wish to put in writing like this additionally – taking time and actual effort to make a very good article… but what can I say… I procrastinate alot and in no way seem to get something done.

  29. Thanks for your writing. I would like to say that the health insurance broker also works best for the benefit of the particular coordinators of the group insurance coverage. The health insurance agent is given a directory of benefits needed by individuals or a group coordinator. Such a broker may is look for individuals or coordinators which often best match up those wants. Then he shows his advice and if all parties agree, the broker formulates a contract between the 2 parties.

  30. One thing I want to discuss is that weightloss system fast can be carried out by the perfect diet and exercise. An individual’s size not only affects the look, but also the complete quality of life. Self-esteem, despression symptoms, health risks, as well as physical capabilities are influenced in excess weight. It is possible to do everything right and still gain. Should this happen, a medical problem may be the perpetrator. While a lot of food instead of enough exercising are usually at fault, common medical ailments and popular prescriptions might greatly increase size. I am grateful for your post in this article.

  31. I was more than happy to search out this web-site.I needed to thanks in your time for this glorious learn!! I definitely having fun with each little bit of it and I’ve you bookmarked to check out new stuff you blog post.

  32. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three emails with the same comment. Is there any way you can remove me from that service? Appreciate it!

  33. I know of the fact that these days, more and more people will be attracted to digital cameras and the issue of photography. However, being a photographer, it’s important to first shell out so much time deciding the model of digital camera to buy in addition to moving out of store to store just so you could buy the most inexpensive camera of the brand you have decided to settle on. But it would not end just there. You also have to take into account whether you should buy a digital photographic camera extended warranty. Thanks alot : ) for the good tips I acquired from your blog site.

  34. Appreciating the persistence you put into your website and in depth information you present. It’s nice to come across a blog every once in a while that isn’t the same old rehashed information. Wonderful read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.

  35. Woah! I’m really digging the template/theme of this website. It’s simple, yet effective. A lot of times it’s challenging to get that “perfect balance” between user friendliness and visual appeal. I must say that you’ve done a great job with this. Also, the blog loads super fast for me on Chrome. Exceptional Blog!

  36. It’s perfect time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or tips. Maybe you could write next articles referring to this article. I want to read more things about it!

  37. Thanks for your useful post. In recent times, I have come to be able to understand that the symptoms of mesothelioma are caused by the build up associated fluid regarding the lining of your lung and the upper body cavity. The sickness may start in the chest place and get distributed to other body parts. Other symptoms of pleural mesothelioma cancer include weight reduction, severe inhaling trouble, a fever, difficulty swallowing, and infection of the face and neck areas. It needs to be noted that some people living with the disease never experience almost any serious symptoms at all.

  38. One thing I’d really like to say is that often car insurance cancellation is a feared experience so if you’re doing the proper things being a driver you will not get one. A lot of people do obtain notice that they’ve been officially dropped by their own insurance company they then have to scramble to get added insurance after a cancellation. Inexpensive auto insurance rates are frequently hard to get after the cancellation. Knowing the main reasons pertaining to auto insurance cancellations can help motorists prevent burning off one of the most critical privileges readily available. Thanks for the ideas shared by means of your blog.

  39. Hiya, I am really glad I have found this info. Nowadays bloggers publish only about gossips and internet and this is actually irritating. A good site with exciting content, this is what I need. Thanks for keeping this web-site, I will be visiting it. Do you do newsletters? Can’t find it.

  40. Ι’m not sսre whү but this site is loading extremely slow
    foг me. Is anyоne else hаving thіs issue or іѕ it a problem on mу end?

    I’llcheck Ƅack later on and see if thе рroblem still exists.

  41. In these days of austerity and also relative anxiety about getting debt, many people balk about the idea of making use of a credit card to make acquisition of merchandise or perhaps pay for a holiday, preferring, instead to rely on the actual tried and also trusted technique of making transaction – raw cash. However, if you’ve got the cash on hand to make the purchase fully, then, paradoxically, that is the best time for them to use the credit cards for several good reasons.

  42. Thanks for revealing your ideas with this blog. As well, a misconception regarding the banking institutions intentions whenever talking about home foreclosure is that the traditional bank will not take my payments. There is a fair bit of time in which the bank will need payments every now and then. If you are very deep in the hole, they will commonly desire that you pay the particular payment fully. However, i am not saying that they will have any sort of payments at all. In the event you and the bank can find a way to work some thing out, a foreclosure approach may stop. However, when you continue to miss out on payments wih the new system, the home foreclosure process can pick up where it left off.

  43. I’ve noticed that repairing credit activity has to be conducted with tactics. If not, chances are you’ll find yourself damaging your position. In order to succeed in fixing to your credit rating you have to verify that from this moment in time you pay your entire monthly dues promptly prior to their booked date. It is significant because by not really accomplishing this, all other steps that you will decide to use to improve your credit ranking will not be powerful. Thanks for discussing your ideas.

  44. Does your site have a contact page? I’m having problems locating it but, I’d like to shoot you an e-mail. I’ve got some ideas for your blog you might be interested in hearing. Either way, great site and I look forward to seeing it develop over time.

  45. Excellent blog here! Also your web site loads up very fast! What web host are you using? Can I get your affiliate link to your host? I wish my website loaded up as fast as yours lol

  46. Hello, i think that i saw you visited my weblog so i came to “return the favor”.I am trying to find things to improve my web site!I suppose its ok to use a few of your ideas!!

  47. You really make it appear really easy together with your presentation however I to find this matter to be actually something that I feel I would by no means understand. It seems too complex and extremely wide for me. I’m looking ahead on your next put up, I will try to get the hang of it!

  48. One thing I’d prefer to say is the fact before getting more laptop memory, consider the machine in which it is installed. Should the machine is usually running Windows XP, for instance, the memory threshold is 3.25GB. Adding greater than this would simply constitute just a waste. Make certain that one’s mother board can handle the particular upgrade volume, as well. Interesting blog post.

  49. Hi, i feel that i saw you visited my web site so i got here to “return the prefer”.I’m trying to to find things to improve my website!I suppose its adequate to make use of a few of your ideas!!

  50. I am not sure where you are getting your info, however great topic. I must spend a while finding out more or figuring out more. Thanks for great info I was in search of this info for my mission.

  51. Someone essentially lend a hand to make significantly articles I would state. This is the first time I frequented your web page and so far? I amazed with the research you made to make this particular submit extraordinary. Wonderful job!

  52. I have really learned some new things as a result of your web site. One other thing I would really like to say is newer personal computer operating systems often allow more memory to get used, but they furthermore demand more memory simply to operate. If your computer can’t handle far more memory and the newest application requires that memory increase, it usually is the time to buy a new Computer system. Thanks

Leave a Reply

Your email address will not be published. Required fields are marked *