Following are a couple of benefits of doing so -
- Low-interest rates: Interest rates on credit cards are comparatively higher when compared to personal loans. On a personal loan, you can be charged an interest of anywhere between 10-24% whereas, on a credit card, you may be charged as high as 47% which will result in debt multiplication in no time. Hence, it's a no-brainer to go with a personal loan instead of a credit card debt.
- Consolidated payment: If you have multiple credit cards, then payment can be a little difficult to manage. Instead, you can opt for a balance transfer which consolidates all your credit card dues into one loan at a lower rate of interest. You can choose a loan tenure of 1 to 5 years and repay the entire amount in monthly EMIs.
Learn more about your Personal Loan Eligibility here.
* Terms & conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
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