Credit Card Loan in Amritsar

Credit Card Loan in Amritsar

Amritsar is the second-most populous city in Punjab. Known to locals as “Ambarsar,” the city was chosen as the heritage destination popular for places like the Golden Temple, Jallianwala Bagh, and the Partition Museum. Besides these sites, the city is famous for its textile and handicraft industries.

However, the city’s economy thrives on its service and manufacturing sectors, employing nearly 93% of Amritsar’s workforce, according to an article in The Tribune. It has also led to rising living costs, leading more and more individuals to avail financial products like a credit card loan in Amritsar.

What Makes Credit Card Loans Beneficial?

It is a financing option exclusive to credit cardholders. Lending institutions let customers avail a loan against the unused limit of their card. It can be used to cover emergency expenses such as medical bills or other miscellaneous expenses like shopping.

Confusion often prevails that this type of loan on credit card Amritsar increases credit limits. However, financial institutions offer the loan against the unutilised limit only.

Listed here are some of the features of this loan facility –

  • It offers instant liquidity to credit card owners. There is no need for document verification, as the credit card company already possesses information about borrowers.
  • A personal loan against credit card is an unsecured funding option, meaning you don’t need to provide collateral.
  • Borrowers can pay off loan amounts in monthly instalments, taking off any burden of a single payment.
  • You can use the credit card loan calculator to determine your monthly outgo.
  • It also enables borrowers to settle debts with credit card debt payoff personal loan. It rolls all dues into a single monthly payment.

While a credit card takeover loan Amritsar seems viable in case of emergency fund requirement, its limitations may not make it seem convenient. For starters, the interest rates are reasonably high because it is collateral-free. Also, the loan amount is limited as it depends mostly on your credit card loan limit Amritsar.

A gold loan is more suitable if you are looking for substantial funds at competitive rates of interest.

What Are The Advantages Of Availing Gold Loans?

A feasible alternative to a credit card loan in Amritsar would be gold loans. Despite being a secured financing option, it takes less time for disbursal. Listed here are some of the merits of applying for a gold loan.

  • The loan amount can be sizeable because of gold’s high value.
  • You only need to submit the necessary identity and address proof when applying for a gold loan.
  • When approving gold loans, a bad credit history and repayment capability doesn’t matter.

There are several other advantages that you can enjoy with a Rupeek gold loan. Instead of squandering hours searching for ‘credit card loan providers near me’, check out the benefits of an instant gold loan we provide. 

Why Avail A Rupeek Gold Loan?

Mentioned here are a few standout features of Rupeek gold loans – 

  1. Repayment Flexibility: Rupeek gold loans offer borrowers the option of paying off their debt any time they want within the tenure. One can also repay in EMIs if they wish.
  2. Affordable Interest Rates: The interest rate levied on our gold loan starts at 0.49% per month, much lower than that of a credit card loan in Amritsar. Thus, you can manage the interest payment of a high-value loan easily.
  3. Doorstep Services: Get a loan as sizeable as Rs. 1.5 crores from your home’s comfort with us. Meet emergencies at once with our instant doorstep service in just 30 minutes.
  4. Overdraft Facility: Customers can also get an overdraft facility against gold known as Rupeek Quick. It is an extended credit line, wherein they pay interest only on the amount utilised and not on the entire loan amount.

Where Does Rupeek Offer Doorstep Service In Amritsar?

Amritsari people can get a loan at their doorstep if they reside in and around the following localities –

  • Katra Ahluwalia
  • Medical enclave
  • Chheharta
  • Ramdass
  • Baba Bakala
  • Lawrence road
  • Ajnala
  • Verka
  • Grand trunk road
  • Beas
  • Goal bagh
  • Majitha

A credit card loan in Amritsar may seem like an appropriate option during an emergency. Still, the high interest rate and increasing monthly outgo may pose financial issues in the future.

Our gold loan is more befitting for individuals who need funds urgently but want to avoid the high cost of an unsecured loan.

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Benefits of Gold Loan over Credit Card Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Credit Card Loan Gold Loan
Interest Rate 2.39% 0.49%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. Is GST applicable on credit card loans?

Yes, GST is applicable on loan against credit card. 18% GST is charged on the interest of a credit card loan.

  1. What is the difference between gold loan interest and credit card loan interest?

Instant loan on credit card is an unsecured finance mode, so the interest rate is high, compared to gold loan, which is a secure mode of finance.

  1. What is the CIBIL score for applying for a credit card loan?

Lending institutions prefer a credit score of 750 or above. Clean repayment history is also vital in this case.

  1. Can I get a gold loan without a credit score?

We do not check your credit score when assessing your eligibility for a gold loan. Therefore, even if you do not have any credit score, you can avail a gold loan.

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