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.
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 –
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.
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.
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.
Mentioned here are a few standout features of Rupeek gold loans –
Amritsari people can get a loan at their doorstep if they reside in and around the following localities –
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.
Yes, GST is applicable on loan against credit card. 18% GST is charged on the interest of a credit card loan.
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.
Lending institutions prefer a credit score of 750 or above. Clean repayment history is also vital in this case.
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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