Flexible Loans with a Credit Line. Read on to Know the Sourcing Terms
A credit line is an instant facility that allows you to borrow a fixed amount. The top digital lending app of India provides up to ₹1 lakh. You can use the money to shop on online retail stores like Amazon, Flipkart, Myntra, Big Basket, and Big Bazaar. You can repay the money on a ‘revolving basis’ without applying for a new loan. The entire process is 100% online that cuts the hassle of hefty paperwork.
A personal credit line is a relatively new concept. Although convenient, the terms and conditions can be slightly tricky. The good news is that this article explains each one in layman’s language. It will help you know better and apply for a loan without help.
Credit Line Configuration
This lays down certain information which is crucial to know before applying. The tenure is either 90 days or 180 days from the date of approval. A processing fee of ₹500 or 1% of the loan amount, whichever is higher will be charged extra. The maximum loan eligibility is 500% of the net monthly salary. Know the credit line configuration clearly to avoid confusion.
Broken Interest
This is charged because the time between the date of disbursal and the first EMI is more than 30 days. It is applicable on the balance of the days beyond the 30-day period. The best lending app charges as little as 2% on all shopping loans.
Credit Line App
You can download it on your iOS and Android systems. The credit line app helps end-users understand every aspect with simple number crunching. All you have to do is use the online calculators and sliders to get the exact breakup. This will include the loan amount, broken interest,, and the loan products you choose based on your eligibility. The EMI payable is also calculated, making it easy to plan your finances accordingly.
One Approval, Multiple Loans
The loans approved by a credit line can be used for multiple purposes. Choose a personal loan that is offered to salaried millennials. The funds can be used for all kinds of needs. The lender does not question the purpose. You can also pick retail loans. These lending companies have tie-ups with leading e-commerce merchants like Amazon, Flipkart, Myntra, Uber, Big Bazaar, and Big Basket. You can use the money to pay for the services or pay the bills.
A credit line can be a mix of personal loans and shopping loans. You can take 1 personal loan and multiple shopping loans. Read the PF and broken interest rates beforehand for an informed decision.
