If we start mentioning the benefits of using a credit card, then we will need a new blog post for that. Apart from being an excellent financial instrument, a credit card is also a barometer to judge your credit worthiness at times of credit application.
A credit card is a great financial resource when shopping online or when swiping it at a POS terminal upon checkout. The convenience and swift payment facet of a credit card allows you to move around without carrying hard cash in your wallet. You can also boost your credit score by being prompt with your credit card payments. Taking credit card usage lightly, and a bad credit score can ruin your chances of availing fresh credit.
What is Credit Card Refinancing?
We are so busy nowadays that keeping track of anything has become difficult. As our country gears up for elections and prices of commodities soar, we are oblivious to that as we focus on our daytime jobs. This also makes it hard for us to keep track of our credit card expenditure. Financial stress is a major health concern among millennials today.
Leaving your credit card’s credit limit to run lose can lead to a credit card debt. This, in return, will garner an added interest charge. Gradually, you are stuck in a vicious circle of never-ending minimum payments.
During times of such financial jeopardy, your ‘aakhri raasta’ will probably be applying for a credit card refinancing personal loan. Many also term it as ‘applying for a credit card consolidation loan’. Calling it ‘debt consolidation loan’ is also not incorrect. Refinancing your credit card does not mean your monthly repayments will be erased with one swish of lump sum debt clearance.
Credit card refinancing is a simple monetary transfer of credit card balance from one credit card to another, the latter of the credit card having favorable pricing or credit limit. Now, assume that you only own one credit card and with obvious credit card debt, it is impossible to be allowed the sanction of a new one. For individuals who cannot transfer credit card balance from one credit card to another, there is an even better financial option of applying for a credit card refinancing personal loan.
Credit card refinancing will ensure that your monthly repayments continue, not as credit card statements, but as monthly EMI repayments. The goal is to refinance your credit card debt in the form of a personal loan instead. But, to successfully avail a personal loan you need to convince your new credit lending institution that you are capable of paying your EMIs promptly.
Credit Card Refinancing Personal Loan in India
A credit card refinancing personal loan is an unsecured loan that solves the quick fund requirements for clearing your overdue credit card bill statements. As it is an unsecured loan, it does not require any collateral. For salaried individuals, gathering funds within a short span of time, is not possible via traditional banking solutions. These solutions that take up to weeks to disburse funds. For a credit card refinancing personal loan, your creditworthiness determines If you can pay the loan EMIs regularly, and that too, without straining your daily living.
No collateral – Having no collateral gives a personal loan an advantage over a secured loan. Even if you do not own any assets, you can at least get funds from Loan Singh.
Multiple purposes – A personal loan can be availed for a number of purposes – such as shopping, buying consumer durables, celebrating festivals, buying used vehicles, getting the latest gadget, traveling for a holiday, home improvement, job relocation, medical emergencies, home renovation, marriage arrangements, etc.
Best Credit Card Refinancing Personal Loan Website?
If banks are slow to provide quick personal loan digitally, then which is the best online credit card refinancing personal loan website to trust? Despite India’s digital lending sector still being in growth phase, one Fintech player has managed to tread farther than others in the segment.
The name of this Fintech is Seynse Technologies. Seynse Technologies has developed Loan Singh – A digital lending platform which lets salaried individuals apply and avail quick online credit card refinancing personal loan.
Loan Singh Review
Loan Singh presents a number of advantages over other online platforms. Some of these advantages are
- Minimal documentation
- Fixed monthly EMIs
- No hidden fees
- Easy online loan application process
- Transparent process
Why Choose Loan Singh For Credit Card Refinancing?
Before looking to apply for a credit card refinancing loan, understand that although your debt would be wiped off, you will still be under the obligation to clear off the personal loan. Look at your spending patterns and how much cash remains with you after spending for personal needs towards loan EMI repayments. Budgeting is crucial here.
- Swift processing
At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency financial requirements.
- No collateral
Having no collateral requirement gives a personal loan an advantage over the secured loan. Even if you do not own any assets, you can at least get the funds from Loan Singh.
- Instant approval
If you provide your Aadhaar card, PAN card, and latest 6 months (netbanking downloaded, salaried account’s) bank statement, then you can almost surely get an instant approval. Your credit score needs to be good as well. For first timer credit applicants, the last 6 months statement is mandatory.
- Multiple purposes
An online personal loan can be availed for a number of purposes. The purposes of loan can range from the purchase of household appliances, electronic gadgets, debt consolidation, purchase of gold, holiday travel, instant emergency loan, home improvement, job relocation, medical expenses, home renovation, purchase of second-hand vehicles, to wedding loan, etc.
- 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 affordable EMIs, with interest rates on reducing balance method. The personal loan tenure can be from 3 to 36 months.
- Equated monthly installments
You can find out about the EMI amount you will be required to pay each month by making use of Loan Singh’s personal loan EMI calculator. You can avoid the default in EMI payments by providing Loan Singh with permission to auto-debit the EMI amount before the EMI repayment due date. All you need to do then is to keep sufficient funds available in your account.
- Hassle free process
The personal loan process at Loan Singh is hassle-free because there is no hefty paperwork or running from bank to bank or filling multiple forms. You can apply for a personal loan right from the confines of your home and get the loan approved in just a few clicks.
- Information security
With Loan Singh being SSL (Secure Socket Layer) certified; all your personal and financial information submitted remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies like in traditional lending processes.