Came December and it is a season to be merry! The family wants to go out on a vacation, kids are on a temporary break from school, cities deck up in their year end finery and all of the flurry of activity makes you feel magnanimous. You thus find yourself throwing a grand Christmas or New Year party, or find yourself attending weddings of friends or family.
Naturally, all of this comes at a price. Thus you realise at the beginning of the new year, when you ought to have felt renewed and rejuvenated, that you have racked up a considerable amount of debt on your credit card instead! That, as you would agree is the worst note to begin a fresh year with. But do not worry! You need not give up on your year end activities this festive season! All we are suggesting is that you opt for an easy personal loan such as an Axis Bank personal loan to fund your expenses this year ender. Here is how this loan may ease your burden this festive season.
Lower rate of interest and longer repayment tenure
Unlike credit cards, that are indeed the costliest form of credit (offer an annual percentage rate of 36-40%) loans are available at an average interest of 15-16%. Further, unlike credit card outstanding balance that must be repaid in full within one billing cycle, this loan repayments can be stretched for a maximum of three years. Easy instalments on a monthly basis are also not a burden on your finances.
Easily available collateral free loans
These days you can literally apply and get approval for a personal loan in a matter of minutes online. For top rated loans such as Axis Bank personal loan, you can check your eligibility on the bank website and submit a few details to know your loan amount eligibility, tenure and rate of interest at which it is available.
Else, you can also check out all the other options that you can avail of through one of the loan aggregator websites that give you access to all the loan options available. Since these are collateral free, all you need to do is check out which is the best option that is a perfect fit with your needs. However, you need to keep in mind that a CIBIL score of at least 750 and above is mandatory for your loan application to get processed. Thus, if you have a good CIBIL score and your income and bank statements are in order, a this loan is a decidedly better option as compared to credit card debt that may subject you to financial pressure.
For those with poor credit
While the ones with a stellar credit score are sorted, do not think that a personal loan is not an option for you is your CIBIL score is not up to the mark. If your CIBIL score is below the satisfactory mark of 750, and you have expenses bogging you down this festive season, you can consider a bad credit personal loan.
Such kind of loans are doled out by non-traditional lenders such as P2P lenders. These are virtual loan marketplaces where you can directly connect with a lender. If your requirements match with the terms of repayment, tenure and other terms and conditions he has, you can get an approval for a hassle free loan in a matter of minutes. With a loan like this, you need not worry about piling credit card debt that may lead to trouble later.
Further, a personal loan like this is an opportunity for you to rectify your credit record. With regular repayments on this loan, you can rebuild your credit track record and improve your CIBIL score. Thus as you can see a bad credit personal loan can be beneficial in more ways than one for person who does not have a flattering credit score.
A personal loan thus can be used effectively to reduce financial pressure on you this festive season.
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