How A Credit Card Works For EMI?

A personal loan requires a normal source of income- whether you're a salaried worker, a self employed professional or an expert. Eligibility also depends upon your employer, credit history, residential location along with other lender criteria. A personal loan also is dependent upon your credit score.

While specific documentation requirements for personal loans differ among financial institutions, the key documents usually needed are:

• Proof of Income (Salary slips for salaried people or recent acknowledged income Tax Returns for self employed people)

• Address proof documents

• Identity proof documents

• Certified copies of degrees/licenses (for self employed professionals)

• Some other documents might be needed by the lender.

Nobody can argue that credit card use can be a nightmare in case done improperly, therefore do not give anybody your card number, CVV, expiry date, OTPs or PIN. Users need to also monitor card transactions and report suspicious or fraudulent charges. The card must be reported lost immediately in case it's lost.

When you purchase on EMI (Equated Monthly Installments) you spread the price over a fixed tenure of three months or even more. You can convert your purchase into EMIs during the transaction or before the repayment due date. EMIs generally have a processing fee and an interest rate which is normally lower compared to the late payment costs for missing a payment. The interest is based on the balance every month. In case you foreclose the EMI on a credit card, additional fees apply.

You can apply on the internet with the issuer's Website or branch or through online third party sites like MoneyBip.com. A Platform like ours will let you apply online for a credit card, compare cards and choose choices which suit your requirements.

The time getting funds out differs between lenders. Some deposit funds the next or same business day after approval, others take from several days to a week. In case you require funds by a particular date, check the lender's disbursement timeline.

A good credit score will go a long way and here’s how-

• You’ll have an easier time taking credit approval

• You’ll get lower interest rates

• You’ll receive better loan terms

In short a good credit score will make your financial journey easier!

Nobody can doubt that credit scores above 750 are generally good enough for credit card approval. But that doesn't mean everybody with a credit score below 750 can not obtain a credit card, you may be below but get the approvals conditional on pledging collateral as security (collateral like fixed deposits).

Following are some of the generic credit card eligibility requirements-

• Age- The applicant must be of minimum 18 years old

• Annual Income- The applicant should be salaried or self employed

• Nationality- Citizens, residents, and non-residents can apply. However, there are a few cards that are only available for Indian citizens.

We wish it never expired but they do. Yes, the credit card rewards do expire. Specifics of expiration vary by credit card user!